that larry kudlow is the next to succeed gary cohn. larry was tight-lipped we'll see. >> it's potentially consequential because there's a lot of concern about whether or not there's still going to be some kind of free market voice within the administration. >> and how many times has he come on here, free markets. >> that's right. thanks for watching "power". >> "closing bell" starts now ♪ >> live from the new york stock exchange in new york city. this is the "closing bell," everybody. i'm kelly evans. who are you? >> i'm wilfred frost >> i don't welcome, by the way -- >> you don't welcome >> no. i was going to say, i was going to say, welcome, first of all. >> thank you >> i'm pleased to be sharing this perch with you for a little on it while. we have a lot to get to, which is still your petition, even though you're co-hosting with

us i have some concerns i'm afraid i'm going to have to start following arsenal now. >> you are. >> i'm afraid i'm going to catch your accent. even after i came -- >> you spent a year in london. >> then i said coissant. >> it's great to have you. the dow swinging more than 270 points the nasdaq hitting a new intraday high and flirting with a record close >> trudeau is talking tariffs. the canadian prime minister just spoke out to cnbc about all things trade a discussion on how tariffs could impact energy and tech stocks that's a big one coming up. >> let's start today with the top story in the banking world david solomon has been picked as h eir to lloyd blankfein decided on the 21st of february following a recommendation by

blank fine solomon and schwartz were told soon after gary cohn was never considered the rest of the management committee were told this morning where there was a significant level of surprise that things were moving so fast. having joined goldman from bear stearns in 1999, solomon's investment is in the investment where he takes credit for building the firm's debt capital markets division and broadening to run all of the investment bank in 2006 until he became co-coo in 2016 he's liked internally and seen as excellent with clients. the final date for blankfein's transition to solomon is not noted. dick bove will take control of the organization >> let's talk more. >> our senior markets commentator michael santoli, charlie is here from ariel investments.

charlie, your first blush take on what this means. >> i'm biased. we worked for solomon brothers for 20 years and we did not like goldman. this is away from commodity trading where blankfein and cohn rose in that business. it's a better business these days investment banking is where higher margins are. >> by choosing someone with that type of background, doesn't necessarily mean they drop the rest of the business clearly, things have already transitioned in thatbecause revenues have fallen from a peak you think now there will be a further decision by solomon to get trading and focus on investment banking >> it's like when the head of the joint chiefs of staffs come from the army. there will be inter-divisional rivalry within the army and the solomon and goldman sachs of the world. the fact blankfein and cohn had come from that side of the business had an impact on where

capital went and how much capital went into them that's the one negative argument you could make about goldman >> i was going to ask what you thought the impact was across the industry or what it tells us about the industry right now. >> one of the takeaways for what it means at this moment is the transition is happening at a moment when the companies are more stable, the businesses are more stable. wipdz at their backs in terms of regulation, obviously, the markets are going in the right direction. it wasn't like a year or two ago where there was a question about the very value of some of these franchises at goldman and other places i do think that's one of those things it's not a surprise to see goldman sachs have a competitively, tightly managed process. i think for the overall industry - >> isn't it true, this is a firm that in the past has had people running it -- co-people running it it would not have been unusual for both of these guys to move up even but that is not how it played out this time. >> exactly i think it would not have been

impossible for that to have been the case, but we look at the timing of this, i think lots of people reporting how these two guys used to be partners and now competing a little more than that clearly as a story it really started to pick up pace the last couple of months and last weeks and i think they decided we have to bring this issue to an end and move things forward. charlie, we talked about balance in investment banking and trading, but what about the oral chunk, lending and also investment management. not investing enough in that area is where goldman is different from morgan stanley and morgan stanley late last year growing above goldman sachs in market caption. >> the distinctions there, morgan stanley has gone into the retail side, the mom and pop side of asset management goldman is more focused on high net worth and the institutional asset management side of the business those are very, very good businesses i don't personally like the lending business i'm scared about them lending at this point in the cycles, increasing their lending, in an

attempt to improve their r.o.e that feels late to me. >> what do you think this says about lloyd blankfein's legacy of course it's early but from this moment, how do things look? >> you have to look at the total of it. i was there at the beginning when lehman was going under, bear stearns was going to zero blankfein kept that firm through the whole process. over his tenure, the performance of the stock has been excellent. it's just been this last year, year and a half that's been tougher. >> do you think in a good position very quickly this quarter to bounce back and what would you do >> we hate to think in terms of quarters, but i do think the trading revenues have been better lately. there are rumors they've been on the right side of some of these moves. oil is stronger, as you know, commodities have had a better bid. i think they are going to have a better quarter. >> we'll see thank you. we'll see you later on. turning to the broader markets, stocks are coming off their second best day of the year friday after that strong jobs number, volatility in the selgs. vix up near 16 bob pisani is here with a look. >> we have a little problem.

we're in a bit of air pocket in terms of news. there's not a lot between now and february 21st when the fed comes out. we'll talk about cpi and ppi in the next day or two. we had a move up when jim cramer reported larry kudlow was among the front-runners. that helped. it's not enough. we've been drifting lower. big global industrials tied to the tariffs. boeing has been a problem all day. this stock was a lot higher. this was 3$370just a few days ago. caterpillar is another problem 30 to 40 points for the downside we are seeing breakouts as the s&p was higher, we had some new highs and a number of groups out there, including the bank stocks bank of america broke out. that's a 52-week high there. i know it's up fractionally. goldman hit a new high morgan stanley we saw a lot of the regional

names, we'll swing to our left, most of the big regionals are at 52-week highs. they moved down a little bit here fifth third, state street, comerica, all of those hit 52-week highs. want to note, the other group, technology stocks, many new highs. semiconductors in particular if you look at micron, nvidia, lam research, all 52-week highs there. we also have new highs of what you can call the f.a.n.g. names, microsoft. we're seeing some of them -- i'm sorry, amazon and apple hitting new 52-week highs and we're also seeing microsoft at a 52-week high as well teches and banks leading us up back to you guys. >> thank you. companies are seeing big benefits from the recent tax cuts especially when it comes to buyback. cnbc.com financial editor jeff cox joins us with more on that hi, jeff. >> hi, wilf. that cast of companies from december's big tax cut is finding its way into investors'

pockets. share buybacks this year are running at $4.8 billion a day. now, that's double the pace of a year ago, according to trimtabs. this comes as corporate america tallies up its wind fall from the tax cut, which slashed rates from 35% to 21%. tax cut opponents worried companies would be rushing to give money back to shareholders. there also appears investment and cap x will benefit as well jpmorgan forecast they will hit a record of $800 billion one interesting note on the whole, companies that focused on buybacks have underperformed the market this year investor surveyed time and again say they want companies to commit to growth organically and the buybacks and dividends should start to decrease. >> that's an interesting wrinkle on that. mike, before you go, we should talk about this in terms of what it meant to the overall markets. we had this horrible selloff and

then we kind of came -- ip don't know if roaring back is the right word but is this buying supporting the market? >> it operates psychologically as a steady bid for the market that's one case, the money gets recycled back into investor hands. the companies involved, especially with growing cash flow, it's not just about financial engineering. if you have growing cash flow and recycling it back, yes, it helps. i think in context, $4.8 billion is a lot money to have price insensitive bid but i think we trade $500 to $600 billion a day. it's not on the only thing driving the market. >> is this just arbitrarily coming back no matter what >> i think definitely, yes essentially management doesn't think of it as being opportunistic, our stock is cheap, trading below our intrinsic value. it's another mode of returning cash to shareholders the way

