to be less competition prices can go up, american tower and crown castle trading higher. saying no. >> what a weekend for disney, avenger infinity war, highest opening ever and highest first playoff for the cavaliers and indiana yesterday. >> wow >> lebron. >> lebron. >> thank you for watching "power." >> even i know that. "closing bell" is next they almost pulled it off too, they had a chance you knew they were not going to, but almost did anyway, welcome to the "closing bell" -- >> you enjoyed that check please you always do. >> i do. i love that segment. >> really the right topic for kel ly today this is the final hour of trading on this, the final day of the month major averages on track to close a positive april, first time since january the dow, s&p, and nasdaq all higher.

>> we will check in with retail investors about trends in the market and what nay are buying and selling as we are set up for may, but we start with mcdonalds, up 4%, helping the dow, turning negative on the session. mcdonalds beat revenue and profit expectations, and it is having the best day in a year with a 4.5% gain >> company attributed boost to high menu prices, quarter pounder with cheese saw a .50 increase and happy mill is a dollar more. >> that's a big increase >> it is still cheap in the grand scheme of things. >> yes >> let's bring in jeffrey bernstein, good afternoon to you. price increases there, and i guess another aspect of the beat came from the success of the cheaper options, $1 items and $3 items to what, extent, therefore, low quality aspects of the beat overall. >> yeah. we actually view the quarter as a high quality quarter you are right, that the u.s. comp was up roughly 3% in the majority of that was driven by

average check, but to your point, pricing is maybe 2%, and then the 1 value menu generated interest and is used as an add-on, driving the average check, people buying a regular meal, buying that as the add-on driving the prices higher. >> does that mean the value wars are over for everybody in fast food or no >> i'd be very surprise the if they were over any time soon obviously, mcdonalds is the big gorilla, and they got the value menu, and wendy's and burger king pursued their own and smaller players as well so until commodity prices rise mean i meaningfully, you'll see aggressive value push in all the services >> the winner here was ex-u.s., countries that performed amazingly well >> the u.s. number was in line with expectations, and international markets far exc d

exceeded expectations. they talked about strength in the u.k., which is now had, i think, 48 consecutive quarters of positive same store sales growth, and they talked about strength in canada, and some other markets, so the u.s. was actually the laggards on a relative basis this quarter. >> what's going on strength in the u.k. >> uh-huh. >> 48 -- did you say 48 straight quarters, jeffrey? >> 48 straight quarters, four straight years of positive comp. >> wow >> the ceo of mcdonald's came from the u.k. division >> there's something there, albeit strength in china and germany too so it's not down that that particular factor. >> absolutely. >> still, that's impressive. especially in the news today that walmart's selling its u.k. operations, so their value play is not working, but, clearly, mcdonald's is. thank you for joining us >> my pleasure, thank you. another mover is apple, up 1.5%, two big movers to the upside, still down 86 points

apple with the second quarter earnings report tomorrow after the bell >> stock is down around 9% from the highs in march, and concerns are growing about the company's long term prospects in china josh lipton has more on what to expect from san francisco. josh >> reporter: wilf, mainly in china, estimated 17% of total apple revenue, in the final quarter of 017, but the news out of the country has not been so inspiring lately in q1, they overtook apple to take fourth place in the market, according to the data, and it's an important metric, making money is another, and apple controls 70% of total smart phone profits in the country, according to strategy analytics, and still they are not the only one with down beat news. morgan stanley says after accelerating iphone share gains into the december quarter, shares then reversed in the march quarter. now, we know tim cook faces fundamental challenges in china,

idc estimates the market over there is actually going to contract by 2% this year still, creative strategies argue that apple remains well-positioned long term in that country, given its strong brand name, he says, and he thinks new models in the fall, sharing many of the design features of the iphone10, but in a lower price point could attract more fans, he says, but here, not expecting huge jumps in iphone unit growth from here saying investors should count on a more modest refreshed rate guys, back to you. >> all eyes on apple tomorrow after the bell another tech giant, shares of alibaba up 10%, but year to date, struggling to find momentum, just a 3% move higher. >> let's bring in david faber i beverly hills joined by alibaba's vice chair

>> reporter: that's right. reporting earnings on friday, so i won't ask specific questions, but nice to have you >> thank you >> you can hear it's loud as people are lining up for lunch, and china, heard from josh lipton about apple are you concerned about the growing rhetoric between the two countries, china and the u.s., knowing them as well as you do and business as well as you do, or will it end up being resolved >> well, we're in business, and businesses should look at the long term, and there's a temporary lift in terms of the relationship, and there's an ongoing trade war, but we're -- we are looking at is beyond that, and in a way, in trade war comes at a very ironic time because we are in a time in history when china is shifting from a manufacturing export light economy to a consumption driven economy, so there are now 300 million chinese consumers that are demanding and desiring

to buy from all over the world, so there's a great opportunity for producers from america, from europe, to sell to china, and accessing this large consumer base >> right and last june, i was in detroit at your gateway summit where you were advertising in a sense or marketing the possibilities to u.s. businesses. >> right >> recently, jack maw, your company's founder and chairman wrote and said, a trade war hurts millions of americans, small businesses, and farmers, do you believe that's true >> it's already happening, and it's because soon after the u.s. put on tariffs on some chinese products, china felt that it had no choice but to retaliate, and the retaliation, for example, one of the items that is chinese put on the tariffs was soybeans, so there's 14 billion dollars of soybeans that every year the

united states sells to china that's two-thirds of the u.s. soybean expoorts. >> does that jeopardize the platform you are trying to build to get u.s. businesses to sell to that chinese consumer >> in the long run, it does not jeopardize anything. we are, you know, we want to access the small businesses in the united states, and even if there are some tariffs on some of the items, there's still a lot of other categories that these present great opportunities, things like cosmetics and baby products and other food items, fruits, and so there's a lot more that we can do to help - >> and you're not concerned it will continue to escalate? >> well, you're always concerned that governments will come in temporarily because we're sort of in a trade war, and both governments feel like that this has to be a tift for taft

battle, but looking out in the long run, we are very, very optimistic because the secular market is there, the consumer base is there in china >> joe, in the brief time left, you recently made another purchase, a personal one, 49% of the brooklyn nets. zb rig >> right >> a team i know well begin it's my hometown. why do something like that, other than being a man with great success in business. is that because you think it's going to be a successful investment, or is it more just because, well, why not >> it's a great investment from a point of view of looking at the size of asset that you can own for a long time. the nba is one of the best run organizations in the world it's got a great brand in the world. basketball, look at basketball it's popular everywhere. anywhere you go, any city you go, there are kids playing basketball it's a very accessible sport, so i look at this as a very

interesting international opportunity. in fact, the best emerging market investment you can ever make >> really, you think so? >> yeah. >> assume you've seen it in china, itself, where i know the sport is growing enormously in popularity >> yes there are 300 million fans in china that play basketball and they -- the nba the is pinnacle. if they want to see great basketball, they all watch the nba on tv. >> sounds like you're going to continue to make that an option at some point to buy the rest, right? >> i have option to buy control, but coming back to the reasons in business, you are always competing. i've grown up with sports, with athletics a nd i like competition. i think this is all part of growing up as an adult playing sports i want my kids to play sports. i want -- i also look forward to china becoming more sort of receptive of -- parents more

receptive of their kids playing sports, going on into the field, being on a team, and that really teaches you a lot of lessons in life >> all right well, we'll leave it there on a philosophical note, joe, thank you. appreciate it. >> okay, thanks. >> vice chairman of alibaba, back to you. >> i love that great stuff. i mean, david, thank you, for him to say the best emerging market investment you can make is his half stake in the brooklyn nets in the nba franchise, echoing why they last week said he's bullish on prospects for the warriors for the long term. they can't do much better, but he likes to hold it forever. >> even in nfl, which clearly has less global appeal, foreign investment is going on, expansion into london, u.s. sports is definitely a significant export, and, perhaps, more so to come we've got 40 or 50 minutes before the close, excuse me, and we are lower we started the day high, but

sold off on headlines from comments about benjamin netanyahu on iran. down 4% on the s&p >> more to come. we're just getting started still to come, biggest name in global banking, bob dimon sprint and t-mobile making a deal, can their ceos put their differences aside? >> i think we should focus on shifting his company >> beats up on our employees for way too long, and, you know, that's over. >> "the closing bell" is back live from the new york stock exchange in two minutes.

