i think i used the term which you didn't like, hiding out. >> don't hide out. >> don't lean in, sully. you're good. >> let's continueto focus on the profit that it is deliverings and it is i smooth ride, less volatility than a lot of the other fang-type tech names. >> good stuff. now brian sullivan and the rest of the folks for "power lunch," which starts now >> thanks, scott here's what's on the menu. president trump not pulling any punches in his first ever speech before the u.n. general assembly the president making it very clear it is america first and that quote "we will have no choice but to totally destroy north korea if it continues on a nuclear path." hurricane maria slamming the eastern caribbean. now the category 5 storm is taking aim at puerto rico. it may be the biggest storm ever to hit puerto rico in nearly 100 years. and millennials and their money. the shocking percentage who say they'll never be comfortable investing in the stock market. we have that as well i'm brian sullivan, and "power lunch" begins right now. ♪ rocket man ♪

you'll understand why we're playing that music in just a minute welcome to "power lunch. i'm michelle caruso-cabrera. stocks carving out small gains the dow hitting yet another record high. let's take a look at the benchmark ten-year note. the yields there hitting their highest levels since mid august. right now the 10-year yield at 2.24%. some of the stock movers, sprint and t-mobile, both soaring our david faber reporting the two were in active talks about a merger again going the other way, however, best buy shares are tanking about 9%. the retailer's outlook falling short of expectations. we're going to head live to the investor meeting in just minutes from now here's some other news happening at this hour cnbc confirming reports that the senate gop is looking at a tax cut that would total between 1 and $2 trillion. and are cereal and sausage the investing breakfast of champions? the company post hopes so because it's buying food maker bob evans for $1.5 billion

and it's prime time for kohl's investors. that stock is up after the retailer says it will now offer free returns for amazon customers. more on that straight ahead. we begin, though, with president trump's first speech at the united nations general assembly. as brian said it was a fiery speech where he repeated his policy of america first, also attacked north korea, iran, and venezuela, and vowed to keep americans safe by fighting terrorism. >> as president of the united states i will always put america first. just like you as the leaders of your countries will always and should always put your countries first. if it is forced to defend itself or its allies, we will have no choice but to totally destroy north korea. rocket man is on a suicide mission for himself and for his

regime the iranian government masks a corrupt dictatorship behind the false guise of a democracy the iran deal was one of the worst and most one-sided transactions the united states has ever entered into. the united states and our allies are working together throughout the middle east to crush the loser terrorists the problem in venezuela is not that socialism has been poorly implemented but that socialism has been faithfully implemented. >> joining us now, fred kemp, president and ceo of the atlantic council fred, you say this was a very good speech for the president. why? >> first of all, those were great sound bites. i think you really picked ones that really illustrated trump at his most trumpian. but if you look at the broad speech, it had enough in it for everybody. so for his base those are the excerpts you picked. he also was tough on trade

there was stony silence there. interestingly, when he talked about america first and you also think about your countries first and you should, there was applause in the room so there was some applause lines there. so i think what he came away with was enough in the speech to satisfy his base, which doesn't like the united nations, didn't want him to go there at all, but enough there to show respect to the united nations a united nations official i talked to was frankly quite relieved because he really could have had some sharp lines for the united nations itself. but he was quite diplomatic in that respect >> yeah, there was a whisper where you almost thought he was going to suggest that they had helped enable north korea, for example. he could have been much tougher on the institution and you're right, fred we did pick the most trumpian, the most -- we're journalists, right? we're going to pick the most bellicose sound bites. toward the end, though, i thought if ever there's going to be a trump doctrine as the foreign policy wonks like you guys like to discuss, when he talked about the revival of

nations, which seemed to be this statement against institutions like the european union which seem to suppress individual countries, their individuality, their particular sovereignty for this kind of bigger bureaucratic existence, that toward the end i thought really spoke to the whole speech any thoughts on that >> first of all, i accept the fact that you called me a wonk i'll accept that so if you're looking at this in a wonky kind of way, it's a fascinating speech because it is his most important foreign policy speech and there's a lot in there suggesting what his strategy is now. what is the trump strategy he's spending four days in new york a senior u.n. official says that's terribly unusual. he's here with vice president pence the whole time they've been keeping other people quiet on foreign policy the last couple of days. so they wanted people to focus on it. and the strategy is something he called principled realism. he essentially is making america

first a global strategy, meaning we're going to be sovereign, we want all of you to be sovereign and together thinking about our own interests will actually figure out what we can do together and what we agree upon. it's maybe less utopian than the united nations but it's also a little bit utopian to think that everybody thinking of themselves first is going to create a global community those at the u.n. who were upset about the speech didn't like the fact that it had nothing about climate in it. president macron followed, and he doubled down on climate he said he wouldn't do away with this multilateral deal on iran so there's also -- there is a little bit of tension even now with the french president who followed him >> you know, on climate change, so yes, macron followed him. i sat through the first three speeches i was down there this morning. every single one of the speeches leading up to president trump talked about climate change. talked in very, very soft -- tones that i associate with the

u.n. this must have been a culture clash to see him speak this way, no for all those 193 members sitting there watching >>. >> there is no doubt it was a culture clash. but there's also no doubt that a lot of people expected far worse and were happy with it i also think he's laid down a couple of markers where -- let's watch how he follows up. on north korea he did say, and you showed the sound bite, that he would obliterate the country if indeed our allies or the united states were threatened. but then he turned more quickly and he said, but this is for you to fix, this is your issue you've taken on because this is the way we should fix it on iran he did foreshadow a potential walking away from the nuclear deal saying it's an embarrassing deal, it doesn't work yet, macron of course saying pretty much the opposite. now-w what does he do the next time they go for review? we know from the meetings on

this issue that he's unhappy with the options he's been given and he wants an option that takes a more serious look at this deal. so i think there's a lot there to digest. i think we are seeing a strategy rolled out and we're also seeing some of the things he's highlighted as his priorities going forward >> okay. fred, thanks for weighing in fred kempe with the atlantic council. >> let's get the latest on hurricane maria. the storm making landfall overnight in the caribbean island of dominica as a category 5. it's now on track for a direct hit of puerto rico let's get the latest from nbc's tammy leitner live in san juan >> reporter: hey there we've really seen the winds kick up in the last few hours the ocean is churning. things are getting a little bit more tense here. hurricane maria's he obviously getting closer what you need to keep in mind is a lot of people on the island are still recovering from hurricane irma some people have no power, they have no water, and now they're having to prep for yet another hurricane. the shelves in the grocery

stores, they have been picked slim home depot, they're out of generators, they're out of batteries, and tonight the airport is closing so if you were here on this island, you were actually stuck here and i am here with a couple of guys, a whole family, actually, that is stuck here and brandon, this is your first hurricane. how are you feeling right now? >> i'm feeling -- trying to hold my faith my family's here we're all keeping each other calm, cool, collected, trying to act as normal as possible. listen to the rules and the hotel has been great they have a shelter in place for us they've guaranteed our safe -- not guaranteed but tried to make us as comfortable as possible. >> and there are about 500 shelters here on the island. i want to point out that are available for people to go to. and roberto, are you concerned >> quite honestly, i'm a little worried, yeah. this is a little bit scary >> reporter: i can imagine that for people that have never been through a hurricane it probably is extremely frightening thank you guys so much, and i hope that you're saying.