they view dividends. it's this big bunch of buckets buy back is one they'll always put money in if there's cap x needs. >> one thing to watch is the -- ultimately if shareholders turn against this, maybe that will dim momentum >> i think the attitude is, we have enough of this. wilf makes a good point about price sensitive. i think at some point it becomes price sensitive but investors are looking toward the future and no more just using low interest rate to buy back shares they want. they want organic growth from companies and i think companies continue to focus perhaps to their own detriment. >> thank you for that. be sure to check out jeff's article which is up there on cnbc.com right now we've got about 50 minutes to go until the bell we're sort of around the flat line at the moment

just the s&p 500 the dow is down 0.5% and nasdaq is up 0.5% tech very much leading the way. up next, whole food vendors are fed up with the company's changes in the wake of amazon's takeover and those tensions could come to a head in the next week we'll explain why. we'll hear from canadian prime minister justin trudeau about what trump's tariff talk means about his relationship with the u.s re to come stick around president "closing bell" is back in two in real ass. like agriculture to feed the world. and energy to fuel its growth. real estate such as e-commerce warehouses. and private debt to finance transportation and infrastructure. building blocks of strategies to pursue consistent returns over time from over one hundred fifty billion dollars in real assets. partner with pgim. the global investment management businesses of prudential.

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welcome back 45 minutes to go check out the markets with the dow down 132 points. the s&p is just slightly negative today the russell's positive and the nasdaq is positive here's a look at the dow 30 components ge, by the way, the best performer in percentage terms not having a huge impact on the price. the lagging you see on your screen, bottom right, boeing and caterpillar and why the dow is down 128 caterpillar down 2.5, boeing down 2.5% today. >> whole foods set to meet with key brands and vendors cnbc learned this is meant to focus on whole foods central on merchandising.

lauren, good afternoon to you. thanks for joining us and congrats on the story. break it down. traditionally these big supermarkets go through a broker to reach key supplies and that's something after the takeover whole foods is going to try to cut out. >> basically what typically happens, if you're a vendor, you're a brand, you hire your own broker and your broker kind of manages everything in store taking your food from the back shelves, making sure everything is stocked properly. what whole foods is doing is centralizing that. it's saying, hey, we're going to do it on our own and charge you a fee for that it's not clear if it's amazon that's driving it or if it's whole foods that's driving it, but it's something that's happened after the amazon acquisition. >> this is as whole foods is trying to move towards having more of a top-down structure so every store experience is the same it's surprising they're going in this direction after focusing on their local markets. >> that's been the key challenge, that whole foods is dealing with on the one hand it's known for

its regional products, regional focus. on the other hand it's known for whole paycheck part of the way to address that is by having a operation >> on the surface, obviously, it feels like, sounds like it probably is driven by amazon what are some of the upsides if that was the case to amazon for potentially doing this >> so, we don't know for sure, but some speculation that i've heard from people that i've spoken to is amazon is in it for the data amazon has indicated and wants to grow its food business within whole foods outside of it. if it has access into all of the data about what's going into the stores through its brokers, that's just one mechanism it can use as it scales its business. >> there have also been reports about whether the whole food store experience has gotten worse over the last year or so maybe that started before amazon bought them, but is this going to help improve that or -- >> well, i don't know that it's going to help improve it necessarily. i think the reports that you're

referring to is before the amazon acquisition they had tried to move to this kind of data-driven automated inventory system that's really hard that's something no retailer has perfected. so, whole foods has had some challenges with it as have others but it's something it's definitely still trying to figure out. >> thank you for joining us. check out cnbc.com for that article. kelly, this is something i think you'll agree on. food retail in london, much better than new york. >> i like watro's, the hummus was very good. >> i don't know about the quality -- >> i wouldn't try to go on a sunday evening the very first day i moved and everything was closed i couldn't go to a grocery store. it was shocking. >> everything close early. >> now i live where nothing is open on sunday 45 minutes to go the the dow is down 130. as we said, a lot of weakness in boeing and caterpillar nasdaq positive by 0.5%. canadian steel companies breathing a sigh of relief after

getting an exemption from the president's steel tariffs. we'll hear from the prime minister how tariff talk is impacting the relationship. new cholesterol dug data could have implications for the big pharma companies we have names you need to watch.

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welcome back to the "closing bell." we have 39 minutes to the close. we are flat on the s&p, down half a percent on the dow and up half percent on the nasdaq as you with tell from that, tech leading the market higher. we had a decent end to the week last week, about 3% of gains for the markets as a week on the whole. let's get in on individual market movers. semiconductors with a high on seventh straight weekly gains. broadcom, nvidia, and micron and boeing on pace to break a two-day win streak that stock dragging the dow along. the dow down along with other names. cat down there, united tech. >> as companies like boeing figure out how tariffs will impact their business.

kayla joins us now with more on this fast-moving story >> those countries have just ten days to claim that tariffs on steel and aluminum would harm their national security relationship with the united states eu commission source says the bloc told ambassador lighthizer is expects to be fully exempt from the tariffs despite trump's tweet today saying secretary ross would need to ask for further concessions, no further meetings have been scheduled, the source says europe is waiting for next steps from washington. meanwhile, australia has received what its prime minister called a commitment from president trump to exclude the country from tariffs it is unclear for how long that commitment lasts administration officials have suggested in order to make canada and mexico permanently exempt from those tariffs that they will need to put tariffs of their own in place to counter

dumping happening in their own countries. canadian prime minister justin trudeau was asked about that and canada's role as a back door for the global steel industry. >> we are also worried about the global oversupply, about china dumping and other places dumping steel and aaluminum and it's affected our workers here so we put in very strong measures, some of the strongest in the world against dumping. but as i said to the president, as i said toll congressional leadership, i'm happy to work with the united states to go even further with them >> it's unclear exactly what that would look like canada has said it would potentially retaliate if those tariffs did end up coming to frugs for their country. any retaliation, though, we should mention, guys, would happen after these tariffs go into effect, which as you mention the date for that is march 23rd back to you. >> kayla, i'm interested on any more detail or insight we have on the relationship with malcolm turnbull in australia because it seems odd we got the curve-outs

already of the nafta countries but why australia next, not the eu, who are clearly annoyed by the whole issue? >> part of the issue the president wants to negotiate as part of these tariffs is funding for nato a campaign priority for him. it's something he has really had like a drum beat on for the last year when he has been ramping up pressure on members of nato to hit that 2% of gdp defense spending target. that is implicit in the membership in nato he's trying to say because so many members of the european union don't hit that target, that is why, perhaps, they are not exempt he wants to use this tariff issue to try to bring those countries to the negotiating table and actually get them to drive up defense spending. so, he's trying to lob all these issues together. as we've seen, many of these countries say, look, you've got to negotiate these on separate tracks, they're separate issues, but to the president they're all one. >> thank you it's interesting because how much their personal

relationship, the rapport on that call might have helped his european counterparts, or the canadian prime minister, you have to wonder. >> even with prime minister theresa may it sounds like that call didn't go well. we have to keep an eye on all those developments joining us are kevin o'leary, co-host of "shark tank," and cnbc contributor and bruce heyman, former u.s. ambassador to canada under president barack obama. ambassador, prime minister trudeau was on our air earlier and he sounded surprisingly upbeat about the likelihood that any tariffs would ever be imposed on canada and also on the future of nafta. what was your take and were you encouraged >> well, i'm very encouraged i'm glad to see that they were excluded because this never should have been debated in the u.s. or anywhere else, for that matter canada is our best friend. it's our greatest ally and i think our best trading partner at 6$630 billion