welcome back to the "closing bell," we are lower on the s&p by half a percent. quite a spread we were up 13 to low down 16 points, and now down 11 at the moment our next guest bets on a few

financial companies in europe, afri africa, and the u.s. >> joining us now, bob diamond, thank you for joining us >> it's a pleasure to be here, thank you. >> i wanted to start, if i may, be this big bet you made towards the region of africa in recent years, and it's interesting to me that this comes at a time after you left being ceo of barclays and at the same time the currencies are pulling out of africa. what are you seeing in the region that the rest is not? >> well, we think it's -- if you take a five to seven year view, we can't imagine a better opportunity to invest than in sub sierra africa. it's the demographics, technology, it is the increase of disposable outcome, and if you believe in africa rising as i referred to it there, you know financial services will be

leading, so the opportunity for us to be acquiring banks in ten to 15 key countries and overtime integrate technology over time continue to invest in digital access to compliance and customers, it's a terrific long term investing opportunity >> bob, i wanted to ask. i'm just curious i know it might be tricky for you, but i wanted to take a stab at it. what do you think about deutsche bank deciding to shrink itself in the way it is today and about barclays trying to maintain what it has of the investment bank? as somebody who's been through the industry, what are the prospects for investment banking, especially in the u.s. for the international companies? >> well, kelly, you have to put it against a backdrop that the u.s. investment banks have really stolen a march. just coming out and supporting the investment bank of barclays. i think they are an incredible competitor to the u.s. firms and support the job he's doing

i think on the other hand when you look at withdrawal of deutsche, it is against the backdrop of after decades of global, global, global, universal, universal, universal, it's possible that the appropriate model for pan-european investment bank is to be a regional champion or a national champion. we're certainly seeing that in europe we invested in a bank in greece. we invested in a banking platform in italy, and as far as retailing and commercial banking goes across europe, then we think the national model is superior, and our focus is very much on driving banking within the countries. so deutsche's decision in the confectitext is not surprising e >> you also invested in gordon, u.k. brokerage firm, and you mentioned a few other purchases across the region. is there plans to combine some of those i know you're talking national

models now, but there's often speculation once you build them together, you could be a force on the pan-european or global stage again. >> no. i think gordon is a good example of what i'm saying it's u.k. only it's focused very selectively on small and medium enterprise corporates the big banks are just not serving the small and medium enterprise corporates. we're talking about the lower end of the ftse 250 and higher end below that, providing equity research and products, ipos, but also debt advisory and private capital solutions, and we have no intention of broadening pan-more gordon outside the u.k. we think staying focused on the u.k. corporates is exactly the right business model for today >> bob, here in the u.s., i think you guys recently made a deal for an annuities business from hartford.

a lot of interest rate assumptions baked in there what do you think as the cycle is longering in the tooth, the prospects are for insurance, for interest rates moving higher, and financial conditions broadly? >> well, a couple things i think, you know, it goes -- it's not as noticed as much that the lanch insurance companies in the u.s. and europe are facing exactly the same challenges as the large systemic banks regular la-- regulators want buffer upon buffer and buffer and separation of writing risk, and in the case of the hartford case, it was a legacy business they had not written any new variable annuities in five years. the opportunity for us to put a group of investors together, take the business outside of hartford and the insurance business which is the regulated entity, writing new business made sense to the regulators, particularly in connecticut, and made sense to us as an investor group.

that portfolio of annuities benefit from both higher equities and higher interest rates, which, kelly, is exactly the environment we've been in since we announced that transaction. we would hope over time that there's other portfolios like that that we can add to it >> huh >> bob, what's your take on how the negotiations are going around brexit and how big a blow it could prove to be to london as a financial center? >> so, it's very, very complicated, and i think that the, you know, the end game here in the solution is a lot of people from both parties working very -- in a very focused way to get to the right solution. at the end of that, we're still big believers in the u.k. economy, and we're still big believers in the u.k., but, clearly, there are going to be repercussions of this in terms of parts of the financial services industry moving around europe as i said earlier, we think that the opportunity to be investing in some of the investment

banking platforms in europe are striking right now >> wow >> there we go >> we could keep going, bob, but appreciate the time, really interesting. great stuff, thank you >> thank you >> bob diamond joining us there, founder and ceo of atlas merchant capital surprised what he said about buying annuity businesses in the u.s. as well, which have fallen out of favor less than 40 minutes into the close here seeing what the dow can do, down 77 points. still this morning, mcdonalds in an earnings beat, major averages still down year to date. breaking down what's behind that divergence t-mobile and sprint striking a multimillion dollar deal to merge, but what's one fewer in terms of competitors in the wireless wars mean for your wallet we'll discuss en wwhhen return here on the "closing bell. feel that? that's the beat of global markets, the rhythm of the world. but to us,

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welcome back the dow selling off more than 100 points the s&p under some pressure too, in fact, s&p's the worst performer, and nasdaq down two-thirds of 1% right now one in the green, broadly, it works worse than the 17 point decline we are seeing. telco's the worst performer despite the t-mobile deal, down 2%, energy the only positive name right now >> session lows right down, down 105 points on the dow. we get to the big deal news of

the day kelly mentioned. t-mobile buying sprint worth $26 billion. the ceos of the respective companies, john ledger on "squawk on the street" this morning in a first on cnbc interview. >> i'm john, and i'd like to commit to you there's more people employed from day one than both companies combined, prices for consumers go down, and prices for competitive people like you go way down, and we'll invest $40 billion in this new company in the next three years, and we'll drive the innovation that that country needs to drive others to come forward. >> i'm looking forward to find a synergy between the portfolio companies we have, a tough plan, and combine with a new company we're in it for the long term. >> well, is this a bitter end? i mean, the end of a bitter rivalry, she said, of trash talking between the two companies. remember in a twitter exchange in 2015, sprint tweeted, quote, i'm so tired of your uncarrier bs when you are worse than the

other two carriers together, you cheap, misleading -- it goes on. then ledger tweeted, i'm surprised anything likes anything about you at sprint >> the feud continued on to television here on "squawk on the street," john ledger, a kaupkau couple years ago >> he has to wake up and realize that the mother of all customer loads is sitting in verizon and at&t, 77% of my customer ads come from those two, and i think he should focus on fixing his company, and, you know, just copy, paste everything i do, and you'll be fine >> talk more about the deal, joining us now, don, former chief of staff and legal adviser at fcc, and nick, professor at nyu stern school of business gentlemen, good afternoon to you both starting with you, don, to begin with, if i may do you believe ultimately this deal leads to lower prices for consumers over the long term >> well, this deal comes in a very interesting time.