so guys, a lot of people uncertain as to what is going to happen in the next 24 hours. back to you. >> tammy leitner, be safe. good luck. we'll chat with you again. coming up, why houston homeowners may be waiting a very long time to get their homes rebuilt after hurricane harvey we have an exclusive on that ahead. but first, hedge fund titan ray daalio says if the fed goes too far too fast on interest rate hikes you'd better watch out we'll ask our panel of market experts if they agree and if so ou ido you protect your mone y y arndt? stay with me, mr. parker. 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. people don't invest

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i think that the -- letting the balance sheet run out at the rates they're saying is too high i don't think they'll probably progress at that rate, at the rates that they're telling us. on the margin we know where credit is. and then what it means essentially, 2 1/2% of gdp is going to be cut essentially by allowing the balance sheets to run off, and i think that there will probably be an increase in the budget deficit by something like 2 1/2% of gdp so the supply-demand of bonds, if you look at that, would be something like 5% of gdp if you -- worsening if they went through that plan. if they went through the plan. so i don't think they're going to make the plan i think it will be very similar to the tightening plan >> that was bridgewater associates founder ray daleio on "squawk box" this morning. the billionaire hedge fund titan added he doesn't see anything

that would cause a downturn right now except action but bad action by the fed. let's see if your next guests agree with that. chad morganlander of crossing advisers and ryan kenny of hennessy funds join us do you agree with that is the federal reserve -- because the market didn't react to the president today it hasn't reacted to nuclear missile -- or missiles in north korea. is the fed the biggest risk to the equity market right now? >> well, it is one of the risks. we don't think that they're going to derail the credit markets or financial markets because they're going to move in such a slow methodical deliberate manner. we think they're moving from qe, the new phrase where now is going to be qt, quantitative tightening they're going to reduce their balance sheet, and it's going to be in a gradual manner now, with that said we do believe that as they start to raise interest rates and it gets a little more difficult in 2018, in the latter half of 2018 it's going to have a little more of a

meaningful impact on the financial markets. but for the time being in the short run it's not going to have a big impact >> why are you so confident that the federal reserve knows the meaning or the correct gradual speed of -- gradual is not a definitive term. >> let me be very clear. i'm not 100% confident but if they start to reduce the balance sheet by, say, a couple of hundred billion dollars over the course of the next 6 to 12 months i don't think it's going to create a credit dislocation within the global financial system now, will it start to slow credit growth on a global basis? we'll have to wait and see but the biggest generator of credit growth is not the federal reserve. it's actually china. and that's really going to be the main thematic in 2018. so it's the fed. it's going to be china and their policy on how they're going to ramp up their credit growth. >> ryan, do you see any risks to the stock here >> i think this is an incredible market right now we continue to go up day in and

day out no matter what the fed is saying, no matter what sort of issues we're hearing from north korea. we've had natural disasters, two of them so far so -- and it's doing so in a calm way but that's where a little bit of the worry is can you for me. we haven't had any correction in 19 months now. and before that for about six years about two times per year we'd have a little correction about 5% or 10%. that would give the market some pause, let people consolidate. so i think at this point we're probably due for something like that >> so -- sorry, go ahead >> i was going to say do you lighten up do you hold -- it sounds like reversion to the mean. >> you can point to higher than long-term average p/es but i think you can go a little to cash, look for fund managers that protect on the down side a little bit more, that are more value-oriented and then also you can look at certain sectors such as consumer staples or even

utilities. >> you know, chad, we do forget that last january was the worst start to any year in the stock market history i wonder if that was to your point, ryan, the correction everybody's waiting for. maybe it already happened in a big way and then it bounced back that said, chad, when you go out, do people say to you or do clients call you and say i don't understand why when we hear the kind of rhetoric we're hearing and everything in north korea and all the stuff we're talking about why the dow just goes up every single day >> that's absolutely the general thematic for the last several years. why does it continue to gradually go higher? one of the critical reasons is because low interest rates not only here in the united states but also across the globe on the long end of the curve has actually made and forced investors into more speculative asset classes. investors, the way that they're looking at it now, is the earnings yield compared to the risk-free rate and they're asking themselves am i getting a good fair return now, i would caution investors

not to take that trade next year in 2018. when you look at market cap to total gdp it's really quite high from a historical perspective. you can look it from an enterprise to value to sales baesis or p/e multiple basis so we're advising investors to scale back their risk, go from an overweight position in equities to more of a neutral position in equities >> ryan and chad, good discussion, guys i'm sure it's not over we'll see you again soon >> thanks for having us. >> coming up, why kohl's move to accept amazon returns is good news for walmart we explain, next

two firms think the shoe may drop at both nike and under armour first susquehanna research slicing its rating on nike to neutral. the annual says there are too many basketball products laying around and that will pressure sales and margins. that's not all wells fargo recommends dumping under armour entirely, cut its rating to underperform, basically a sell, primarily due to distribution issues and a current lull in product innovation under armour stock, by the way, down more than 2% right now, michelle >> also down, best buy from sneakers to electronics. best buy shares are tanking. the retailer's ceo laying out his vision for growth of the company's first investor day in five years stock is off nearly 7% courtney reagan spoke with the ceo. she's live at best buy headquarters in richfield, minnesota with more. courtney >> hi, michelle. so the shares are down on best buy's 2021 earnings guidance

analysts had really expected more from a retailer that's come a very long way. remember just five years ago some were questioning whether best buy would even survive. now ceo hubert jolie is focused on growth, and a lot of that strategy has to do with the connected home >> you're still going to have the geek squad, the magnolia support, and have the in-home advisers and then also total tech support >> total tech support, this is so exciting. of course we've been in services for a long time with the geek squad. typically, the geek squad services were attached to a single product so you would buy that and it was repair-oriented, let's say, for your computer. with everything being connected, what customers have told us they want is support across their entire home. the service is attached to a household. it covers every technology product you have in your home, whether or not you bought it at best buy, and we're going to help you so as an example, if netflix is not working tonight, is it because of netflix

is it the pipe getting into the home is it the wi-fi? is it the tv is it the streaming device honey, please help me. and we're honey. >> shares are down today for best buy, but in fairness over the last five years they're up more than 220% under ceo hubert joely. it's proven that it can exist in an amazon world. but the battle is far from over. remember, amazon also has just started its fleet of smart home experts. so the battle is still ongoing it's far from won by any one player back to you guys >> so courtney, he said on the call last night apparently until i match amazon's prices the customers are ours to lose so he's really going to go head to head when it comes to market share. >> so the investor meeting actually hasn't yet started. it's going to start in about a half an hour i believe you're talking about in the "new york times" hubert joly had spoken to them in general about what had happened with his strategy. and he was saying that before he matched the prices, i mean, why