we have a $12 billion surplus with canada in goods and serviceses i think as canada has done a good job explaining this to members of congress, we've had the business community come out. i think across the united states there have been a great groundswell of support for canada which caused this exclusion to come into place. >> ambassador, we had a guest from a canadian steel company on a week or so ago and when i asked him the issue of trying to use countries like canada to jump, he said, yeah, that's an issue. we want our leadership to do something about that i didn't hear anything like that from prime minister trudeau. >> well, i think the prime minister knows and i think he did say earlier that they want to work on dumping that is happening from china and i think all of us recognize that that's where the problem is of course, we have now put tariffs on a number much our allies around the world and forcing them to negotiate on things that have nothing to do with steel in this particular case, nafta

and steel tariffs don't have anything to do with each other really you're using national security as the basis for steel tariffs and from a national security perspective canada is our best friend and ally here. >> kevin, prime minister trudeau was pretty upbeat and optimistic earlier. do you believe that tone from him or do you think underneath he's a little concerned about some of the rhetoric coming out of the president and some of the other actions the president is taking >> i appreciate his optimism but the facts are nowhere near as rosie. in the last 36 months direct investment in canada has fallen 50% because of the uncertainty and also the delta of corporate tax now, canada never saw that coming it was always the lowest tax jurisdiction when trump went on the 21% corporate, billions started to flow out of canada conocophillips took $17 billion, shell took $12 billion back to texas. things are not good in canada

now beyond just this discussion. where we're going on the nafta agreement is very tricky from the investment point of view because i'm going to make the assumption wilbur ross will make a test of origin for all aluminum and steel projects that come out of canadian manufacturers. if you have to prove that all of that cheap dumping in canada doesn't make its way into a competitive cost metric, in other words, if you're using cheap parts to assemble a car part in canada and then ship it through your exemption into the u.s., that probably isn't going to work after wilbur gets finished with the nafta agreements these two things are intertwined and that's not good news for canadian manufacturers that's the concern investors have global inflow into canada has flow because u.s. is a much more attractive place to work trudeau has plenty of problems, including the election the last 48 hours of a populist in

ontario named doug ford who plans to litigate the carbon tax along with jason kenny things are not pretty in canada. >> that's exactly what i was going to ask how much longer is trudeau going to be in power or -- i don't know how high his popularity still is is it falling enough that there could be a change of power >> canadians don't hire new prime ministers. they fire old ones so, the question will be, how unpopular is he in 18 months he had a very bad time in india recently that didn't play well in canada. but you can't really tell the outcomes of these elections as we just saw on the canadian proce provincial election. that turned a popular theme into the canadian market. jason kenny and this new potential leader, because that election isn't until january 7th, and doug ford will be directly against trudeau

his popularity has dropped considerably. >> ambassador, you were positive about the level of relationship, trading and otherwise between canada and the u.s if that's the case, why has canada done a free trade agreement with the eu, why has it joined ttp, trips mr. trudeau is making to places like ndia? >> so, over 70% of canada's exports go to one country and that's the united states and i think our behavior, as kevin said, i think the u.s. is making a big mistake in how we're treating canada on nafta but in our behavior, of course, it creates some uncertainty. but the prime minister has no choice under that. he has to diversify, as you would or any of us would i think it's a mistake for the u.s. long term to see canada build those kind of relationships, especially china in the most recent visits. you know, ceta, getting past ttp, canada has to do it to diversify and it makes economic sense. >> gentlemen, we'll leave it there. thank you very much to you both.

kevin o'leary and ambassador >> tune in next hour for a discussion on how tariffs can impact coal and especially tech stocks we have a news alert on vice media to get to here julia, what's happening? >> we've just learned that nancy dubuque announced she's leaving a&e network. she was ceo. she'll be stepping down from that role. she's in advanced talks with vice to become the ceo of vice the deal is not entirely done but they're working out some details right now. we'll see if they can come to an agreement have nancy dubuque be ceo of vice. the current ceo would step aside and remain at the company becoming something like chairman he would stay involved in the content and also in the deal-making while nancy dubuque oversees the day-to-day operations we've heard from shane smith in the past he would not be interested in running vice as a public company so she could bring more professional management of vice

interesting to watch as they figure out the last details of their deal back over to you. >> thank you very much for that. back to the main markets and 28 minutes to go we're essentially flat on the s&p. we are higher on the nasdaq by about 0.5% the dow is down 0.4% still ahead, disney's black panther crossing $1 billion at the global box office this weekend. disney's content spend is about to pay off in a big, big way the analyst behind that call later, a new report from "the new york times" says saudi used coercion in a crockdown we'll speak with one of the authors about that report coming up anything worth pursuing hard work and a plan. at baird, we approach your wealth management strategy the same way to create a financial plan built to last from generation to generation. we'll listen. we'll talk. we'll plan. baird.

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welcome back to the "closing bell." we have about 24 minutes to the close. we have a look at some dow leaders. ge up 0.5% exxon is up despite crude prices being down david solomon anointed as successor to lloyd blankfein, not taking that new position quite yet.

tech, the best sector today. >> dow down about 109. time for a news update with sue herera. >> here's what's happening at this hour. british prime minister theresa may blaming the russian government for the nerve agent attack on a former spy and his daughter she says she expects a credible response from the russian government or she will consider the attack an unlawful act against britain. >> it is now clear mr. skripal and his daughter were poisoned with nerve agent the government has concluded it is highly likely that russia was responsible for the act against sergei and yulia skripal. the pilot that carried 2 is people as it attempted to land in nepal did not follow landing instructions he approached the runway from

the wrong direction. a nepalese army spokesman says at least 50 people were killed. the miami dolphins are planning to release ndamukong suh. three years ago he signed a six-year, $140 million deal with the team not only is he one of the best in the league, but he has the name hardest for me to pronounce. >> for all of us. >> so, i will just send it back to you guys. >> thank you, sue. >> thank you for that. let's it uturn to the marke. kenny polkari, and rick san stelly is joining us from the cme in chicago rick, i'll start it with you, because we got that great bit of data friday morning briefly about 2.9% on the ten-year it's proving to be a hard level to break through and maintain at the moment

>> it reminds me of the stock market in 2017 we don't get a lot of setbacks and we could argue it's not popping at 3%. there are very few purchases that push rates down this looks to be the 12th day. 2 1/2 weeks, 12 trading days, we'll close in the 280s. do keep in mind, we're less than 10 basis points away from the high yield close at 295. i think it's better to look at it from that vantage point that rates are very firm with still an ongoing bias of flattening as we've seen today with two-year note yields unchanged, a couple down on tens from its 289 close on friday and about three or four basis points lower on 30-year bonds which will be the last of the auctions tomorrow. we've had threes and tens. it's been hard to garner any information. they've basically been average auctions sometimes average is better than the last set of auctions we had that were spongier

tomorrow we have cpi for february i'm going to be very interested in looking how the market reacts to a hot, medium or cold number indeference to the ease back average hourly earnings month to month and year over year >> that will be a good one when we talk about the tariff threat coming out of the white house and whether it's been watered down or is the beginning of a trade crimp-down, how do you invest around that >> let me say this is nothing new. we are actually expecting something like this. i don't think the risk of trade war is significant i have to sayist not interested in the united states i think it's probably true the administration is trying to put pressure on china just to do something. it's more cosmetic than anything else >> does that mean you stay in more optimistic on the u.s. or does it mean you feel like some of the other countries investors might have dumped thinking they would get hurt and that's overblown, too. >> i think we see much more potential in europe and china.