first of all, it comes at a time when the trump doctrine on anti-trust and sort of merger enforcement is evolving. secondly, it comes at a time when the market, the wireless market has matured, and it's robust enough to sustain three very big providers, and then, third, i think it comes in a time when the fcc has laid down a marker that its open to these kinds of combinations, and so while there's some regulatory hurdles to be overcome, i think it's the right time, and it has, as you point out, been a long time coming. >> nick, do you agree with that? the market right now has sprint shares down -- t-mobile down 6.5%, sprint down 14%, and there seems to be expectations that the deal does not get done what do you think? >> i think the market's got it right. the deal is unlikely to be done. the deal is very likely to increase prices for all

consumers, and it's very likely that the department of justice is going to try to intervene and stop the deal. it's very hard for -- to go from four companies to three companies without prices increasing >> adonis, what's your view in terms of the relatively natio l nationalistic argument we heard like china serging ahead with 5g technology and economies of scale like the u.s. are left behind is that a fair argument to make, and does it matter these companies have foreign ownership themselves >> it's certainly a factor with respect to the technology, but keep in mind that both sprint and t-mobile have been really the drivers of innovation in the wireless market. they are the ones who introduced the freda that plan. they have been on the cutting edge in terms of how they actually accumulate customers, and so i don't expect the

innovation to stop with the post-merge company in fact, i expect it to accelerate i want to take issue with the notion that prices will go up. i think that t-mobile and sprint combined provide such an aggressive force in the market that they are really going to go after the at&t and the verizon market with avengeance, so i know typically in a horizontal merger, prices are expected to rise, but in this case, i think this is the one case where we might see that axium proven wrong. i know we're looking at the possibility of having prices actually go down because of their innovative and very aggressive marketing in advertising and business practice and structure >> nick, final word on that in response >> i think what happened in the last few years since 2014 when the previous doeal between t-mobile and sprint was rejected, what happened was that

t-mobile has very aggressively cut the price, and that's where we are right now, and we've seen cuts in prices by p at&t and verizon. if we merge and allow the merger to go through, then prices are going to be increased, not only for the reasons i mentioned before, going from four to three, but also because we are going to eliminate a maverick, which is t-mobile, from having the incentives to be so aggressive in terms of cutting price. it will have different incentives - >> it's not, hey, now we're coming after numbers one and two, and, you know, john ledger is the person in charge of that company. >> i -- i think that the nature of competition among three almost equal providers, which would be after the merger, is quite different than what we have right now right now, you get t-mobile to be very aggressive >> okay. >> i think that will not go through. >> we'll see

i want to know - >> keep in mind, that initial -- that combination was never rejected it was never put forth, so the -- >> well, it was never put forward because it would have been rejected. >> because at that point, there was a policy under the obama administration that four carriers was sort of the law of the land, and that was just really quite hypothetical. there's nothing suggest that four is the magic number opposed to three, so, you know, when we were at the commission hearing those things, four seemed to be in place because the fcc did not have the bandwidth to deal with it, and now there's a new regime in place, and i think we'll probably see a different outcome. >> all right >> gents, thank you very much. leaving it there great discussion >> excellent discussion. more coverage online now at cnbc.com check that out it's time for a cnbc news update, sue herera, hi, sue. >> this is what's happening tatt this time, everyone.

prime minister may appointed the first ethnic minority to the boast as home secretary. amber rudd resigned sunday after she said she misled lawmakers about whether or not the government had deportation targets. >> this is a huge privilege to be asked by the prime minister to be the next home secretary, and first priority is to make sure the home office does all it can to keep british people safe, a huge responsibility, something i take very, very seriously. george hw bush remains hospitalized to continue to gain strength as he recovers from an infection. the spokesman said mr. bush is in great spirits and looking forward to coming home soon. and a brazilian surfer officially confirmed as the new world record holder for the biggest wave ever surfed he was honored for that achievement after a panel concluded the record breaking wave he surfed in portugal last

november was 80 feet tall. or eight stories and the winner of the previous year - >> is that the johnny utah oh, my god >> that is insane. >> i've been asked to make a point break reference, sue, but i need to know which one to make >> it is amazing this is actually the beach in portugal that has the record for the world's largest waves. they beat out hawaii >> i can't believe that. >> it's frightening. he made it down the face and he almost beat out the wave, but at the very bottom, the wave catches up to him. barely see him there, but it's amazing. >> fantastic stuff >> i have tried surfing. i don't think there's a sport i'm worse at >> it takes so much balance. >> something i'm quite bad at, but that's bottom of the list. sue, thank you >> see you next hour all right, another big deal day today involving walmart and the u.k.

discussing that coming up. plus, why so many big earnings beats seem to be so little forto pceeaio asckri rctn we're back in two. 4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. you'll only pay $4.95. i am an independent financial advisor. for our firm, it's all about trust and transparency. trust that we do what's right for our clients, without the constraints imposed by the traditional brokerage houses. transparency in the way we're compensated. our philosophy is one of service, not sales... that's why i'm independent. charles schwab is proud to support more independent financial advisors and their clients than anyone else. visit findyourindependentadvisor.com they're not investing in commodities or fixed income. what people areally putting their money into

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welcome back, a number of big name companies reported beats this quarter, but the market, overall, has not seen a big rally. bob pisani is going to explain why, bob >> important thing is, everyone complains since earnings season started, we have not been doing that much. now, on the surface, there's some truth to this so since jpmorgan started, s&p 500 basically has been flat, and we've seen industrials move to the downside, and we've seen semiconductors, particularly weak, and fangs have not done much, even though rates are higher everyone says, gee, the market is not reacting. i see a reaction, but it happened in the fourth quarter just take a look from october into the first part of january, look at the s&p 500, we move from 2500 to 2600. folks, that's an increase of 16% overall for the market, that's a huge move up in three months, and then, of course, we hit rate hike concerns, and then we drop, we correct down 14%, and you can see we've been consolidating ever since then.

the market's trying to figure out a stew of stories. the bears argue that not only are we going to have peak earnings, but we're going to have other problems that are out there, show up the other full screen the big one is, number one, a slowdown in growth here. is there really a slowdown in global growth? hot debated topic right now. it's not entirely clear. there's some signs there might have been other people believe we pick up in growth in the later part of the year, but you combine higher rates with potentially slower growth, and you get this kind of quasi stagflation story. put that in with peak earnings, there's a potent argument. peak earnings, higher rates, slower growth, that's head winds for the market overall, this is where the debate is going right now. this is where the issue is do you believe higher -- that slower growth really is coming i personally think that the slowdown we're seeing in the first quarter is temporary a lot of people have been saying that as well, but if you're on that divide saying, yes, it's

notable slower growth, you can argue, oh, we have amazing earnings into the fourth quarter, but they take them down when they see the slower growth. that's the divide right now. you can see how hard it is for stocks to advance with these arguments. >> absolutely, bob, thank you very much for that, and today's at example of that with the market near session lows despite positive earnings before the open let's discuss further. joining our exchange, scott from advise advisers, and rick santeli at the cme in chicago for us. you have one key earnings report this morning absolutely right in mcdonalds, but the report is not enough to keep the market afloat much as bob's been discussing. >> well, one thing bob did not mention in the report is the trade conflicts going on that's a three-headed monster, china, nafta, and aluminum and steel tariffs and exemptions that expire tonight. we have to worry about that. when you have aggressive

monetary policy and sloppy fiscal policy and geopolitical concerns such as trade conflicts, these impact sectors. earnings impact individual stocks even if you have mcdonalds swimming the right way, there's sector movement here, and it's not necessarily rotated into something else as i told you guys, since january, i go to higher cash, i'm not alone in this. i'm at the highest cash levels i've been in my career >> which is what level in the portfol portfolio? >> currently 46% >> wow putting your cash where the mouth is scott, you're going to ring the closing bell >> yes >> we won't keep you too long for this, but are you similarly conservatively positioned? >> i think i would be a little more on the side of bob pisani where we have a little slowness in here, but we have a huge advance last year with almost no volatility, and so i think the market was, you know, the market prices forward always has always will. so i think we were fully priced in, we're seeing it digest these

earnings, and we don't see any, you know, we see great employment numbers, continue to see great gdp numbers that are great, nothing tells us that next year is going to fall flat on our face so i think, you know, the market digests these great earnings, but get ready for good earnings next year, maybe not 20% year over year last time we had this was coming out of the recession in 2010 i mean, year over year, earnings are quite exemplary. >> are you rotating? >> you see the rotation in front of you in fact, it's going into late cycle, and that favors things like materials and energy and financials things that do not do well would be like utilities, reits, they fight the higher rates, higher interest rates tend to be a head wind to their business model >> yeah. >> rick, i wanted to touch quickly on the dollar. i mean, strong week last week, strong today, is it breaking out in a meaningful way? >> it's really trying, wilf.