wouldn't you go to amazon? his idea was match the prices. yeah, it's going to cost us a little bit but at least we have a chance now to win that sale. so that's all part of what he's done to sort of reinvent best buy and make sure it's still relevant, both in store and online, and use the two together >> got it. thank you, courtney. >> you got it. >> sticking with retail, kohl's announcing a new initiative with amazon starting in october, 82 kohl's stores in chicago and los angeles will be offering free returns for amazon purchases including packaging and shipping amazon with this deal pushing deeper into the brick and mortar space. does this move further validate walmart as a real competitor to amazon let's bring in edward ruma, managing director with key capital markets. great to have you with us. you cover both amazon as well as walmart. what seems in terms of amazon's strategy in the past couple months with the purchase of whole foods and now this tie-up with kohl's is they're saying we do need a physical presence. does that mean that walmart is

truly a viable competitor because it's got both going for it right now, online as well as bricks and mortar? >> absolutely. and i think, you know, we're seeing that this is really the new battleground clearly e-com is incredibly important but where the big bulk of spending still happens is in this offline environment so we think amazon's purchase of whole foods, amazon opening bookstores and now this kohl's agreement really lends credence to the idea you need to have a great website but you also need to have a great physical presence >> in terms of the retail part of the business, what sort of multiple should that be? should it be implied that amazon's multiple is too high on the retail side or that the bricks and mortar guys out there the rest of the coverage universe should actually have a higher multiple? >> one of our theses right now is there are a you number of physical retailers, walmart included, that are make the investments in the stores, that are making investments in e-com, and we think those should carry premium multiples. there are plenty of retailers that have underinvested and those should and deserve to trade at a discount.

amazon is its own different beast, and clearly their investments they're making portend to a growth curve that's frankly unmatched in the rest of retail skri know i you don't cover kohl's, but can you see amazon buying a bricks and mortar chain along the lines of a kohl's? >> clearly amazon has been open to acquiring assets. yeah, we don't cover kohl's. so i won't opine on that but look, i think amazon also uniquely has the ability to create their own physical experiences. you've seen it with a bookstore. you've seen it with this amazon fresh pickup certainly there's an acquisition component of the strategy. but no doubt amazon is very capable of building -- >> would you be more bullish on amazon if it made some sort of overture to acquire a chain like kohl's i know you don't cover kohl's but you acquire amazon >> look, i think it would give them more of a head start here so clearly more physical retail we think is the way to go. >> ed, thanks a lot for your time >> thank you >> ed yruma. hurricanes and the economy with the nation's top economists

are saying about the long-term financial impact and as houstonians and southern texans work to rebuild after rv, eyacanher challenge. finding workers. we'll tell you that story coming up where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley.

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hello, everyone. i'm sue herera here's your cnbc news update for this hour. president trump threatening to annihilate north korea if that country fails to abandon its pursuit of nuclear weapons he delivered the warning during his first address to the u.n. general assembly >> the united states has great strength and patience. but if it is forced to defend itself for its allies we will have no choice but to totally destroy north korea. rocket man is on a suicide mission for himself and for his regime parts of long island, new york are gearing up for the effects of hurricane jose. the storm is expected to remain off the northeastern coast but forecasters are predicting its effects will impact the shoreline. cybersecurity firm mcafee

announcing its 11th annual list of the most dangerous celebrities to search for online topping the list is singer avril lavigne. second is bruno mars mcafee says the searchers are most likely to land consumers on websites that carry viruses or malware. that's the news update this hour michelle, i'll send it back to you. >> i haven't googled them in a long time. >> there you go. you're safe. president arriving for a meeting with the u.n. secretary-general right now. live pictures. meeting with antonio guterres, you see there. made a couple of swipes at president trump, not directly but in his opening speech. talked about climate change, not turning our backs on the paris climate accord, et cetera. so we'll see how this lunch goes and of course president trump's speech was quite fiery as well, guys >> absolutely. i mean -- >> right >> the general assembly probably has never heard words like that ever before. >> from a u.s. president >> when you're calling members of the human rights commission human rights violators >> right >> and some of the members -- >> are sitting there

>> shifting there uncomfortably in their seats as they should, by the way >> right it wasn't incorrect, some of what he said, a lot of what he said >> let's take a check of the markets right now. stocks are pretty steady in a tight range. the dow did hit another record high here before backing down by just a bit up by about .2 percent the 10-year note hitting the highest level since mid august telecom the highest performing sector on the s&p 500. thanks to david faber's reports that sprint and t-mobile they are talking once again we are seeing those stocks rallying here. so while the recent hurricanes have caused a lot of devastation to the local economies where they hit, the nation's top economists, market strategists, money managers, they're not worried about the national economic impact. steve liesman is here with the results of the cnbc fed survey >> it's amazing, michelle, how the pictures of devastation conflict with the numbers and how the effect on gdp has seemed really to be muted in fact, there's even a slight upside, if it can be believed. i want to show you the cnbc fed

survey and the outlook for year over year change in gdp. back in july, 2 1/4 was the outlook for this year. that came down just a little bit. but look what happened up a little more, 2.45 to 2.6 is the current -- we asked them specifically how much of this change we had 42 responses. how much of this change came from the hurricane take a look. very slight negative for 17 and a bigger positive for 2018 as the effects of rebuilding kick in that's gdp accounting. it doesn't take account for the effects on people's lives and the devastation to their homes and properties now, take a look at the outlook here for recession it is pretty much middling about a 1 dpsh call it 13% we've been lower, we've been quite a bit higher what are the big risks first of all, trade. protectionist trade policy seen as the biggest risk. 32%. geopolitical risk 17%. and tax and regulatory policies 12%. one other things i want to show

you about this thing about who president trump might reappoint, and it's gone up for the fed chair given what's happened with gary cohn. what's happened with other things out there it had been 10%, and now it's 38% according to our respondents. 75% said he wouldn't reappoint her. 53% say no if not janet yellen, guys, the person who is in the number one slot now, is former fed governor kevin worsh. >> talking about the next couple of days, did you -- >> no rate hike. 100% 68% say the fed will begin reducing the balance sheet by october. and then that third rate hike, 76% say there will be one in december that's a little different, a little bit higher than some of the market base measures look for that third rate hike according to this group. and they're not so good on the stock market >> isn't that a lot different -- i mean, isn't that a lot higher? from my understanding it's a 50% -- >> right it was about 25% or 30%