the value is there the momentum is there. we don't think that trade will, massive. from our point of view, there is no change. >> is the focus now back a little more on things like the fed and interest rates as opposed to trade, given the jobs number on friday was that something taken positively in the -- >> well, it was certainly taken positively the market rallied 400 points on the dow and 40 points on the s&p on friday because it was unexpected not only 313 number but also the wage -- the reduction in the wage number. i think look what's happening today. we're stuck at 2800 on the s&p which will be the second time we tested it since its highs when it broke february tested it once, backed off, tested it again it needs to test a third time before it's up and through right now the focus is the range of subjects. jay powell, the fed, fundamentals, macro data and this talk on the trade war whether it eases or not. certainly looks like it's easy

i think trump did exactly what we talked about a week ago that he created all this drama to do what try to bring people to the table, to renegotiate trade policies that were written in the last century, to bring them into the 21st century. i think at the moment it looks like he's being successful >> rick, i want to go back to the jobs report. did it show janet yellen and her concern on slack was right did it show there was a lot of people on the sidelines and, yes, you can stimulate really hard and even though the unemployment rate is falling, it's going to keep -- are we taking the slack out is it working and can it keep working? >> well, i don't know you use the word slack directly to apply to the employment situation directly i think relatively full employment is more the mantra of janet yellen it wasn't that long ago six handle was full employment therein lies the knowledge of

the last report. the fact we were able to draw the labor force participation up, keep the unemployment rate the same and still add so many jobs is a real positive dynamic for the country. i don't want to say the wage component was soft it wasn't soft it just wasn't as hot as the previous report. all things equal to be able to pull some of those 95 million back in probably buys us much more on the macro inflation picture. >> do you agree? where do you think bond yields are going from here? >> we thought 3% by the end of this year. i think lead indicators will probably peak within the next few months, and expectations are well above 2%. i think the potential for much higher bond yields suggest not there. we are not bullish on bonds but we are starting to see some value in ten-year bonds in the u.s. >> what does that mean for the dollar >> it could be a little weaker because for a very simple

reason i think this is a secular downtrend. the dollar still expensive on any measure. we expect this trend to continue. >> quickly as we round things off, tech another fantastic day. >> unbelievable. the dow is down, the tech is doing nothing but making new highs. i'm not necessarily new surprised. news in the tech industry today, intel and broadcom creating some excitement tech will be the place it continues to change the world on aically basis. you'd be foolish to bet against it. >> okay. thank you all very much. luca, kenny and rick. we have about 16 minutes to go before the close and as we said, tech is the outperformer in the nasdaq is higher by 0.5%. the s&p is now in positive territory but fractionally the dow is still down 0.4% coming up, big data on cholesterol drugs came out over the weekend. we'll look at how positive results from regeneron could lead to lower prices for your prescriptions. we know elon musk has a trip

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welcome back to the "closing bell." >> salted caramel is the way to go look at the dow. we're staging a comeback we were lower double where we are now. only the s&p is up by five the russell up five. the nasdaq positive by 0.5. regeneron announcing new data on its cholesterol drug over the weekend. >> these were highly anticipated clinical trial results part of the problem, the drug's cost, more than $14,000 each before rebates and discounts insurers many times are refusing to pay for them inspect another problem is while they've proven to lower levels of so-called bad or ldl cholesterol significantly, they hadn't shown that translated into a reduction of heart attack, stroke and

death. patients who had had a recent cardiac event like a heart attack would help reduce the risk of another event by 15% those are similar results to some from amgen last year, but it also reduced risk of death in the trial compared to placebo, something appear lists say may help >> meg, thank you very much. here's a look at where those cholesterol stocks stand the biggest gains you can see there, esperion, medicinesco and amgen 0.5%. if you were wonder if sell orders on the close had an impact, they do. $1.4 billion to buy, which may be factoring into why we're down only 62 points on the dow right now. still to come, the s&p is coming off its best day of the year that was on friday up next, we'll look at the names and sectors leading today

higher cherin o oemth let's begin. yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. gglobal bonds, and high-dividend strategies. sure, these are investments. but they're not what people really invest in. what people really invest in, is what they hope to get out of life. but helping them get there takes a pure focus. because when you invest their money without distraction, hidden agenda or competing interests, something wonderful can happen. they might just get what they want out of life, and maybe even more.

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welcome back 7:30 until the close we're near the best performance of the day we just slipped ten basis

points the dow is down three points technology, real estate leading things higher, industrials at the bottom. >> how about the winners overall speaking on the s&p 500, ask you take a look at some chip stocks doing pretty well today that goes to broadcom over reports intel might make a play. broadcom leading the s&p and you have scharter in there amid some renewed chatter about interest by soft bank. >> elsewhere boring sectors like utilities and telco -- >> they don't like being called boring. >> they don't argue back. next up, the closing countdown. disney versus netflix. who is the king of content you're watching cnbc, first in business worldwide track record.

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yes or no?gin. do you want the same tools and seamless experience

across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. welcome back to the "closing bell." we just slipped a little as we approached the close the dow is down 118 points or so we're down half a percent or so. the s&p having been just positive for much of the last hour or so, now fractionally lower. the nasdaq, of course, still the outperformer

it is up half a percent. if we dive into some of the sector performer in terms of outperformers, some of those slightly more boring defensive sectors, telcos, utilities up half a percent. in europe there's been talk of consolidation. rwe and aon in the german sector and that's helped the sectors here as well real estate doing well of course, rates did rise a bit on friday, but interesting to point out, financials there disappointing, down a quarter of a percent but we'll dive into one individual name to have a look at that goldman sachs up nicely today. near the top of the dow, performing well on the news of those succession plans we heard about. david solomon anointed as the successor to lloyd plablankfein. i bring up the year-to-date chart because there's plenty of buying opportunities at goldman sachs. after markets pull back, it's

been below 250 and now up at 273, near all-time highs clearly rallying ahead of results, maybe people thinking the pick up in volatility will help goldman sachs quick look at the dollar with bob pisani because we had three weeks of gains in the dollar not resounding but three weeks of gains, nonetheless. going down today about 0.2%. bob, your main takeaway today? >> we need a little direction. we got the jobs report out of the way. we had earnings out of the way now that the tariffs been resolv resolved, the market is flailing around boeing was 370 at the end of february we're down in the 340 range. down ten points. that was 70 points in the dow jones industrial average you see the big industrials weak here caterpillar, united technologies you were mentioning the banks. bank of america hit a new high morgan stanley with a new high

regional banks with new highs and we may get news this week about changes in regulation for some of the regional banks. >> it wasn't unanimous for the banks. friday was unanimous across the board we saw yields pick up a little bit, 2.9 on the ten-year. >> the good news is we're not going up on the ten-year yield the bad news is because of that banks are stalled out. they're all at new highs the other group at new highs, the other leadership group is tech stocks, particularly semiconductor, lam research, nvidia sitting at 52-week highs. microsoft had a new high as well am sdmron at a new high. so, a number of the so-called f.a.n.g. names also. there's some leadership out there. remember, we're 2.5% for a new high on the nasdaq point out it's already there it's not like there's a problem with the market falling apart. it's a little directionalist the next one is the fed and maybe the cpi will move things >> tech an outperformer, one of

the best sectors just quickly on the yields, we can't get above that 2.9 level and stay there that should allow markets to keep rallying. >> that will be very good news they're terrified going over 3%. >> there's the bell. at the nasdaq, ocean first financi financial. just lost a little extra ground. that's the first hour of the "closing bell. kelly with the second. >> thank you, wilf welcome to the "closing bell." i'm kelly evans. interesting close. just a couple minutes into it the dow was only down 60 points. there was a lot of buying as art cashin told us on the bell there we go, down 156. that's pretty much near the session lows low of the day was about 159 so, big dump at the end puts the dow at 25,179. a lot of that weakness centered in boeing and caterpillar.