you know, we get up today, 91.80, traded close to 92. 92.12 was last year. the easy version is, if we can't take out where we closed 2017 on this move, whether it's today, tomorrow, or next several trading days, i think it will embolden the other side, the short side of the cart, but it looks like green lights. it's always very important, you know, to breakthrough some as important as an annual settlement, and, you know, what's old can be new again with regard to the economy in the discussion you had earlier listen, we had a lot of things that we now take for granted don't discuss regulations, tax policy, and they gave us a lot of movement. now, those issues will begin to actually work their way into the economy versus some of the kind of pulling forward that we have done on the notion or when they were passed, so, i don't know, i think the sideways activity is affecting not only us, but the global economy, and it's hard to

make the case it's going to be big and deep, and with regard to interest rates, i would say if we settle under 295 today, which looks like it's a possibility, i wouldn't be surprised to see a bit of retracement of rates back into the, you know, high 2.70s again. >> thank you very much, rick, and thanks to scott and sarge for joining us we have a news alert, sue has the details, sue >> i do, kelly, and the former white house communications director and former hedge fund manager has been trying to sell skybridge capital, his company, for some time now. they had struck a deal with hna, but hna now says they are going to drop the acquisition of anthony scaramucci's skybridge capital. they struck a deal more than a year ago, and the price tag quoted by several news organizations was between $200 million and $250 million

that deal is off, but may strike a partnership agreement in lieu of that, but it's unclear what that would look like, what the size could be, and what the scope would be, but the accusation of mr. scaramucci's skybridge capital is off >> disappointment for him, i'm sure thank you. for hna, retrenched globally emblematic of chinese building up national operations, now forced to shore up positions in terms of capital back at home. >> and hna, deutsche bank was a high profile investor, down to the 7% range now opposed to the 9.9% they were up to in deutsche bank we got about 15 minutes to go until the close. we've been at or near session lows much of the last and first half of the show, but recovered in the last five, ten minutes, now down 50 points on the dow, having been down as much as 100 points or 0.15%. two key stocks to watch into the close coming up next here on the "closing bell"

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let's stop talking and actually be more diverse. as investment management professionals, let's measure up. cfa institute. welcome back to the "closing bell." >> okay, 11 minutes to go.

>> did you choke on a brownie? >> nutrigrain bar, blueberry anyway, we have just a couple minutes left disney is higher after the new avengers movie blasted records i can't believe it >> the numbers >> how well it did >> unbelievable. i mean, blew past anything globally without china included in that. >> i didn't hear about the movie until two weeks and and deliberately planned "black panther" that timing worked out and set up the success of this film, and there's the second part coming out next year. >> and they got, you know, the next installment of the "star wars" over the summer. lucas and marvel films offset declines in espn different business models for that disney stock. up nicely 1.5% today walmart high today after britain agreed to buy the retail

supermarket chain for $10 billion. interesting. >> finally >> well, finally, they are not really committed there, and it's been a little bit of a failure over the period of time they've been there particularly on the low end, which is what they represent as wall market because aldi has been successful in the u.k., something to watch, took 12% share of those german low cost retailers, but, ultimately, this is a successful exit for asda for walmart as the walmart share price suggests they were challenged over the course of a decade, but last year or two, they have taken back shares. >> now they will invest in india, and interesting to see if they get that right. >> absolutely right. down to the floor with mike is posting up our colleague mike >> yes arconic, a tough day, down 20%, results this morning not good, not about the past quarter, but the outlook. this is a spinoff from alcoa, a victim of higher aluminum

prices they plaintiff alum yum, calling 2018, quote, a transition year with operational issues, lower guidance, higher revenues, but lower earnings to come obviously, the street is really not waiting around this is basically just about at the low price arconic traded at since being a public company independent from alcoa, guys >> thank you for that. nine minutes until the close, recovering in the last half hour or so, down around about 74 points it's yo yoing around between that 50-100 point mark for the dow, down a third percent, and s&p and nasdaq down half a percent each. a new partnership with google, we'll tell you which it is when we come right back 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?

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>> welcome back, one market mover, fitbit announced a partnership with google for health care today. that sent the stock higher by 11% or so initially, but now up about 4% as you can see, giving back gains tlouts throughout th. could be important partnership for fitbit what are you watching? >> kelly, shares of twitter

serging this afternoon after unveiling a new content deal with disney. the social media giant announced they will partner to create live content and advertising opportunities from across the entire disney portfolio on the twitter platform as the deal, twitter and espn will announce specific live shows currently in development over the course of the week. disney shares were up as much as 1.5% today twitter was the big winner in this deal so far, up more than 5%, and on pace for the best day in two weeks dating back to april 17th, guys >> more content. thank you. up next, the closing count down 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. welcome back we start with the intraday chart of the s&p 500 it tells a fascinating story, a story we've seen so much in earnings season. void the open, partly by strong earnings, yet a wild card factor in the middle of the session pulling us lower, and there's the chart, mid-morning, 11:00, you can see the market selling off the day. that was talk from israel's leader, hawkish comments on iran, and that pushed oil prices higher, and weighed on sentiments broadly, and now near session lows, fresh lows, in

fact, as we speak. the dow down 120 points as we stand at the moment. the s&p and nasdaq down a little bit more in percentage terms i have to get the cameraman to walk back here bob is here as well. the three indexes you saw, sector performance, interesting standouts, quickly, talking on those. >> energy's key. >> energy's key, oil prices pushing that up, and telcos the la laggard. >> first time in two weeks, there was a geopolitics, oil spiked up, and benjamin netanyahu, the prime minister of israel gave an extraordinary presentation, a multimedia presentation with graphs and moving pictures saying the iranians lie on the nuclear deal, and oil spiked up on that. we don't know that they are or not, but that's his claim, and markets drifted lower, and i think that was a little of a factor today so, remember, now you have peak earnings argument, slowing growth argument, i don't necessarily agree with it, but those are the arguments bears

make, higher rates, more geopolitics than in the last few weeks, and you have a low on the day, closing right at the lows >> there goes the bell ringing the bell, big board adviser asset management, and very much at session lows at the close now, 140 points on the dow, three quarters percent on the s&p. nasdaq as well kelly's got the second hour. thank you, wilf, and welcome to the closing bell, everybody, i'm kelly evans, last day of april. wall street going out at the lows and then some dow dropped 145 points at the bell, and the dow actually relatively the best performer down .60, and s&p dropped nearly 22 points, and .80% drop nasdaq lower at 7066, and russell 2,000 are the worst performer today, down nearly 1%. that 14 points that closes it at 1542

joining me on the panel today, cnbc senior markets commentator, michael santoli and michael berman also, paul is with us, co-founder of the spoke investment group welcome, guys, good to have you here quickly, biggest winner on the dow was mcdonalds after the earnings this morning. the biggest loser, interestingly enough, was verizon in the wake of the t-mobile-sprint deal announ announced. endeavor on the s&p was the winner, and arconic the loser. rough session for arconic and tomorrow is the deadline for the tariff exemptions to come off. >> yes >> i guess, is there some uncertainty -- nervousness with that too >> higher aluminum prices are a detriment. >> they hurt >> buy and manufacture stuff with them, alcoa they left behind sells aluminum, so i think in general, the question is, yes, the decline is one of the things weighing on people's minds, as is, of course, the

iran deal. they are stacking up and left to set them aside, more general ly it seemed like the heaviness is there and bonds got a bid, and sioux this market has not penalized anybody. so behaviors are engrained >> benjamin netanyahu said the iran nuclear deal is based on lies that turned things around in terms of equities, made investors nervous, oil prices higher, and would you attribute a lot to that in what comes of the president's deal about whether to renew the iranian deal or not coming up next month? >> i mean, that is an excuse as much as anything, but i think today is a moo kro come -- micrm of what we saw all year.