difference in the probability versus our survey measures the percent of people who say it will happen in a given month and that's 76% by december, whereas the odds in the fixed income markets, the fed futures market is like 45% >> you know, steve, i don't know if you saw this but guggenheim's scott minor, who we all know very well, i think it was yesterday twor days ago said in an interview that if the fed goes too fast he sees a good chance of a recession in two years. we'll hear from him about the fed soon is the r word being bandied about in the people you talk, to whispering in the hullways >> you know what's worse than the r word >> the d word. >> no. >> oh. what word? >> i was going to talk about this tomorrow but i'll do it now. 1937 that's worse >> that's a number >> ray dalio this morning was comparing now to 1937. 1937 is the year that i think ben bernanke told me once you put the great in great depression what happened is we had a couple good years of growth in the post-depression era and then

they tightened policy and they went right back to it. that's the fear now for ray dalio speaking this morning on "squawk box. he said we might have a 1937 redux if the fed moves too fast in terms of reducing its balance sheet and raising rates. i'm not schur about the r word but possibly if the fed moves too fast and the economy is not ready for this change in policy the fed will launch tomorrow but i think the fed's going to go slow enough such that if it is making a mistake it will have an opportunity to pull back. >> all right, steve, thank you >> pleasure. >> steve liesman the hurricanes may not be having a negative impact on the overall economy. harvey has left houston in a bad spot, particularly when it comes to rebuilding the tens of thousands of homes that were destroyed. diana olick is live in houston with that story. hi, diana. >> reporter: hi. and you know, when you drive through downtown houston and the main thoroughfares, you almost wouldn't know there was a hurricane here and then you turn down the side streets and house after house after house is literally inside out. the insides torn out and put

back onto the front lawn and many of the homeowners really have to do all this work themselves there was no one else to do it they have to dry everything out before they can even think of rebuilding jennifer and andy taylor, these homeowners, did all of this work in one weekend with a little help from their friends. >> we had about 25 friends and family that we called. facebook texted phone calls. and we had an army of friends and family come out with some church volunteers as well. >> to do all this. >> to do all this. >> you guys seem incredibly calm and zen about this >> we've had our moments to be sure a lot of those moments were really being touched by the outreach >> reporter: they said food trucks came down these streets offering free food as they worked and supplies like clothes and toys came pouring in now, just for some perspective there were already about 27,000 new single-family building permits for this year before harvey hit for houston and a severe shortage of workers

to build those new homes now the shortage has more than doubled. the taylors consider themselves lucky because they were friends with a contractor, a contractor who has a very long waiting list >> there's not enough people to put them back together there's not enough workers there's not enough material. there's not enough time. it's going to take everybody who calls to find a place to live for a year and hope we can get you done in a year >> the national association of home builders has asked the trump administration to issue some kind of temporary worker visa so they can bring more workers into texas from mexico and of course into florida as well home builders here are just begging for help so far they have not heard anything back. lots more of this online realtycheck.cnbc.com >> diana, presumably a lot of those homeowners are going to have to do things like rewire their houses and so on is there going to be a back log on the other side of it when it's time to get their plans approved when it comes to

permitting and so forth? >> i mean, you can't imagine the amount of work ahead we went inside this house, as you saw. they have some electrical that they've kind of jury-rigged up so they can get the fans in there. we've been to other homes where they've tried to get pipes working so they can clean it out. it's really fans it's getting a contractor in there, it's getting the permitting done. some of these homes are going to be leveled some of them are going to be renovated. some of the homeowners have decided to level the house and build new. but they're saying it could take anywhere from two to six years to go through the backlog of these homes. not to mention that houston actually had a housing shortage before all this started. >> what a long road ahead. diana, thank you diana olick in houston all right. sticking with rebuilding, albeit on a much larger scale, your next guest runs acom, a company that is actively involved in helping to rebuild post-hurricane harvey and probably post-south florida irma as well. working with governments all over the place let's bring in aecom's ceo mike

burke once again i want to get to a potential infrastructure bill but that can wait for a couple of moments let's talk about rebuilding. diana just obviously hit on the residential side you do big industrial-scale projects how is aecom coming in have you had people say we need you to come in and rebuild this $100 million thing >> brian, first of all, thanks for having me. and yes, we are involved we have hundreds of employees on the ground right now working with the federal emergency responders currently and i think people are not fully understanding the magnitude of the issue right now with both hurricane harvey and irma. you've heard the estimates $200 billion of damage but just to put it in perspective, that's 25% greater than the damage caused by hurricane katrina. and here we are 12 years after hurricane katrina and we're still rebuilding the infrastructure of new orleans. so i think people are misunderstanding the complexity of the challenge but we're on the ground and we're focused on rebuilding the texas coastline

as well as florida right now >> specifically, because you guys do so much, what kinds of jobs are you on? we saw refineries with their own eyes that had water in them. obviously bridges damaged, roads damaged. what specifically are you guys doing to help, mike? >> the first task is understanding, appraising and estimating the damage so that the federal government can get their hands around it. so the first order of business is to understand the scope and depth of the problem on the ground as it relates to transportation infrastructure, as it relates to power the entire water and drinking systems are of critical importance and then of course the shipping channel. you know, houston being the fourth largest port and the shipping channel which is such an important cog in the machine of the supply chain of the united states. those are the assessments that are under way right now. >> what's the biggest obstacle, michael, right now in terms of getting that infrastructure rebuilt? i mean, you're talking about what's gone on with katrina, that the rebuilding is still under way.

so what's stood in the way for all this time? is it mostly just funding? >> well, it's a multitude of issues first of all, people understand the complexity of the challenge, first of all secondly is coordinating, you've got state, federal, local governments that are all trying to do their best to take on this challenge. but coordinating all of the first responders that are trying to deal with this. and then of course funding and we're expecting there to be a significant amount of federal funding to address this challenge. but again, when you talk about a $200 billion program, that's more than double the annual budget for the entire state of texas. so this is an enormous amount of money that's going to be necessary to rebuild the infrastructure of these cities >> have you done a back of the envelope calculation for investors in terms of if you get a percentage of whatever business you think is out there, what could that mean for aecom >> well, we haven't given any estimates, and i wouldn't want to on this show, but just to give you a sense of the $200 billion generally speaking,

you're looking at somewhere between 30% to 50% of the damage is infrastructure-related. defining infrastructure very broadly. and that money of course will be spent over many years, as i mentioned in the katrina example that we're still 12 years into that recovery. that will be spread out over a number of years but we haven't given estimates just yet >> all right, michael, thank you for joining us we appreciate it >> thank you for having me >> michael burke >> all right let's get a market flash now with dom chu dom. >> we're watching shares right now, brian, of western digital because we have a report now from reuters citing sources familiar that toshiba now favors a deal with western digital group's consortium bid for its memory chip unit also that report going on to say that toshiba's shift away from the original bane-led group that includes s.k.hinix, a south korean company, follows ownership concession that's are being made by western digital in order to acquire the concerns here it's unclear whether or not toshiba will reach a decision on

the chip sale on wednesday, but these things are in the works and that's what's causing those shares to spike. you may recall, guys, that a lot of this drama has to do with whether or not one consortium, and apple is part of that group, may be in the running to acquire this particular memory chip unit but that drama playing out a little bit more according to these reuters reports, guys. back over to you >> another incremental move. thanks, dom. millennials and money. a new survey out showing they aren't doing too well on that front. the results first on cnbc, next.