the s&p did turn negative by three points transports were down 30 points the nasdaq held on to 0.3 of 1%. the volatility gauge, the vix, added about a point today. nearly up to 16. we'll talk about the range dow up triple digits and fluctuating quite a bit. joining me are cnbc senior market commentator michael santoli and renee from urban wealth management. everyone is in new york today. is anyone going to get out we have snow coming. >> i know. >> we'll see back here tomorrow if you get stuck topping the dow was general electric in terms of percentages. point terms probably goldman and apple with a bigger effect boeing was down 3% that was the big decliner. mike, what stands out to you about the action >> sometimes, i like to caution against dow blindness. i think there's a risk of that

today. the market was essentially flat. more stocks up than down the average -- market -- >> nasdaq was higher >> half percent higher market took a breather after friday's sprint higher i do think we're at aid point where there was a lull in the news flow and you can see if this level makes sense bonds also very steady so i don't think you had a lot of inputs that would have driven things especially now that a lot of the policy talk has cooled off a bit. the market has earned a little respect for how much it's gotten back within 3% of its highs from january. now it's a matter of, do they have the kind of after-burners after this recovery rally. >> you've been telling us, even during that deep selloff, don't fear it, buy it. what propels us higher here are some stats i thought were interesting if the bull market is high in september, it will tie the longest one. we only have a few more months for that s&p 500 profits up 1500% from

2008 which is the biggest in history because it was the only time they went negative. it's already been an outstanding rally. >> it's going to be increasing difficult, kelly and michael, to try to diagnosis this as a traditional bull market. i think the more you try to employ academics, more importantly the more that you try as an investor to really rely on macro investing and quantitative investing, you'll lose i think that's going to hit the market right now if you're an investor hitting good companies, the majority of companies are up, it's just one day. the data softening, volumes light rendering and the spring break season for a lot of our kids, this is normal. >> you're saying the market, spring break is a factor. >> volume is really low today. there's not a lot -- >> art cashin said the same thing. >> that's a big part of it we believe the more fundamentally based are you, the better you'll be prepared for this and the less academic and more you think, oh, it's the longest bull market in history this bull market is only halfway

through. we went back in 2009 and said, we're entering a 20 to 25-year bull market. we're going tohave a pause her and there. this is very, very normal and very healthy. >> renee, where do you think are the right investments right now? >> you know, i'm really concerned about inflation starting to kick in. it's not necessarily a bad thing because we haven't had it in quite some time but there are a number of factors going on now that we have a little more fiscal policy kicking in, i think it's going to really kind of create some issues. so already production rates are rising lumber has actually gone up. we've had fires. we've had hurricanes there's humber shortage. >> tariffs. >> yeah. we also have the issue of wage growth kicking up as well. when you top that off with potentially three to four rate hikes this year, and now we have tariffs, i think we're going to have potentially a hike up in inflation. >> who do you own or not own in that case? >> i'm moving a lot clients into

commodities. inflation-sensitive type investment >> that's been an unloved part of the market. >> exactly for a long time. but it has been -- we've seen a little surge lately. the nasdaq was up for the seventh day in a row a new all-time closing high and longest winning streak since october. that was led by micron, tesla was up there, broadcom, charter. are those some special situations or -- >> it's symptomatic of the fact that tech you can define it as broadly as you wish but it led before this correction, continues to lead afterward. investors are not going to turn their back on companies raising top line by 20% a year i think that's been the lesson here >> is it emblematic we have tech

rallying today we don't know what's coming down the pike on the china front there, but when boeing and caterpillar are lagging and there's -- people are looking to tie the declines there to something coming out of the white house, but - >> i don't think the tech move is because they think it insulated somehow from trade tensions they've become these one decision fundamental momentum stocks that's kind of a slur because that doesn't always last forever. i don't think you can come up with an explanation for why amazon has added 300 billion in market cap in three months you can't kind of reverse engineer exactly why that is except for what can't this company do - >> jpmorgan's cap is $400 billion. that's insane. we were looking, what people said on ibm, no one is getting -- back in the day they would say no one would get fired for having it in their portfolio. >> we went through amazon and

tech, we throw amazon in consumer discretionary i think the key thing you said was fundamental momentum i think what many people are fixing what tech is, if you take technology stocks in totality with the s&p 500, they become consumer staplish. staples are not anymore. they are the new staples how many times have people been touching their iphone just during this interview? a lot. when was the last time you had a bowl of campbell's soup? can't remember the steadiness of their earnings, there's live secular trends there doesn't mean -- that means stocks like apple corrected a month ago, it's back again you have to take those opportunities if you're running active money to add to those positions. >> we were talking about apple being challenged and not having a super cycle and what was the issue with chinese demand and ate litany of other things now it looks like they've recovered that >> yeah, they have been.

one other point i wanted to make about the nasdaq, it's dominated by small to medium size companies. a lot of these companies will benefit tremendously from the tax law. so i'm looking forward to that i know tech still makes up a big part of our economy and a significant part as far as the nasdaq but i think we'll see a nice push. >> that's interesting. when people want to trade the small u.s. names, they say trade the russell. you're saying nasdaq. >> nasdaq is pretty well dominated by a lot of tech issues the russells you'll get a broader spectrum. >> it's hard to escape the influence of major mega cap tech names. >> absolutely. >> how about the banks, regional bank hit an all-time high. goldman helped keep the dow from being worse today. this after some major transition news up top. harvey schwartz announcing he will be retiring at the end of april. he had been seen as a co-head of the bank after lloyd blankfein

retired. we spoke to mr. schwarz about this very issue a few months back >> as you know, at goldman there's a long history of co-heads for the vast majority i've had them. it's worked together we worked together we both grew up on the client side so we lean towards our strengths. if we do it right, one plus one equals more than two >> he's referring to david solomon who will be the hei67hei678r apparent to lloyd blankfein. >> i don't think you -- you shouldn't waste any time inferring what does it mean for the future direction strategically which business line within goldman will be emphasized i take away the business is stable enough right now as it's operating for them to execute this shift so, to me it's mostly a decent takeaway right now the banks in general, i think

the message they've been sending is the overall market is well led. and it's insulated from big downside i have worried, as you know for a long time, the bull case in the banks is so obvious. it's such a -- you just wonder how much more you're going to get in terms of a valuation expansion. >> the ten-year has sat around the 2.9% level, brian. what's the case for the banks here >> if you talk to bank management and look at the earnings, they're still pretty negative the key thing is we have not seen a proper cap x and cni loan for 20 years the majority of wall street analysts have never seen a c - >> those lines were declining. it's like why is the economy expanding but lending is not >> because corporate america has been paid to be defensive. haven't spent any money. we haven't seen any new demand we've been dealing with supply they have taken out capacity for 20 years now that we'll see new demand and xhid improving and confidence, we're going to need

cni loans to grow the businesses again. i think a lot of analysts will miss that. >> yes, there was a crisis, but every -- i'm just reminded every model year the car that you drive is so much better than the one just the year before what do you think is making such a big difference for those overall -- >> between 2001 and 2007 it was anything but america then you had the credit crisis where we really took out capacity and diplomat take any money out. then the banks were bad guys and companies and ceos were paid to become conservative. buy back costs, conservative, margins at all time highs. we haven't seen the confidence we're seeing now in terms of business spending for two decades. when that starts to kick in, the regional banks will do well but so too will the big banks with scale that have wealth businesses to facilitate - >> it's not just a rates play. it's more the bread and butter of what they do should be