selling into the strength. every year, we come in, a strong open, and market sells off just as like 2017, there was an underlying bid in the market, and 2018 may be characterized as an above the market, you know, sitting there all the time, and when the market rallies, you see selling. even in individual stocks there's selling in the strength. >> why do you think that is? that mood changed? did it need to change after we started off the year so hot?% >> it's a really fair point. look at the performance of 2017, which was really incredible across every asset class and every major stock index, the burden of proof shifted to mike's point what do you do for me? what's interesting, though, the earnings have been pretty good they have been pretty good, but even then, the question is, can the market grow into that multiple that it earned back in 2017 >> this is the main question, why that we had, for the most part, strong earnings, not just

in terms of the year end number, but beating and exceeding that, revenue growth, all the things you want, and the index, as you emphasized, just look at today, again. >> the market takes 20% to 25% earnings growth, what we see now as a temporary phenomena refusing to extrapolate from that this is not just this time, but through history. it's the sweet spot for earnings growth is lower than 20% >> 20% is too good >> absolutely too good the market realizes it does not last long. that's one of the things that everything good you can say has an offset. wishing growth to reaccelerate what happens to rates? wishing for a slow period to bond yields come down? what happens to growth forecasts? that's the norm. it's a tug-of-war, opposing currents, however you describe it, sorts out down the road, but for now, it's a tension. >> mike, don't be pessimistic. i'm going to steal your thunder

a little bit talking about cap x numbers we saw, maybe i think that is super encouraging thing for the u.s. economy and for earnings at large. after ten years, companies are finally saying, yes, we don't want to just cut our way to profit growth. that's meaningful. >> there's charts here, 20% increase in capital spending in the first quarter among companies that reported increased earnings look at the way this just leaped, there's the 20% increase, 162 billion now, mike. >> dramatic. it's from credits we point out, two-thirds from ten companies, a third of the increase from two >> okay. >> it's google basically the market did not like, right? >> just reflect the fact that that is where the money is >> that's where the cash is, where the money is, where they have the flexibility to raise cap x. that's what you invest in if doing cap x. >> the destruction on the other side of that >> now you're being pessimistic.

>> rational. but there's destruction on the other side of that getting to the m&a movement we saw today. >> paul, what do you think about this paul, you have an increase in capital expenditures, all right, we had a massive tax deal passed that incentivizes that, companies now putting this to work, and companies in the tech space is very competitive where they think they get real long term advantaging from that can that kind of be sowing the seeds for 20% profits growth going forward? >> well, you know, i mean, i think it can help things out, but it can be inflationary, you know, by buying more capital, and how much of this is new cash is going into, you know, cap x and how much goes into buybacks and return to shareholders you're still seeing a large chunk of the tax abatement of companies discussing whether the bigger companies saw cap x, but most are seeing increased distribution to shareholders as far as that goes i think it's a mixed picture

>> right i mean, that is undeniably part of it, but, still, maybe this will help prime down the road. >> fits into the theme, yes, could be good for the economy for a little while it does not have to be good for equity holders, all right. you're talking about - >> they don't like the investment >> at this appointment in the cycle, things are more expensive and you've sat out for ten years of an expansion, you reinvest in the business that's where the market does know what to make about it >> could be just too short term greedy >> exactly >> dennis, you brought up deals, a slew of them today in merger monday notably, shares of sprint and t-mobile, which, by the way, did not do what you expect on this announcement, finishing lower significantly after they announced deals, $26 billion deal, and it does includethe companies taking t-mobile's name and current ceo john ledger leading the combined company t-mo down 6% on the bell, and sprint down 14%, and walmart

sold british unit for $10 billion, and in the energy space, marathon lowered after plans to acquire rival, endeavor, in that $23 million stock and cash deal, that's why it was the best performer in the s&p. there's three different deals, three different areas, what do you make of that >> energy aside for a moment, and really, across every sector, you see technology working its way into the department in ways companies are not prepared for, so whether it be health care, health care deals we saw this year, whether it's the telecom deals on the offer today, technology is strategic redefinition across every board of directors >> by the way, why is the market giving a thumbs down to the t-mobile-sprint deal don't think it's going to happen >> i can't comment on individual deal, but in a situation like this, kelly, it might be that, perhaps, the market expected a higher price than the one that was offered. >> yeah.

no premium deal with a lot riding on it, very aggressive synergy estimates, and, of course, regulatory risk of it getting done in the first place. >> does that mean the companies rethink it >> i doubt it. they feel it's their way out, and that basically they can become a true large scale player in an industrial, yeahings that's changed a lot >> right go ahead >> even if you put in the walmart deal, which was interesting unto itself, technology and retail, just go out to the mall and see how many store fronts are empty >> walmart pulled back from the u.k. brick and mortar operations to invest in india to compete with amazon. it feels like that's the battle they could win in 10 to 30 years. that's where they put the investment >> technology investment has to be there from every company. you see it in industries where you don't expect it, right, so you see it in health care where the metrics are changing weights. you have to be so much more

efficient than before because the cost demands are higher. >> paul, what do you think evidence that, again, bull market signs that we start to have so many of the deals happening, or is it from a defensive posture like dennis suggested? >> well, i mean, first of all, technology helps, so it helps create economies to scale it's easier for a bigger company. look at the top companies, you know, they have a lot of market share, and you can combine and save lot of mumponey, but p, a,, regulatory backdrop, there's concerns over deals, but in a more benign environment, it's easier to get done, but then the third point, though, is, you know, sometimes it's less risky to just merge with the company than it is to go and try to build this organically for a ceo, and so, you know, in that respect, it creates, you know, a lack of, you know, just being safe rather than being taking risks, and sometimes the risk is better for the ultimate result of the company >> yeah.