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we can live paycheck to paycheck and that's fine i don't consider that to be super healthy. >> financial anxiety feels like an exhale you can't really get rid of >> if you're swamped in debt, be it student loans or automotive payments or more increasingly hospital bills and health care costs, it can seem like there's no way out of there. >> when it comes to saving, i still pretty suck. >> that was a glimpse at some of the responses participants gave in a new survey, millennials and money, commissioned by wells fargo. the study interviewed more than 1,700 people ages 20 to 36, and asked about their relationship with money, how they feel about the markets and their financial health here to share the findings in a first on cnbc interview, christie mitchell, thanks for being with us. >> good to be here >> almost no surprise a lot of people in this age group feel they have a lot of financial

pressures. are we to believe this is any more so than past generations? i'm far from millennial, but when i was that age i felt the same exact way >> yeah, i would say it really is more of what i call a one two three punch. so certainly they have a lot of the same concerns that many people felt when they were sort of of a similar age, but they are different and they're different for a couple of reasons. one, they carry a lot of financial debt the average graduate coming out of college today has about $30,000 worth of college debt. and that's about a 60% increase since 2009 secondly, the evidence, very, very low levels of financial literacy, which is really curious given that they're one the best-educated generations -- >> what did they spend that money on >> what did they >> good god. >> and third, they came of age at a very difficult time many of them went into the workforce thinking about money and finance at a time when the u.s. and other global economies were experiencing significant -- >> it was way worse than the great depression, right? >> well, i think it had -- >> they think so >> well, i think they do think so

but i think also the experience of all that was very important because they connect so much around these issues. so in some ways i think it probably was -- >> not to minimize, but it is -- if your folks lose their job, it hurts you too. it affects you for a long time do a lot of these millennials say that their parents were really -- i mean, it wasn't as bad nearly as the '30s, but a lot of people did lose their jobs and it does stick with you. and it changes your behavior for potentially the rest of your life >> as we looked across all the millennials that we interviewed, about 20% said they're not invested in the stock market and they never would be. about 53% said they were not comfortable even when they had investments in marketable securities and i think that's really important. i think that lack of confidence is something that you know, we really need to find a way to work through with them >> if they continue on this rate, they're never going to have enough savings for retirement ever. >> no, they aren't and they're such an important generation i think it's important to contextualize the fact that they make up 25% of the population

today. they'll be 75% of the working population by 2025 and in the next 20 to 30 years they'll inherit $30 trillion worth of wealth. so helping them think through these issues and really understand how important it is to not just save but invest i think is a critical -- >> why would they invest would y are going to inherit $32 trillion where did that come from >> they claim they don't >> right >> here is what's fascinating. as we were looking through all these data one of the things that we stumbled upon is positive financial financial app financial applicator the pfi is correlated around happiness and confidence around finance and a statement around thinking that the stock market was a good place to and fast really important and engagement drives happiness and that's a

connection as you rightly point out that millennials don't understand they would tell you that happiness is about relationship. actually finances do matter to them what's the difference. 20% say they'll never be invested in the marks and 53% say they'll not be comfortable in the markets >> so they'll invest but they're not comfortable. >> they have a lot of anxiety and fear >> do you think that'll change if you don't put your money in the stock market, it is kind of hard making money. >> there will never be inflation >> i think there is a better recipe for prescription for change in the data which is activism actually create more conference i thi conferenc confidence grandparents talk to your millennials about money and finance. don't give them fish or don't teach them how to fish fish with them >> we care because it is by far

of the largest generation, it is only 45 million of us. there is 88 million millennials and 75 baby boomers. the millennials are going to drive a lot of that. >> and we do care, who does not want their children and grandchildren to be happy. >> christie, thank you >> management of ceo >> all right, coming up, wall street calls that you need to know about onste ock rising of 20%, from here "street talk" is coming up.

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time for street talk tesla, shocking calls from jeffery this morning of, jeffery is saying with a quote, "heavy heart," they don't believe the company's ve company's business can be scaled the price of the stock, $280 >> i have a feeling it is a topic of conversation on "fast money" tonight >> probably true >> second stock, red hat

it continues to gain tractions and analysts think we can see red hat. it is a 107 stock right now. >> apple morgan stanley raising her price on the stock to 194 to 182. the company will boost the average selling price selling for 999. morgan stanley believes that apple will be able to increase prices without hurting demands >> a lot of exposure in soil iln valley they like the west coast exposure, they like the fact that evaluation trades of

discounts. there is a little bit of concern. they say the company is fine and they love the west coast versing east coast mentally. can i give a shout out to our team did you notice a new look for "street talk". >> it looks spectacular. given your outfit and the color, we look like a seattle seahawks' home game. michelle >> all right, the lawsuit against equifax are piling up. massachusetts is the first state to slap the company with the suit following the massive data breach we learned of an earlier breach from the big one the state's attorney general joining us on cnbc and the nasdaq of 20% and stocks in the record high club. second hour of power begins on the other side of this break when you look at the mercedes-benz glc...

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welcome back, here is what's coming up for the second hour. we are going to tie everything

together massachusetts wants equifax to show them the money. the state is the first to file a lawsuit against the company. the attorney general is here ahead. former race car drivers and nascar team owner will join us big engines and money and big sponsorships buckle up because "power lunch" starts right now ♪ >> and lets get a check on our mark markets. stocks are remaining at an time highs. >> we are watching telecom and financials there autozone is having a rough day and take a look at snap share following the report of the new company's enrollment of the u.s. declining 2.5% president trump is speaking in front of the united nations

general assembly today eamon javers is joining us now >> hi michelle, you were there president trump is teeing off on a number of world issues the biggest news was the way he talked about north korea, both the potential u.s. response to the north korea situation and also what he called the north korea's leader here is the president later today. >> we'll have no choice but to totally destroy north korea. >> rocket man is on a suicide mission for himself and for his regime >> the president there with an apparently intentional decision to be little the north korea's leader as rocket man, we'll see if that's a effective diplomacy. the president using phrases that we have not heard used at the

united nations before. he urged nations embrace their own sovereignty but to also work together >> major forces of the world are in conflict and some in fact are going to hell. but, the powerful people in this room under the guidance and offices of united nations can solve many of these vicious and complex problem. >> michelle, as of all of these speeches, there are many different intended audiences with this, you can see that playing out in realtime on twitter as the white house communication teams amplified the president using the phrase radical islamic terrorism in his speech other official in the white house tweeted that out right as the speech is happening clearly to intend to target his political base here in the united states making sure that they know he's using the language they expect him to use.