expanding. renee, quickly, anything in financials you like? >> i like syncrony financial and i like it warren buffett likes it too i've been owning it for some time it was a spinoff from ge we capped it i like the fact they're the largest private label credit card company. >> do you have concerns about the quality of their credit? >> i think they do good jobs if they have partners like amazon and do private label for a lot of the retailers as well in the banking -- big banking space, i do like the laggards, citibank and also bank of america. they're catching up. everybody else has moved up. they still have some room to go. >> warren's not in citigroup, right, but he's in bank of america, he's in amex. we have an earnings alert on stitchfix. kate rogers with those details. >> this is a mixed second quarter for stitchfix. it's also only their second quarter reporting earning since

they went reporting. on eps, 2% not adjusted. on revenues a beat of $296 million. the street was predicting $291.2 million. on their active clients, the number of people that sign up for their subscription service every month, that came in at $2.5 million, adding more than half a million subscribers for the quarter. they are added kristen lynch to their board of directors stock down by 3% it had been down by 10% we believe on the earnings miss back over to you >> thank you very much mike, quickly, this is one of the recent ipos in an area where people are are decrying we haven't had more this went outside the tech purview. >> it had a unique profile it was being slurred as the blue apron of clothes but they have a month positive cash flow story i think the street has to learn

the kay cadence of how they report >> stitchfix down a little less than 4% right now. we'll keep an eye on it. earlier today jim cramer reported that our colleague larry kudlow is shaping up as leading candidate to replace gary cohn. despite mr. kudlow calling president trump's recent tariff announcement assist a prosperity killer brian, i'll start with you everyone's saying, you get larry in there, you don't have peter navarro -- peter will be there the president likes conflict he's substituting cohn for someone with a similar world view is anything really changing? >> no. a little conflict is good. you don't want everybody on a team that thinks alike when we hire people for -- i hired someone 11 years ago because i wanted him to challenge me on how i think. that's important to building any kind of great team

i think what we found from the steel tariffs so far, there are so many exemptions, so many one-offs i will remind people, since we do canadian strategy, you saw paper dues go up substantially between united states and canada it would have been the best performing stocks in canada than some paper stocks because revenue goes up when dues and tariffs go up. we'll probably see revenues have a nice spike in the steel stocks. >> does it make you feel comfortable if larry were to ascend to the white house -- >> i like larry. i don't necessarily agree with all of his points but he's wicked smart and i think he will definitely bring a completely different perspective to the white house. the tariff issue, i think, hopefully you can kind of dumb it down a little bit because i don't want us to get into a trade war. nobody wants to get into a trade war. >> we love larry around here he's a familiar face you never have to wonder where he sta stands on something

he will have his work cut out for him in this white house. >> well, he will i think we're not necessarily ever going to look back and say, you know, the nec chair, that was the thing that made or broke the bull market. that's not what this is about. and i don't think you can even infer what the policy priorities are by whoever gets this job unless, perhaps, it's peter navarro. as we said, the president is willing to overlook the advice of his nec chair we've already seen that. keep in mind, i don't think this is going to be an administration-driven policy economy much longer. we got what we're going to get mostly, unless we have the evolution of this trade policy. >> with the midterms coming up -- >> it's all going to be back burnered. >> still, these are unconfirmed. there has not been an announcement made but we'll see if mr. kudlow takes that seat. >> thank you for joining us. we know steel stocks have been impacted by the president's new tariffs but there are two other big industries that could feel an unintended fallout from

the trade tussle. also elon musk is announcesing a pretty ambitious goal to get rockets to mars, sooner than you would think. we'll look at the plan and see if it's even possible still to co oth"csi bl.men e longel oh! there's one. manatees in novelty ts? surprising. what's "come at me bro?" it's something you say to a friend. what's not surprising? how much money matt saved by switching to geico. fifteen minutes could save you fifteen percent or more.

welcome back the canadian etf closing a little lower after prime minister trudeau weighed in on president trump's new steel and aluminum tariffs and how they could impact nafta renegotiations and the economies of both countries. take a listen. >> we don't link together the tariffs and the negotiations for nafta, but we're happy to continue to move forward on the negotiations really just highlighting imposition of tariffs on canada would end up hurting the u.s. almost as much as it would hurt canada >> we've heard how tariffs can impact manufacturing industry but two other areas that could be impacted. josh lipton is looking at the impact on tech and jackie with coal >> nice to see you last week's tariff announcement doesn't just help the metal producers, steel and aluminum. it will also help the coal miners roughly three-quarters of the steel used today is depend end

-- dependent on coal production that means make more steel and produce and use more coal as well the eia's most recent figure showed in 2017 coal production rose more than 6 t% year over year when president trump said he would revive it, there were plenty of naysayers who said that would be impossible because the demand wouldn't be there now, a couple of other trump policies have helped coal as well the administration's effort to dismantle the obama clean power plant for one and also the withdrawal from the paris climate agreement. the u.s. also exporting more coal, certainly supportive for that industry. add to that the fact we have tariffs on metal and more steel producers and industry insiders are saying they are impressed by how several of trump's initiatives are working in tandem to revive multiple industries kelly? >> jackie, that being said, let's get to josh now for a look at how tech could be impacted by tariffs. josh

>> robert lighthizer could be about to make big news at the urging of the president. the u.s. trade chief has been investigating china for months specifically looking at whether the chinese government is stealing american intellectual property analysts at cowen estimate the amount of ip theft detailed in this report is going to be measured in the trillions. they link lighthizer will submit this report within a matter of weeks and it's an issue president trump has brought up often. >> the theft of intellectual property by foreign countries cost our nation millions of jobs and billions and billions of dollars each and every year. for too long this wealth has been drained from our country while washington has done nothing. >> this white house places importance on ip, highlighting the semiconductor industry

critical to american interests along with steel and aluminum. how does the trump administration respond if lighthizer determines china is compromising u.s. ip they say they could propose unilateral tariffs on chinese imports but she thinks it's more likely the u.s. responds with much greater scrutiny of chinese investment here by strengthening and empowering the committee on foreign investment today our own david favor reported they confirmed concerns about the national security imfli indications at broadcom acquiring qualcomm back to you. >> thank you it is significant. the speculation after this report comes out from fortune, for example, it could be anything it's not just tariffs. it's almost more akin to sanctions. maybe banning chinese investors to acquiring chinese companies, prohibiting u.s. exchanges from listing chinese companies. >> if that stuff starts to get

under way, i do think you'd see the markets recognize there is a broad front on these wars potentially if it gets to that point. >> has he said anything if u.s. can invest in chinese real estate >> then it becomes a game of unintended consequences. we don't really know how it's going to play. but it is amazing we now have on the table this thing that companies for decades have complained about which is intellectual property rights >> steel and aluminum are important but in the tech industry -- look atwhat's happened with the fight over weather not to use their equipment. >> takes an argument over the industries of yesterday for those of tomorrow. i think that's why it would get everyone's attention. >> very well put micron is still the best performing stock in the s&p today on a bullish analyst call. it was up nearly 9%. we'll get the "fast money" trade on how you can cash in on the chips next first, though, a major wall

street bank thanks disney has what it takes to challenge netflix as the king of streaming.