no, i know it's a tricky one trying to figure out which way to do it. paul, before we go, what do you think of the whole sell in may fable? about to turn the calendar would you put a lot of stock in it >> you know, you don't necessarily put a lot of stock in it, but facts are clear, the period of may through october has been historically weaker, but longer -- you tend to see gains in that period on an average basis, but not as strong better to hold for a while rather than trying to time the market, don't put too much stock into that, but, you know, one thing we are worried about, and something we have to watch here, is the constant selling and offer above the market here. >> right >> until that trend reverses itself, that's what investors are focusing on. >> i don't like any of the market timing, any of this -- >> yeah. >> why bother trying to take the calendar in some, you know, historical data -- >> all it meant for years, source of the return, that it kept you out of the way of

summer and early fall volatility, and because a few years you sidestep that, made longer term numbers look better, and fourth quarter, you catch them it's about that. it's not about how to play the market >> guys, sell in may, sell in may. >> mother goose is not the best investment protocol. we, i'm sure everyone across the trading street, try to be more data driven than maxim driven. it's not ideal >> people's expectations are lower because the theory has been a process of really bringing out optimism in the market could be good longer term. >> we were off to the races in january. thank you, guys, thank you all very much for joining us >> thank you more headlines on skybridge for scaramucci's >> they will be shortly announcing an agreement to

withdraw their filing, terminating their purchase agreement. told the press release on this should be coming shortly now, important to note is that anthony scaramucci is coming back to skybridge as co-managing partner with the role of focusing on strategic planning and marketing efforts for the firm, investment side of the business has been and will continue to be run by troy and that will continue to be the case after anthony comes back. now, in terms of the reason for the termination of their agreement is that the two parties worked overtime to set aside the closing period, and there was a path to approval laid out, a source told me, but after looking at that and looking at the trends action, they determined it ultimately would not be beneficial to pursue >> so, leslie, they have been able to, i mean, this -- there's so much uncertainty for the past year for the firm, it's still involved doing deals -- do they need to rebuild this thing, or

has it been running, you know, humming away in the background >> caller: that's what the tricky part is in this regulatory perg stourga it's been described in the past. this deal was signed last winter in january or february, and now just now they are finding some kind of resolution by terminating the deal, so i think it will take some time, of course, when you are kind of waiting for something to happen, and ultimately, it does not happen, to build that business back up. that said, by source told me they are working on a partnership, they are exploring a potential marketing relationship to distribute skybridge's offerings in china, but at this point, just in the exploratory stage, nothing finalized. >> oh, dennis, come on, you look like you have something to say >> i have nothing to say >> on the record >> what would you say if you were still at the wall street? >> leslie, thank you we'll let dennis off the hook here, and as she reported,

scaramucci rejoining the firm after a brief tenure in the white house. there's a lot more today straight ahead, oil moves after a big move against the iran nuclear deal. >> iran is brazenly lying when it says it never had a nuclear weapon >> oil reaction to prime minister benjamin netanyahu making his case. plus, wall street loves it after mcdonald's posts results stock is surging whether now is the time to get in this is the "closing bell" with kelly evans live from the new york stock exchange. york stock exchange. we'r with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. e back in tyou set it. nasdaq. rewrite tomorrow.

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>> welcome back. it's prime minister benjamin netanyahu laying out the case against the iran nuclear deal claiming he has proof iran is not living up to its end of the agreement. >> these files conclusively prove that iran is brazenly lying when it says it never had a nuclear weapons program. the files prove that >> let's get to jackie with a look at how the comments impacted the oil market and selloff overall. >> oil prices spiked on the

news another effort to get close to that $70 mark. here's why the news matters. the market watched when iranian oil came back online that suppressed the prices for a while because of an already looming supply glut, but now if this oil were to come off the market when the so-called rebalance is actually happening, you'd see prices move higher from here. just consider the u.s. for a moment group stocks in the past here are down almost 20%, including prices as a result up about 40% at the same time combine that with opec's cuts and forecast for stronger demand, and oil has a story to take it higher from here without the iran stuff, especially if we are headed into the summer and peak driving demand. speaking of gas prices for consumers, they are up .43 from this time a year ago when oil goes up, it has a ripple effect all over back to you guys >> we know thepresident's already unhappy about it, jackie, thank you. joining us to talk about the

move, rbc capital markets. i wanted to check in with you as we heard now from benjamin netanyahu and are approaching the deadline for the president to renew the deal or not what happens to the price of the oil if not renewed >> if it's not renewed, we go higher key thing to watch, though, if we pull out of the nuclear deal on may 12th, how quickly do we demand foreign countries cut iranian crude imports? that's key how many barrels are we talking off the market by year end if we do a hard exit from the nuclear deal, we could have 200,000 or 300,000 or more iranian barrels off the market in q4, and that matters because of the tightening oil market >> impossible to be too precise, how much the supply is built into the market, but lost altitude today intraday after headlines about iran and the speech we closed up, but not that much.

do you think the market already is geared up to expect disruption at this time? >> well, i mean, the thing about benjamin netanyahu's speech today was it was not really any new territory. what he said is iran lies that they had a weapons program did he reveal anything that they actually materially violated the agreement in recent months no i don't think we got quite the smoking gun expected i think as we get closer to the may 12 deadline, we'll see more movement in oil. >> would anything offset loss of the iranian barrels if the deal is not renewed >> well, what we have last time when we took the barrels off, you know, in 2011 and 2012 is the saudis dipped into the market to help plug the impact what will opec do? i don't see any signs at this point that saudi arabia and the rest of opec rushes in there to fill that gap. at the same time, we're already losing venezuelan barrels. for the loss of iranian barrels, it's significant because

venezuela dropped like a led balloon, and opec has no signs of coming to the rescue. >> all right thank you for joining us >> thank you >> rbc capital markets mcdonald's best performer in the dow after a price hike helped earnings soar coming up, fast money traders say whether they are taking a bite out of the stock, up 6% on the bell wow, first, why tighter abmporary worker visas pinch the cr industry. right ahead, the all important summer vacation season right after this

you love eating crab cake in the summer, play attention, tighter restrictions on worker visas threaten the crabbing industry ylan has the details >> reporter: i'm here at d.c.'s seafood market, and these are live maryland blue crabs you can see some of these guys look a little pricey there, but i can tell you they are less pricey, but the crab industry says they're not enough workers to pick the meat because of the tighter restrictions on immigration. crabbers worked the docks here in coopers island, maryland for generations. hauling in live crab, and picking the famous jumbo lump meat they rely on about two dozen women from mexico to pick it by hand the workers are here on temporary h2v visas, and he says

they were lucky to get paperwork approve the because there's so many applications, you enter in a federal lottery. >> we were lucky if we didn't have them, we'd shut our doors >> reporter: that's what happened down the street at russell hall, where instead of cracking claws, all you can hear is the ticking of the clock. >> as you said, we have an empty picking room nobody here. >> reporter: terry phillip runs this plant, but he doesn't know for how much longer. >> this is a killer. we started in a new building, knowing we were going to get our workers, always got them in the past, and right now, i can almost jump overboard because what am i going to do? >> reporter: now, it's not clear how many more visas the department of homeland security might approve. this homeland secretary said

she'd raise the cap, the number, and the crab industry is worried it's too few and too late. back to you. >> i feel terrible for him get the gloves on. they need you. they need the help >> reporter: definitely, kelly >> don't get pinched though, ylan, thank you very much. a little more than 30 minutes to go, but here's how we finished the session on wall street, in fact, the dow is down 150 points on the bell. those are the session lows right as we exited there we went from triple digit gains today to triple digit losses, and where it ended up. nasdaq and s&p and russell all down time now for sue herera. >> hello, everyone this is what's happening at this hour iran's supreme leader lashing out at the u.s. calling it for to leave the the middle east he accused washington of trying to create a crisis in that

region, saying the middle east is iran's home, and any power seeking to defeat iran would be defeated stormy daniels escalating the fight with president trump suing him for defamation this after a trump tweet in which he dismissed the composite sketch that daniels says depicted a man who threatened her in 2011 to stay quiet about her alleged relationship with the president. pennsylvania gun owners rally at the state capitol to protect rights to keep and bear arms hundreds attending the rally in support of the second amendment including several congressmen. in a new study, researchers from the food and drug administration say some heart disease studies do not include enough women, and because of that, doctors lack important information on how women respond to certain treatment. you are up to date that's the news update this hour kelly, back downtown to you. >> all right, sue, thank you very much. >> big earnings week already,