michelle >> the physical audience's reaction was interesting to watch as well. benjamin netanyahu nodding his head in agreement as the president spoke about iran the representative from iran sitting there stone fad face ase stared in the camera and taking notes. >> a lot of detailed note taking by a lot of countries there during that speech so they did not have to look up or reacted it is a global version of the sea saw effective as we see there. although this one played out a lot more dimensions. >> thank you, eamon. >> you bet ylan mui has the number. >> reporter: key republicans have reached a deal for the parameters of tax.

i am told that lawmakers are eyeing the package of 1 to $2 trillion in those cuts. those cuts would add in the deficit. some of these details still remain influx and in order to the process to start, a bill would have to make through the senate budget committee. one thing that does appear clear that republican lawmakers plan to rely on dynamic scoring in order to make some of those numbers work >> i do not believe we should limit ourselves in status. i i don't know a number for an outer limit, i believe we should have the largest number get with adequate dynamic scoring >> we are still in the process of negotiating this. we'll not make it. he says until the white house of ways and means and the senate finance committee get what you call a framework from them

i think we need that because we are operating of what can be signed by the president. >> you heard there from senator mike and chuck grassley. he says he still wants to hear more details before he makes his his mind this issue is expected to come up we'll try to find out more information for you guys and bring it to you before we have it >> thank you ylan. >> we have our cnbc larry kudlow >> a much deeper number and that's a lot of spending and detud deductio deductions i kind of liked that number.

it is given good parameters. the senate budget committee, they'll come up with a solution from reconciliations i think it is very important, very important that senathe sen that runs the budget committee and diane blanc, i think they have to go, maybe they bring the ways of means and finance committee, too because they are the bosses of the joint tax community. >> this is just saying, we want gross dynamics gentleman and

and -- gentlemen and ladies. >> we want gross dynamics. i would like to see a little bit of therapy that's all i ask >> nick. >> let me jump in there. the therapy is what they are talking about for dynamic scoring. they are going to make the numbers work that's a huge big flag for me that it is not going to be about tax reform but it is about tax cut. they'll use dynamic scoring to figure out a way to pay some of it we got corporate today and paul ryan last week, hey, i guess it is okay if it blows up of the deficit. $1.5 trillion making the number closer >> so for the audience, we want to explain dynamic scoring if we put together a budget and assume tax heights or cuts, you can assume that -- >> you can extrapolate it out. something that congress resists, now they're going to start using it that gives you a lot more

room trying to figure out and we'll have more room for tax cuts >> let me put this out >> if you redeuce the marginal tax rate on the last dollar earned and invested and the last hour worked and last risk taking, if you redeuce those, you will get far more economic activities across the bureau far more we have seen this in history the 60s and 80s and 90s, i can go on. i think leaning towards and the tax cut, i like the lead right now they are leaning in the right direction. rhetoric is improving. i will say this. i think that they just got to be as tough as nails. they'll want some revenue raises but the point of the exercise is a policy they're saying we are going to cut tax rates and we'll change

behaviors and that's what it embodies in the actual economic growth baseline. senat senat senat senator pat toomey who's a hero of mine. when i was a kid working in the reagan's office, it was two. there was no law and no constitutional thing going on here >> it is custom. >> it is custom. i like to break customs and shake it up a little bit >> if you got it wrong then you dump your problems on people that were not connected. if you screw up and 20 years, your kids are the ones -- i like the short term because you got to live with whatever you decide >> we try and i guess first is deficit. >> i don't need to know that all this talk about deficit

monitoring is a convenient way to stop tax cut. so i would like to give it more time to pay for themselves >> larry, paul ryan is not talking about it now we are going to have $2 trillion tax cuts and not worried about it for ten years or 20 years. remember the bush tax cuts did the same thing >> all i am saying -- nick, all i am saying is we try big government spending which creates huge deficits in debt. lets try another approach. lets try the tax cut route and business competitor route. >> many won't work >> you don't have to convince me >> give us a chance. the other team -- >> i am just saying it could be great in 20 years but i am saying it is longer out and makes i easier not to think

about it quickly nick, is diane black the most powerful secret weapon out there? she's on the ways and means committee and we never hear from her. >> wait for the house to come back next week, we got a broad framework budget which is broadway from next week. the next is what the committee in the house are saying out. we have $1.5 trillion to work with what goes in there? >> that's what we'll learn a lot. >> thank you gentlemen >> thank you larry, thank you nick we are still monitoring hurricane maria. here is the latest the storm hitting the island dominica, it is expected to hit with sustained winds of 155 miles per hour

puerto rico governor saying this could bring more winds and water. irma killed three people the company knew the weakness in the system and failed to address them mau maura healy is joining us next nascar tony stewart is joining us and more, all that and much more is coming up on "power lunch.

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shares are jumping the deal is valued at $1.5 billion first on cnbc interview is the ceo of bob evans' farm. that is food for food deal, mike, why did you make it. >> tit is good to be with you, brian. >> mike townsley >> it is a great opportunity for our shareholders to really get

the value out of the stock going forward. you know if you look at what attracted post to bob evans, it was really our refrigerator side base business that we have been in 20 years that's been growing double digits for the last 20 years. we have with been growing of 14% kegger our market position in our refrigerator size, we have a 15% market shares and growing at a rate that far exceeds our competitors. the neat part about our products are, if we can get someone to try it, two out of three people will come back and buy it again. the category lightly penetrated so it is a huge upside to our product line >> mike, under the deal, you will be in charge of the refrigerated retail business and the other guy will continue on his commercial of the business

it seems to be a tough environment on food in general do you feel in this sort of environment where packages who are not appreciated is being under valued >> i think what you are seeing is what attracted posts to bob evans is the performance that we have seen on the exterior of the perimeter of the grocery store today is well documented that the shopper behavior is migrated of the shoppers shopping more and more perishable and fresher type items versing the middle of the grocery store. that's what makes it attractive to post of bob evans there is so much talk about the way, you highlighted this just now of people shopping around the edges of the store of more fresh food how does that play into the

future of bob evans and how you are going to try to attract that shopper. >> well, i mean we are positioning nicely to do that. we are taking marketing span in the last few years continuing to take it up and we'll be up three or four million this year verses last year, really to look at how do we acquire households that's the name of the game with our refrigerator side dish and representing half of our business today >> what's an ampexample of refrigerator side dish >> we have our 24 ounce smashed potatoes that's distributed all over the state and all across the country. literally, you can have really, really good smash potatoes prepared in five minutes part of the reasons that we had such success with that is neat to consumers

today consumers spend 20 or 30 minutes making meal and they spend most of that time on whatever that's at the center of the plate. they want quality side dish they they can have in the short period of time that that's where they make the mark >> we talk a lot about the family style restaurants what's wrong with the american restaurant business right now. >> chilly completely changed its entire concept and what's happening? >> all i can do is comment on restaurants and really deemed the separations of the food business and restaurants created shareholder's values it was difficult for us to tell the gross side wth size of the . we felt that for creating values

shareholders and maximizing that, we got a fantastic price for that and really created values and a lot to tell the story of our refrigerated food businesses >> mike, thank you very much very much to be on cnbc, from evans farms. senator warren is with us now, she's going to speak with jim cramer tonight they had a breach before the big one that was announced a week ago. this comes as massachusetts becomes the first state to file a lawsuit against equifax. the state's attorney general is going to join us in just a few minutes. toys r us is filing for bankruptcy right before the christmas season ouch, what does that mean for