u.s. steel just put out new guidance in light of president trump's tariffs. seema modi with that. >> updating guidance in response to the 25% increase on steel the company says it's anticipating incremental shipments of 100,000 tons a

month once the restart process is completed u.s. steel also expects benefits from these actions will be primarily reflected in the second half of the year as recent price changes become more fully realized for spot and contract volume and shipments increase from grand knight city. we're looking at the stock up 1% on these updated numbers back to you. >> not a huge pop but still -- i feel like the journal just had this whole story on this, a scene saeter in the way the communities were being affected by plant reopenings. >> the other thing we don't know, huge rush of orders potentially by customers thinking the prices will be going up you're getting help on the expectations of price for steel and also because in the short term is a front-load willing effect. >> the shares are up nearly 2% for u.s. steel, a little over 44

bucks right now. joining us now is a co-author, steve cahill. thanks for joining us at post nine one of the things we like about this report is you're able to quantify how much netflix has been spending relative to the other media players. you think disney has what it takes to compete >> we do one thing we tried to look at is the value proposition to the sxher. this is where netflix has changed the way that the world works. what we spend on our cable bundle every month,what we might spend at the box office, this has been turned on its head because we think for $10 or $11 a month, which is what netflix costs, we should be privy to 10, 12, $13 billion a year in content. that whole value proposition puts netflix ahead of the rest of media and the challenge of rest of media as eyeballs shift to streaming is how to close that gap >> how do we think about this competitive setup? i'm assuming you don't think disney has to display netflix,

right? there's going to be a number of over the top streaming players out there and it's -- you know, you just want to be one of the main ones? i think that's right it's not necessarily a winner take all market. disney has the brands to take those brands globally to direct consumer there's a few things you need to compete in this market which is either very, very deep brands, very, very high quality content, sort of maybe what hbo has, a premium product, or just really significant depth. in all cases the value proposition of streaming is going to require bigger investments than what most traditional media companies are used to doing. you want to be really big if you're playing in this market or be small and being the mercenary supplying this arms race. >> people in the past have looked at disney's upstart efforts and streaming and said, okay, they're going to make a big splash here and they haven't. why do you think it will be different this time? >> i think the difference this time is, number one, they put their money where their mouth is when it comes to making this acquisition of fox, which is

pending. that just brings in a massive amount of content in addition to dwha they already have they've done the same thing with bantech, which multibillion dollars investment to have the technology the third thing is the will. this is not a company that has a problem getting access to capital or funding so it's a question of do they have the will to do it. i think what bob iger has shown is they very much have the will to spend the money to make this globally competitive >> i mean, what's the scale of the subscriber base that you need to have to make it work global >> that's the answer, it needs to be global. if your content doesn't transcend national borders, that's a problem netflix global facebook, global also disney, global. if you look at walt disney world and walt disneyland, those are

transitional properties. they cgate that demand from overseas they'll be making it on the toys and box office and - >> "black panther," i love -- how it made "crinkle in time" do less well. and opening in china thank you, very much here's a look at how we finished on wall street today. the dow went down 157 on the bell that was pretty much near session lows we were up triple digits earlier. boeing and caterpillar in the s&p 500 slightly lower thank you for a news update with sue herera. hello, everyone. here's what's happening at this hour the chief of police in austin, texas, says package bombs caused both of today's explosions in that city. he added, the three-package bomb explosions in the city in the past two weeks are likely related.

today's explosions killed one teenager and injured two women one man was killed in the march 2nd bombing. donald trump jr. campaigning in pennsylvania for rick saccone. a special elections is being held after representative tim murray resigned after apublic disclosure of an ectioxtramarit affair the two men met with voters earlier today. >> he's doing a good job he's going to support the things my father is doing you have a real conservative >> porn star stephanie clifford, known as stormy daniels, is offering to return the $130,000 that trump attorney michael cohen paid her in exchange for her silence. clifford wants the nondisclosure agreement she signed to be null and void, freeing her to speak openly about her prior relationship with the president. that is the news update this hour back down to you >> sue, thank you. the chipmakers have been on

a roll this year up next the "fast money" traders tell us whether those semiconductors can keep surging. they're up another 1% today. today, a focus on innovation in the southern tier is helping build the new new york. starting with advanced manufacturing that brings big ideas to life. and cutting-edge transportation development to connect those ideas to the world. along with urban redevelopment projects worthy of the world's top talent. all across new york state, we're building the new new york. to grow your business with us in new york state

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stocks are set to continue

their upward momentum after rallying friday on the more than expected jobs number. >> the ft reporting advisers are struggling over the company's desire $2 trillion valuation. >> goldman sachs announcing solomon will be sole president and harvey schwartz is going to retire from goldman. >> larry kudlow is now the leading contender for the job to replace gary cohn. >> clearly, there are people here in this building who like larry kudlow a lot and the thing they like the most about him is he brings an outside perspective. >> netflix hit a new record today before one tweet sent it lower. >> because it got ahead of itself. >> the dow is struggling right here we're down by triple digits. 134 to be exact. >> the u.s. to history has always gone through phases where it's been more protectionist, more open, more protectionist. canada has endured as a friend and trading partner to the united states. >> there we go, down 156

that's pretty much near the session lows low of the day was about 159 >> the micron went the other day, though. it surged nearly 9% to be the best in the s&p 500 on an upgrade. the firm raised its price target from 55 bucks to 100 joining us to discuss the company, "fast money" traders tim seymour and guy adami. how much more upside do you think it has >> if you think about the story of micron, this is a name it went from, hey, it's all about a commoditized play to they're in the space where their chips have growth the semis are breaking out from long-term levels if you think about high processing computing these days, to me, the names i want to go taiwan semi and intel. those are the places to me that have the most exposure to where chips are now. >> guy, what do you think? this is just a micron story or can you buy the whole sector on this >> look what lam research said a

week and a half ago, it translates to what micron is seeing now we've talked about micron for quite some sometime on this show if you look at it, it's sort of the semis have been impervious micron has gone from 42 to 59. valuation, you can make a compelling argument. mergers and acquisitions you can make a compelling argument the whole place seems to be in play the numora analyst has been on this for quite some time who am i to cast dispersions on - >> you have cast dispersions before. >> i have, but not on -- >> what are aspergss >> you cast them >> does anyone aspersions unless their cast what were going to say >> demand in the sector is what it's all about last year there was a lot of inventory drawdown, a lot of guys this year are seeing tremendous inventory build that's not necessarily a bad thing. i think the consolidation is

great but that's not why you own these. the mega cap tech chip plays in the semis are the ones to own here >> yeah, i want to hear what you have to say about intel, but we're out of time. we'll just tune in >> yeah. none cast on the "closing bell." >> thank you appreciate that. tim seymour and guy adami. you can cast all the "fast money" action at 5:00 p.m. eastern. the saudi arabia government has locked up hundreds or did lock up hundreds of influential businessmen. it seized billions of dollars from them. how they did it next you might be surprised "closing bell" will be right back at fidelity, trades are now just $4.95.

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another day for the world's largest ipo. saudi aramco will not hold ipo until 2019 at the earliest so youdy prince bin salman will visit here on the heels of a report now, business leaders, many members of the royal family were subjected to coercion and physical abuse according to "the times. here to shed light on this, adli gamble, who will be anchoring from our new office in abu dhabi. it is great to have you in town. appreciate you coming down here.