shares of mcdonalds up 6% on the bell after its results this morning, of course, that was not enough to help the dow still closed down 148 points we got earnings this afternoon flowing through here, back to jackie d. for more on that >> look at the move we are seeing in cognex, plunging after reporting earnings, down more than 14% in the after hours session. the company beat on the bottom line, but missed on revenues, 170 million versus street expectations of 171. a slight miss there. key part of the story is guidance company issued a weak revenue forecast saying it sees revenue for 2018 roughly in line with the year ago levels. expectations were higher this implies guidance of plus 5% versus a 15% growth estimate shares of cognex plunging in after hour session lows, down more than 14%, guys. >> yeah, jackie, thank you very much that's a rough one stocks rallying in april for the month after a rough start to the

year coming up, our "closing bell" investment club members say whether they are all in in stocks for 2018. hard to believe may 1 is tomorrow the stock of mcdonalds in the red for the year, and fast money traders say whether they are ordering it off the menu when we come right back. we'll listen. we'll talk. we'll plan. baird. never owned a business.e term "small business," there's nothing small about it. are your hours small? what about your reputation, is that small? when you own your own thing, it's huge. your partnerships, even bigger. with dell small business technology advisors you'll get the one-on-one partnership you need to grow your business. because the only one who decides how big your business can be, is you. the dell vostro 15 laptop, with 7th gen intel® core™ processors.

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welcome back, dow dropped 148 points at the bell today, most came in the final couple minutes, declines all the major averages, other big stories of the day are now in the rapid recap. >> merger monday t-mobile is buying sprint in a $26 billion all-stock deal >> services are going broadened, prices go down, speeds go up, and 5k capability is beyond anything the united states has seen before. >> mcdonalds out with results, and it might be fairly valued, and i wouldn't necessarily sure i would remain in the stock. >> another big win for disney as avengers infinity wars sets a

new box office record. >> benjamin netanyahu addressed his country on prime time tv right now. >> benjamin netanyahu making a very public case on how and why iran has been lying on their nuclear program. >> the doe relatively the best performer, down .6 >> that was despite shares of mcdonalds climbing 6% today, posting better than expected results this morning, joining us for more, tim seymour and karen. welcome to you both. tim, this is a monster move for a name like mcdonalds, i guess, still red for the year, but how significant is it for you? >> not quarter after quarter are you happy to see the trends. international is strong, u.s. weak, and what i like about mcdonalds, i'm a shareholder and have been for a couple years, a steve has a strategy for long term repositioning of the company, of its capital structure, and then short term

agenda, value menu or what they do to be more innovative and appealing to gen y, there's a lot going on there >> that's what we call it? gen y? >> i don't know what they are. people that would have never gone to before >> millennials that's gen y >> you need younger. >> now they are going to mcdonalds. >> is that true, karen, and what do you think about the name? >> i do. i think they have taken some share, tim's been in it for a long time, excellent call. there's a lot to love in the quarter. one of my favorite things about is how much they spend in remodelling. they must really feel like they're going to get a very good return on the dollars spent remodelling on already what is very good returns, and so really impressive quarter it's actually better today, higher, than it was yesterday or friday before these earnings lowered, so kudos to shareholders like tim. >> and, karen, you like the company, and this goes back to the investment chat earlier, but you like it because it's investing in the stores, right

that doesn't scare you off of it >> no. i mean, you look at the management team. they gave us a lot of evidence to show they know what they are doing, and if they see these capital allocation projects are worth doing, i think they need the benefit of the doubt they deserve it. >> all right >> i have to say - >> what were you going to say, tim? >> giving capital back, too, they have $24 billion give back. >> wow >> something for everybody >> sprinkling it around. sharing the love everywhere guys, thank you very much. >> thank you >> tim and karen, be sure to catch "fast money" at 5:00 p.m. eastern time at the top of the hour tariff exemptions set to expire tomorrow nafta negotiations are still underway, up next, michigan governor rick snyder wghs eiin on trade manufacturing and his auto industry. we'll be right back.

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major averages saw gains in april, it was another story for a number of asset classes, jackie d. has a look at the big swings for us, jackie? >> reporter: exactly right it was a huge month. big moves across the month bitcoin, the crypto currency jumping 36%, biggest gains since december it was a big april for ge, the industrial giant snapping a 13 month losing streak, the longest in the company's history ge shares jumped 4.5% this

month, finishing in positive territory for the first time, and lastly, the vix, posting the biggest monthly drop since president trump took office in november of 2016 that index trading lower by 21% this month, rallying 44% overall since the start of the year. kelly? >> yeah, still elevated relative to 2017, thank you how are individual investors handling the moves in a new month, we have retail investors, welcome >> hello >> what do you think about the market so far this year? what investment moves are you making here? >> well, what do i think about the market i explained the other day, pull up a one year chart of the market and draw a trend line from the left hand side to the right hand side, you'll see that we're right back where we probably should have been all along. january, it was just totally the

outlier, and so market will be fine, but people discovered that, yes, the market can go up and down so that is part of that problem. i have not been doing a lot because of the selloff, the stocks i invest in are still rich, however, on my buy list that i'm ready -- i own in and ready to buy a little bit more in is fox factory holdings and cvs, looking like a great buy with a great dividend yield. >> even though the s&p, the broad market is basically flat year to date, there's been such a huge split in terms of winners and losers, a lot of stocks down 10%, and i wonder if that gives you any sense of opportunity there's new names or ones you already own that are worth trying here. >> yeah. it definitely has. actually, tesla has been on my watch list for quite some time, and that's one of the stocks that have pulled back, and so i took a starting position in that

company. i think the innovation is wonderful, and you just can't bet against musk so that's my biggest one right now. >> and, jackie -- julie, sorry, you have ulta on the watch list, which is interesting because how much more would it have to pull back for you to get involved there. why do you like it >> well, actually, it did pull back down to below 200, i was not fast enough to get in, you one of the reasons i like that is i was just explaining this to an investment club last week, that they have in their portfolio some concerns, and i said, well, think of it this way. they have ulta as a consumer discretionary as far as we're in different sectors. i have to tell you, makeup is not discretionary. dyeing your hair is not discretionary, and i look to see what they had done in the last recession, and it did quite well so there's short term problems that most of your viewers are

probably aware of, and they have a great ceo, and i think the working through the short term problems, but, yeah, i missed a good opportunity down below 200. >> it's down 250, but chipolte is what you're watching. >> sure is i had to be patient with that stock, but i knew that it was in place, and it took almost three years from the time they had all the issues with the e. coli and the data breach. to see it turn around and to have such a great quarter, have the numbers reflected in the earnings, finally, i think it's on its way up, and i definitely feel like i did the right thing by holding on to it, and i think the next five years will look good for them. >> jackie, before we go, do you,

like julie, agree the market looks better than it did in the runup? >> oh, absolutely. i think a big part of the issue that scared a lot of people is just the volatility, you know, the 500 and 700 point swings that was scarry. >> yeah. >> that settle down, and even for the year so far, so not that much happened from january 1st to now >> yeah. you get a chance to start over again. all right. guys, thank you very much. always good to check in with you. jackie koski and julie warner. >> thanks, kelly big news from michigan moments ago. the perfect interview is standing by with brian sullivan at the conference in beverly hills joined by a special guest, brian? >> thank you very much very good timing to have the next guest on, rick snyder, governor of the state of michigan governor, welcome, thank you for joining us >> yep >> for the first time in many, many years, the financial review board that governs detroit decided to free the city from state control. what does that mean for detroit? what's it mean for the state >> well, it's another great sign