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. toys r' us failing for bankrupt production as first reported on our website on cnbc.com >> the company is doing it right before the christmas season. the company is taken over by kkr back in 2006 for $6.6 billion. >> it is still dealing with the debt incur of that deal nearly $5 billion worth >> toy makers have down over the past three months. 2006 they got into this equity deal it is not how it is supposed to work and 11 years later, this has mott workednot worked out a thought. >> they filed for bankruptcy twice or they are private equity deals or a combination of the two. >> this is just a restructuring

and a lot of retailing have been about liquidation and they are gone >> you go into toys r' us with a 6-year-old or 5-year-old and -- >> it is fun >> they run them up and it is the happiest place on earth. >> coming up, president trump giving a tough speech at the u.n. this morning rein ra we'll get reactions from kneneo ferguson who correctly predicted on this show that donald trump will win the production and 'll speak with massachusetts who's the first state who sued equifax, how much are they looking for, we'll find out. stick around

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hello i am sue herrera, here ace news upda is a news update at this hour. moments ago a powerful earthquake in mexico smoke is being supportreported e

of the buildings thousands of people have now left buildings and remaining in the street roite reuters is saying it is a 7.4 category which is a serious earthquake forecasters warning the storm could leave some parts of puerto rico and the u.s. virgin islands un uninhabitantab uninhabitant for months. the recall includes the 2013 model years of chrysler, fiat. most of the recalls are here in the u.s. playing youth football could have long-term effects researchers assessed 200 middle

age men at youth tho that's the news update at this hour, i am saying that reuters is reporting that it is a 7.4 quake, it hit five miles southeast in the state of puebla we are keeping an eye on for this for you melissa, it is still a developing story massachusetts filed a lawsuit against equifax. the state's attorney general writing, "we allege that equifax knew about the vulnerabilities for months but utterly failed to keep the personal information public for us. we reached out to equifax for

comments but have not heard back joining us is our massachusetts' attorney general, maura healy, thank you for joining us, we appreciate it. >> great to be with you, melissa. >> when you say you want equifax to pay, what's the end game here >> the end game is making sure it never happens again so many consumers are at risk of identity theft and serious financial fraud and harm the first thing that needs to happen is equifax needs to make this right they need to pay for their mistakes and leaving so many of us so vulnerable anybody who maybe the victim of identity theft or fraud, equifax is going to have the pay they're going to have to pay to put new system in place. i am calling on them to pay for all credit freezes and ongoing credit monitoring. that's what needs to happen in the first instance in all of my years as an attorney general and office investigating data breach, melissa, this is as bad as it

gets the impact and when hackers using information, it may not be now, it maybe years from now we don't know that sort of damage of what they maybe. how do you quantify what equifax should pay today >> we'll continue with our lawsuit and make sure we get everything from thoem that we need to make sure consumers are protected. you are right. that's why this is so bad equifax is out there collecting data most americans don't know that equifax is collecting the data and they are selling that to companies. it is their job to safe guard that data. what's worse is now that it appears they knew about this breach but did not tell the public about it until several weeks later. and what's really bad is this whole time there was a computer patch available that would have

prevented the exploitation of this information all have been brought up many times we have dmoknown about it >> which is an important point we talk a lot about facebook and twitter and privacy and when we sign up for these products and things, we are either knowingly or unknowingly giving away our rights to privacy. that choice never happens with any of the credit rating agencies, you know normally, if something like this would happen, the customers might turn their backs on the product but the customers are really the banks and not the individuals, how do we gaet in behavior that would lead to banks that we are not going to use this particular

company >> that's why we need to see legislations potentially in congress and we'll work in the state levels here in massachusetts to make it right >> remember this is our information and our personal data and information, customers are not as you point out opting in >> i think what we are looking at is maybe we cannot align the system properly and incentivize them really, the consumers are not the consumerconsumers, the s are the banks. >> we need to mistake this right and going forward if there is going to be collection of this information and done in a way that consumers don't get harmed. it appears that this company and perhaps others may have been incentivized and collect and sell it is why i am suing and why i am working senator warren and others in congress to make sure

the right wilhelmsincentives ar. >> were you breached. >> right now we believe of an estimated 3 million massachusetts customers -- >> including yourself? >> this is about what's happening in massachusetts part of the issue here to be honest with you, the company have yet properly identified who's been breach. they told all of us that we have been victims of breach but we need to find out as we will through investigations >> thank you very much for your time, we appreciate it >> good to be with you maura healy, massachusetts' general. the president laid out his america's first ideology assembly lets get insights from our best selling author, welcome back to

"power lunch." you predicted that he would win. tell us what do you think of the speech at the u.n. today >> well, i am sure any number of liberal commentator havs have tweeted their horror and disgust. a great deal of it, indeed the president was illustrating one of the paradox of his presidency if you had asked people a year ago of what his attitude of the united nations, they would assume that it is disrespectful towards nato and the union the speech he gave today is an important institution for a strong nation's state li like td

states and trump has used the u.n. very effectively. hats off to ambassador nikki haley. i thought the speech was in lining with trump's argument >> you said there is a lot of liberal commentators upset by it but you said there were parts that you liked what did you like? >> i like the fact of america's first. the first point is a really important one. the u.n. is not designed to be world government the u.n. is designed to bring together maybe 200 nation

states president trump has shown himself able to understand the importance of that institution and used it effectively and particularly on the key issue of north korea. i like the tough talk of north korea. >> the obama administration did disaster on this issue all it did was to impose a succession of weak sanctions that accelerated the north korea's arms program that administration gave us so plan within a year of departure, hydrog kim jong-un would have a hydrogen bomb. i think the trump administration is being right to take up that line people have to believe that the

u.s. is serious and if there is not a diplomatic solution -- i do not share the view that's widespread in foreign policy circles. this is an empty bluff the reason that i share is jim mattis is a man we should take extremely seriously. when jonah mattis says tlhere i a military option, you better believe him. >> now, niall, can i move on this is a hot topic and you are talking about it and that's technology's role in america and the world. in the september's issues of affairs, you write, we should all tweet their messy issues with the skepticism they deserve. why did you write that