>> on the ipo, what's going -- are they just going to end up getting funds from the chinese and calling it a day >> it may happen that. certainly the conversations we've had on the sidelines, in egypt and the united kingdom as well they're pulling back, i would say. when you really look at this, the nitty gritty of it, what's the benefit of rushing this? there is no benefit. when you look at people around the crown prince, they are very careful, they are technicrats they're pulling back but why in the world would you rush this? >> they don't want to screw it up. >> they don't want to be holding the back when it gets screwed up >> is there any word they've gotten indication how it's received to maybe characterize how it would be valued

>> i think you have to remember when i was in saudi arabia a couple years ago and the crown prince was saying it could be $2 trillion, $3 trillion, there were a lot of raised eyebrows but no one pushed hard to get a real answer. they have to be careful because the things you say when you're a minister from saudi arabia could get you fired and you don't find out about it until the paper announces you're out the next day. >> and perhaps most emblematic of what is or isn't happening in saudi, the way they held this summit, brought all the u.s. media, global business leaders and the next week the crown prince launches this crackdown, people of the royal family and businessmen in the ritz carlton and now we understand from your reporting there was some physical abuse what is the nature of mohammed binn salmon and what is he after? >> many believe he's genuine in his desire to modernize the country, to create new jobs, to

make it a place that's friendlier for western investment certainly the saudis have put money of their own into international governments and companies. think of uber, what was announced with blockstone for u.s. infrastructure project and so on. they know they need to modernize their economy and culture by allowing women to drive in saudi, which they have not been able to do in decades. however, it seems they had a pretty brutal purnge of a number of elites who were brought to the ritz, detained there and forced to give up assets in many cases through somewhat brutal tactics. now, probably the most troubling thing i uncovered in my reporting, kelly, had to do with a major general whose dead body was returned to his family after a period of detention there, bearing signs of abuse, including burn marks from electrical shocks and an

unnaturally twisted neck described as likely broken, yet told perhaps he had simply died of a heart attack. >> wow that's why it's hard to reconcile. on the one hand it's supposed to be be a modernizing movement to make it friendlier for investment while something like this is happening? >> let's roll it back and think about this in maybe a broader scope. this is an auto tock tocracy. they giveth and taketh away. the reason behind all of this is they were behind a corruption scandal that had been happening for decades. these are people that made billions of dollars out of the saudi economy and off the royal family and, you know, when you talk to members of the royal family they'll tell you it was time for them to pay up certainly, if you look at it - >> if you need money that badly as well? is that part of it is it literally a sheadowakedow. there is poverty in saudi arabia they are looking at a situation

where everyone is under the age of 30. a huge population under the age of 30. they have to get them jobs, find them housing they don't have enough housing for these people to get married. when you look at people on the ground, they're happy with mohammed binn salmon they like the modernization and they see this corruption crackdown, even as brutal as we seem to be uncovering as it was, they say it was necessary. >> when is he koocoming to the u.s. >> on the 19th, meeting with the white house on the 20th, wooing congressional leaders. he has a lot on the agenda the nuclear deal, for example. the big question is whether or not they'll bypass one, two, three and be able to process their own nuclear fuel. >> i just wonder, kate, last word, again, now that this reporting is out there about how brutally some of these people were treated, how that's going to play into his reception stateside. >> well, that's a tough question, kelly. as hadley just noted, it looks

as mohammed bin salmon will be received by the white house. he had a trip to london that got mixed reviews, i guess there was a lot of branding around town for the good things he was doing for the economy there's no doubt there are a number of businesses and investors in the u.s. who quoo like to be in business for saudi for many constructive reasons. on the other hand, there's been a fear of talking too much about the detentions and what we understand to have been abuse. but not that it's the same climate as it is in saudi but at the same time, people don't want to ruffle feathers with someone they may want to do business with i think it's very much a mixed set of feelings. on the other hand, hopefully our reporting will bring some issues to the fore and thank you for bringing me on to talk about it. >> appreciate it we'll see you in abu dhabi >> holy cow. how many hours ahead >> oh, nine or eight hours, depending on the time frame. elon musk is speaking of

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tesla's ceo, elon musk, appeared in a south by -- wait, you call it "south by," one of the cool kids. elon musk was there over the weekend hosting a surprise q&a session for attendees during which he highlighted his timeline for sending a rocket to mars, saying he expects it to happen sometime early next year. are the expectations too high? lauren gresh is here, a science reporter he poked fun at himself, saying i know my deadlines are, you know -- >> right i asked him about this, he knows that his deadlines are as

operational orirational or optimistic. >> i would say a martian day >> a martian day is a little longer than an earth day >> he's not talking about sending people to the planet itself he's talking about using the capsules and getting them kind of out there >> right what he's talking about is spacex's next big rocket, the bfr or big falcon rocket they want to test out the spaceship portion that rides on top of the rocket. they did the same thing with the falcon earlier a couple of years ago where they did a grasshopper flight, where they flew a few miles, then came back down, just to test out the technology that's what he's talking about we're not sending anything to mars anytime soon. it would just be a test, a proof

of concept of the technology and it wouldn't be going very far. >> i think this is the grasshopper -- >> right that's a good representation of what it will look like although the bfr is going to be much bigbigger >> how do you analyze this news? when he came out with the flamethrow flamethrowers, it's sort of like brand elon is dependent on on these very cool -- >> there always has to be the next thing that's that much more audacious than the prior thing i do wonder if there's a larger scheme to it does he have to gather up lots of public enthusiasm to achieve some of these things, not tesla, we know the game being played there, but in terms of space >> he doesn't have to. most of the investment is coming from the company themselves. they also have contracts with nasa it's not like we're putting our dollars into spacex. he doesn't need to drum up excitement for that reason but he gets excited about these projects and he's optimistic about when they will actually happen >> we have to give him a lot of

credit based on the successes they have. where does this leave jeff bezos who also has a lot of ambitions in space >> jeff bezos is still plugging along with blue origin they're doing great stuff, they've tested out the new rocket engine they'll be using i think they just announced a new customer on that rocket today. they're one to watch too it's going to be a lot of blue origin, a lot of spacex news in the future >> bezos says he's using the funds from his amazon lottery winnings, as he described it >> that's right, which psychologically is a great way to think about it. >> lauren, thank you very much, lauren gresh from the verge. big namerertg s poin earnings, we'll preview those when we come right back.

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represent multiple insurance companies and customize coverage to help protect you and your business. announcer: to find an agent, visit trustedchoice.com welcome back there's a few big retail names reporting earnings this week including the likes of dick's sporting goods, williams sonoma, tiffany. mike, the big theme in retail at the end of the year was the death by amazon selloff. lately it's been the rebound >> the big comeback, then january was pretty good, consumers were interested in spending that month. i do think we're now in that mode of saying, okay, what's the next thing to get excited about here, we have the tax cuts in

the books, we know that wage growth is picking up but not running away from us it will be a company by company story as we get the report >> especially with dick's. i wonder if they're going to talk about what's happening with firearms sales they had raised their age from 18 to 21 but it doesn't affect that many of their stores. analysts are still trying to think through the effects. is this announcement about no longer selling that particular rifle was really a modest effect you wonder if there was either a broader backlash to that decision or support because of that decision. >> it was interesting, the foot traffic, one analyst noted, i don't know if everybody agrees on this, the foot traffic seemed to be higher after that announcement so whether that's just because of an odd name recognition thing -- >> you did see on social media people said support dick's because of this decision so maybe there was a quick burst in the days after that >> and dick's today was up 2%. we haven't talked about in some times, one of the best performers for a long time, it's come off the boil. >> the department stores are fighting back when it comes to defending their market share in

cosmetic i know that was a big part of the story, that alta was hollowing out that industry. that does it for closing bell, we'll see how those companies do this now. live from the nasdaq market site overlooking new york city's times square i'm melissa lee. bitcoin sinking below $9,000, nearing a crucial level. and a top bitcoin and blockchain investor will be here to explain how his company has gone all in. plus andrew leff taking aim at netflix. first, the amazing race. apple and amazon