of a comeback of detroit it's a comeback city of the country. the trading needed to take place, better services to the citizens, and from that, let's keep oversight for some time period, but they earned their way out of it, running pluses three years in a row, ran out of housing for young people to live in downtown and midtown detroit. six new building projects were announced. it's exciting. we should be proud of what's happened there >> it's a big moment, and detroit got into the financial straits for a reason, you put them in bankruptcy >> yeah. >> how do you ensure detroit does not make the same mistakes it's made over and over again in the past >> that's why this was put in place. so many years. if they run deficits again, that oversight comes back >> okay. >> it's dormant by relief. the group goes to sleep, but can reactiva reactivate that's lessons we learned from new york city. remember back decades ago, new york city went through that. we looked at best prangts and

gpractices and got a good syste. detroit, you know -- >> done a lot with detroit on cnbc, as you know, they have done it well, but is that sustainable? >> it is >> is the great sustainable? >> it is it's exciting. it's accelerating. that's the wonderful part. now we need to make sure it spreads into the neighborhoods there's good things in the neighborhoods of detroit corktown, other parts of detroit are making exciting things i tell young people around the country, go there to start a place now, and i made a trip to europe, and, n in fact, it's the berlin of the united states. >> what's that mean? >> that was the comeback city. when the wall came down, berlin was the go-to place because it was challenged now they bring it -- >> got to be sustainable you were 4.7% unemployment rate, no. 1 fastest case of growth for manufacturing jobs >> yeah. >> you went to europe. trying to bring more mobility, autonomous --

>> connected vehicles. >> european companies coming to michigan >> companies around the world are, from the valley to new york are coming we're the center of that universe the it industry and auto industry are converging together, and auto industry and aerospace industry come together, and we're in the sweet spot biggest trouble in michigan is ensuring we have the opportunities to get great kills to the young people. >> you and 49 other states >> yeah. >> how -- i mean, there's 6 million open jobs in the country. what's wrong why can't we match millions of people who want a job with the job openings >> we're a leader in that. i'm excited by that. it's about stem talent, engineering talent, but the technicians. the skilled trades career and tech education needs to come back we messed that system up in our country so we have apprenti apprenticeship models and exciting things. i announced a plan for talent two months ago, the idea, invest $100 million in five years to talk about getting people compaetency based degrees in

robotics, computer programming, well-paying jobs you don't have to go to school for four years >> we have to have that hard discussion saying to kids, listen, bobby, like, go to a trade school, get bad grades at a sub par school, better off learning a trade how do you convince -- we've pounded kids over the heads for decades, go to college, go to college. how do you change the thinking >> just get them a great paying job, and they're there we are doing that in michigan. we're a leader it's interesting it's not fighting with one another, but getting them accepted where can you go to a class in high school and see the kids coming out smiling you can't. >> nowhere >> you go to the carpeter class because you cant be a carpenter without learning real geometry it's not mutually exclusive. they want to learn something that means something to their lives. we have to continue the rampup

with apprenticeship models michigan is a leader >> what is the condition of flint water today? >> the water is in good shape today. i'm proud to say that if you look at meaning federal standards, better quality than in other cities in the united states today we still have more work to do in flint in terms of, you know, the economic comeback there, and human services, but the water quality meets federal standards and better than other communities. >> rick snyder, governor of michigan, we have to do the hands -- two hands don't you know governor, thank you very much. >> great to be with you. >> governor snyder, back to you. >> thank you very much, good stuff, brian sullivan. he's the man behind lbmh, luxury goods company, in-depth look at bernard next coming up, chris giancarlo, rocked the crypto world and what's next for the space at 5:00

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louis vuitton, christian dior, dom perignon, more than 70 brands make up lvmh. and the person who put them together is bernard arnault. we caught up with the man who has been called the greatest taste maker in the world at his pride and joy, the foundation louis vuitton in paris >> i remember people telling me does not make sense to put together so many brands. >> you know the brands it's givenchy. it's fendi it's even thomas pink, sephora >> sephora, he, again, was

completely ahead of the game i remember when it first opened and everyone said he was crazy and it was never going to work. >> he recognized that there would be a taste for luxury goods, and frankly, an ability to pay for them. >> and it was a success. it is a recognized success >> he has some friends in high places too big names from banking to fashion acknowledging arnault's successful brand vision. >> there aren't very many people in the world who can do what he has done. >> in life he is exactly the opposite of everything he is >> we're dealing with one of the most successful people in the world, one of the great taste makers in the world, somebody with a great vision, somebody with a great eye >> he is always thinking, always thinking about the future, not only about the iconic titles, brands that he has >> and the full interview with mr. arnault is just premiering on our international youtube channel youtube.com/cnbclife

let's bring in courtney reagan for more kind of a cool opportunity to reflect on what he has done with lvmh do you think it has become kind of a standard bearer >> very much so, kelly lvmh is this acronym you know all the brands. you went through them a little bit in the intro there is only a couple of luxury companies in the world that are considered these sort of conglomerates. bernard arnault was the one who was the architect of putting a company like this together he was a civil engineer, and he started with his family's construction company, eventually convincing his father, hey, we should move into real estate and he bought this bankrupt textile company and in it was a gem. it cruzzistian dior. that's really how this whole thing started. his story is just so incredible. we saw some of those friends in high places. lord blankfein, anna wintour the access we got in the picture this man created, the definition

of luxury and conglomerate luxury as we know it today >> they always say the engineers a high proportion of them become ceos or a high proportion of ceos were engineers >> it's what he and john malone have in common. >> maybe the only thing. >> yeah, exactly but court, what happens after him? >> yes. >> he has done this, but now it's going to take someone with a lot of chutzpah. >> that's a really, really big question we asked him that and he sort of acted as yes, i know that question is coming several of his children are involved in the business and luxury sort of by definition in some ways is a family business, because it's rooted in heritage and legacy. but it's not for sure one of his children will take over. he sort of said all of these companies are family, and together they'll make the decision who takes over. i have a feeling his kids are probably in the lead of the positions. >> these transitions are always super tricky that could be another

documentary. courtney, great stuff. courtney reagan. it was a volatile day on wall street we went out at the lows, down 148 points a recap of the hdleseain and after-hours movers when we come after-hours movers when we come right back hey, there's cake in the breakroom... what are you doing? um...nothing? marvel studios' avengers: infinity war, in theaters april 27th. now...where were we?

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welcome back here is a check on the headlines making news after hours. share of cognex plunging down 14% act akamai higher. akamai up nearly 4%. and tenet health care surging after the hospital operate beat earnings estimates thanks to cost structure improvements, mike it's up more than 5% but it feels like we're waiting on apple tomorrow afternoon and tesla wednesday too. >> wednesday >> actually neither one of these are a great barometer for whole market. >> not really. although i think it was noteworthy apple shares were up 2% in a down market. obviously it's taken its punishment i think people are geared up to hear what is going to be announced potentially about -- >> capital. >> cash. and also just one of these there has been so much anxiety around the story of smartphone sales in china and everywhere else just having something of substance

reported might be a little bit of a relief. >> tomorrow, you saw the calendar wednesday there is a bunch of different ones this week but the tesla issue, the line i saw from an analyst earlier is how bad is it going to be? >> exactly tons of talk of the cash burn at tesla. it will be a fun one. >> we'll have much more on that still to come that does it today for us mike, thank you as always. "fast money" starts right now. it is a moment of truth for apple. the nearly trillion tech giant ready to report earnlings tomorrow as the fate of the market hangs in the balance. apple has been struggling of late negative on the year, still in correction territory down 10 from highs this earnings season we've seen a lot of big stock moves to lift the market higher. will it be different this time for apple? guy? >> let's hope so because there are a lot