>> i have been working on a book of network and history and i am struck when i am writing in the extraordinary part i think i send the coming backlash the storm is gathering of the silicon valley there are those in the left who wants to see antitrust actions against silicon valley companies and those in the right like steve bannon who thinks they should be regulated. at this point, there is never a powerful company in america's history than facebook. 45% of americans get their news from the facebook news feeds if facebook decides to tweak its algorithm in a way to skew that news speed that's an enormous implications. i don't doubt mark zuckerberg's

sincerity. i think he's sincerely believing the world will be a better place when everybody is connected. >> if you do connect the world together like that, don't expect a happy world which everybody shares cat videos. that's not the way social net york worked. >> i love cat videos >> well, people share cat videos but they share other stuff to give just one example. one striking feature of social networks throughout history regardless of how technology operates is they do have a tendency so polarize the tendency for people to congregate along ideology.

that's really what we saw in the 2016 election, quite as polarization on social network you should not expect it to be a hominous world mr. ferguson, it is great to have you on. >> and the book he's referring to is called "the square and the tower. >> coming up, there stewart, you are getting extremely tipaenpate give us two-minutes, we'll be back with you after the break.

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the new york giants got fed to the lions last night. >> it is been a mixed season for nfl ratings so far this week, fox reported of a jump in race but gain in cnbc

and have failed. >> also, hard to come by, our super star dan-- >> joining us now is tony stewart and danica patri patrick lets get right to it thank you for joining us on cnbc >> thanks for having us. i know you think that danica will stay in the sport, but she did not get the results she wanted, why do you think she has the trouble? >> the media is harder on her performance on anybody and harder than we were, i don't think we were dissatisfied with her performance at all, we got steal a stale and in a scenario that we would not able to carry further

than what we had she's a great talent and you know sponsorship is hard all around right now every form of sports are having trouble with viewer ship and that makes it difficult to attract sponsors it is hard from all aspects. it is not just hard for danica, the industry is hard right now >> the stock market is at record highs. you are one of the few guys at home depot that can keep the same sponsor, you and jimmie johnson and jeff gordon and now we are seeing drivers changing color schemes every race why is that? >> you know back when i was running at home depot. we had home depot for ten years and they were the only sponsors

on a ten year stretch. it costs close to 10 or $20 million to do that for one season >> we have two different sponsor s and one week the sponsorship is on the panel and next week the paint scheme changes but those sponsors are still on the car. it makes it efficient for them and they still get a bet every bang for their bucks than just being on the car with one different paint scheme like that for the whole season i think going back and forth like that is a combination that we have seen in our organization that's a pretty powerful equation >> i like the chase championship series lets do this, lets pretend that your last name is not stewart but france

>> listen, so the product is really good, what change if any you would make to nascar right now? >> well, i think it is easy for me to have a bunch but i am not sure if the big picture that i see every aspect of why they make the decisions they make i think it is hard it is a family owned company that's successful but mentioned, football ratings are down, baseball ratings were down, everything's down. we're at an era where we all have smartphones, we all can get information right now and nobody's patient about anybody like you mentioned before the break. it's easy for me to sit in one space, but i'm sitting -- fidgeting with my phone the whole time i was sitting here as well for the same reason everybody else does. i think that's made it hard for the entertainment entindustry, only sports but all the entertainment industry of keeping everybody's attention. that's trickling down on the sponsorship side as well. >> listen, good luck again, 78 we're in new jersey so we have a homer for martin truex jr., only jersey driver in the series. stewart haas racing, i'd like to

see you test one of the haasf1 cars soon. >> thank you, guys, appreciate it. >> be sure to tune in sunday, nbc sports network, coverage of the monster energy series the playoffs we're in them now. 2:00 p.m. eastern time. every day we talk about a new high for the dow stock markets around the world hitting new highs. up next the trading nation team will tell you if your money is better off here or maybe abroad. stay tuned stay with me, mr. parker. 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.

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want to upadate you on a developing story, mexico rocked by an earthquake, epicenter of the earthquake, 70 miles southeast of mexico city the mexican staock exchange halted all trading some buildings in the roma neighborhood of mexico city collapsed. early reports suggested the buildings in mexico were swaying, woquote, sickeningly it's been a good year for american stocks. some markets around the world are doing better than we are let's bring in our trading

nation team. first to you in the chart here, anything out there look particularly tasty to you internationally? >> well, we like international when i look at the ratio chart, what i'm seeing with the s&p 500 and the efa index, itself, continuing to see out-performance in this. i suspect really it's due to the weakening that we've seen in the dollar as of late. we're going to get news coming from the fed, some news next week perhaps about how they're going to pay back some of the debt, ult pimately leading to strengthening in the dollar. this point in time, i want to stay long the international stocks out-performance is going to continue for a while longer based on the charts. >> thank you borris, what about you know? >> efa, one-year return is 20%, three-year return is 1%. it's clearly the reversion to the mean whether the reversion to the mean continues, the answer i think is yes that's the big story going forward. i think international stocks

outperform because they're early in their recover ary cycle, going to get a benefit from all sorts of factors including technology factors i think the bet here much more is toward long efa, short s&p if you want to do a long/short trade. >> okay, guys, thank you very much borris, craig, appreciate that for more trading nation, go to our website, tradingnation.cnbc.com and check, please. now the latest from tradingnation.cnbc.com and word from our sponsor. >> a double top is a chart formation that suggests an up trend may be ending and ready to reverse. sometimes called an "m" formation because the pattern likes like an "m," two well defined peaks at approximately the same price traders view a break of the lowest low in the formation as a bearish signal

welcome back severe earthquake hitting mexico city, 75 miles south of mexico city this is our sister network telemundo showing video at the top, says hace unos momentos our colleague doing live coverage of what's happening down there, quite severe there are reports and lots of videos crossing social media, buildings collapsing and people certainly injured as we watch this unfold. >> trading on the bulsa is suspended now, halted, the pace sew did have losses on back of this again, we're watching this

developing story the pictures are so dramatic. >> this comes ten days after another very severe earthquake in the southern part of mexico so they were already on watch for aftershocks. one thing to watch for, mexicans will sleep outside at night for the next as a result of this earthquake. >> and marie you coa coming into rico, thoughts and prayers with everybody out there. a tough couple weeks. >> sure has. >> thanks for watching "power lunch. >> "closing bell" starts right now. and we'll have more coverage of all of these events welcome to "the closing bell," everybody, i'm kelly evans at the new york stock exchange. >> i'm bill griffeth, the dow, s&p and nasdaq on track to close at record highs. coming up, we're going to talk about whether the sky is the limit for this market right now. even as the fed begins its two days of meetings here. >> so much to distract us, again, a stalwart move higher today. hurricane maria is threatening to devastate puerto rico after causing catastrophic damage to dominica already we're going to look at