u.s. drone pilot program states had to submit applications but industry could join none of the states that amazon was involved with were picked. >> the government not giving permission to amazon for the drone pilot. >> i don't know what you're talking about, melissa >> thanks for watching "power lunch. >> "closing bell" starts right now. welcome to "the closing bell." i'm wilfred frost. equity markets shrugging off the oil near session highs i'm bob pisani i'll show you which sectors are likely to feel the heat from those twin threats in sunny fremont, california, i'm aditi roy. as the golden state gets closer to forcing home builders to install solar power. is the government going too far? i'm meg tirrell reporter on a life saving allergy medicine plus big earnings after the bell and why one tech titan is going to let you think again

before you let your kid play with your phone. i'm kelly evans and "the closing bell" starts right now welcome to "the closing bell," everybody we'll get to all those stories in a moment. but first a check on the markets. dow up 185 points right now. we were up 226 at the highs. we are on pace for our fifth straight day of gains. >> let's get to bob pisani on the moves. >> something important is happening. we are breaking out of a range here look here. this is the daily chart, middle of the day all of a sudden we move up why is this happening. because that 26/80 range was important. that breaks a down trend for the last three months, we've been talking about lower highs in the market. just put that up here. you'll see considering lower highs throughout the last three months or so that's changed the whole market tone in the last day or so that's what i'm talking about. thank you very much. there we go. and we have broken out of that there you go

that's what people are noticing. other things are starting to break out. sectors that were market leaders. look at semiconductors, for example. that was a big market leader in the beginning of the year. down trend and look we're starting to break out of that in the last couple of days as well. same with the banks. kbe another big etf we've been watching that was a trend we saw. it, too, starting to break out look at that people are starting to notice that and say wait a minute maybe the bulls are regaining control of the narrative a little bit. what's the narrative we keep talking about? very simple. q2 economic data is a little bit better earnings, no drop in guidance. numbers are all holding up and inflation remains moderate i think that's the key story everybody's worried about whether the 10-year's going to go over 3% it's sitting at 3% okay, it's elevated but it's not blowing up on us right now though it's slowly moving up also ppi data, i think that's very important we look at the inflation year

over year. and look look, it's not low, but it's certainly not blowing up at this point. i think that gave people a lot of comfort there is a bit of concern about commodity. but it seems to be contained right now. here's the final thing missing we don't have a lot of volume. people are saying we need to get people to be more enthusiastic about buying when we get the markets down you see the biggest volume days of the year? when the market was down big none of the big moves on the upside are in a lot of volume. we know this about the midterm elections, about the sale in may. sideways is the most likely trend we're seeing it is encouraging to get out of this lower high pattern we've been in. >> love the charts as always, thank you let's flip to the nasdaq for a look at what's moving there with bertha coombs. >> yeah. we are watching big cap nasdaq being tin the lead onceagain. the nasdaq within 4% of the

all-time high. so is the large cap etf. the xlx, it's about a couple dollars away from its march all-time high. the chip sector had really changed trend. it is no longer in correction. now it's down less than 10% from the all-time high. as are large cap biotech a lot of earnings movers, electronic arts at a new historic high after an earnings beat after live services, live gaming services really becoming very popular more so than the games themselves sometimes mylan also reported better than expected earnings. alphabet and all of the fang names are higher today but they are all now out of correction down less than 10% from recent high that's a big shift among the losers today, also some earnings names. biggest decliner, monster beverage following disappointing margins. downgrades there same story for crocs and papa johns. and finally, you know, lots of

deals today. investors not so sweet on liberty global's deal to sell its european assets to vodafone. back to you. >> and bertha, thank you very much check back in with you shortly we're also watching some twin threats that could put a damper on the rally. crude oil trading near a 3 1/2 year high after the president pulled out ofz the iran deal yesterday. this sparking concerns about the oil supply and tension in the middle east. the administration also reporting a fall in crude supply for the first time in three weeks. >> that second threat, the 10-year. it hit 3.01% earlier that's the highest level since april 26th plus the dow has traveled 1,000 points from thursday's lows. let's discuss further bringing in shawn cruise, tim anderson, and jeff sought.

good afternoon to you all. i'll start with you, shawn, if i may. bob mentioned the ppi number, the producer price inflation, coming in softer than some had expected are you therefore surprised today is the day we went back um on the 10-year >> surprised where that rise in rates is coming from if it's coming from an unexpected pickup in inflation, that's a little bit more unsettling to the markets. if it's coming from maybe an expectation for a pickup in growth i think it makes sense we saw those ppi numbers today that came in a little bit soft. that's why you're not seeing quite the reaction to rates hitting 3% that we had seen in the past >> tim, i'm even wondering if those are twin threats for the market if you look that higher oil tends to bolster the energy sector typically makes everyone feel better with the growth >> i think they both cut both ways clearly people may get concerned about oil going a lot higher taking a lot of money out of

consumers' pockets but there's a large chunk of the s&p 500 that are oil and oil sensitive stocks as long as we don't spike sharply, i think the market can probably handle that and with the interest rates, it's the same thing. this is the third time we've been at 3% in january we've got there very quickly. there were clearly other factors involved in the market at that point in time. but now even though we're at 3% again, the curve has steepened a little bit so that makes people maybe feel a little bit better about the financials >> jeff, talk to me about what the u.s. dollar is doing now particularly in light of the rally in oil prices we've seen and just been discussing can both of those two commodities and currencies, can they both still continue to strengthen together? >> i think the u.s. dollar has made a bottom. i think it's broken out of a base i think it's going higher. i think the strength in the oil and the interest rate complex is suggestive that the economy is

going to strengthen in the back half of this year. i was very impressed with bob pisani's charts. i'm looking at the same thing. the tech stocks are breaking out. the financial etfs are breaking out. and i think we're going to make new highs. >> tim, you're nodding your head too. do we go back to fundamentals? one of the overlooked things that's happened is we now have a matching number of job openings to job seekers in this country i mean, amazing. it was like a seven to one ratio back -- you know, right after the recession. is it because the fundamentals are coming back and that's why the market is looking so strongly positioned again? what do you think? >> we just had a week and a half of very solid macrodata on the economy from the gdp number for first quarter. which came in at 2.3%. double what the first quarter was the year before. and the first quarter has been a very tough quarter for gdp the

last few years and all of the data last week through from the pce stream to the ism numbers to the job numbers at the end of the week were very solid. so, you know, it's not surprising to see those job openings, job availability numbers come out and also to back up what jeff said, the russell 2000 is very quietly now less than 1% from an all-time high. now, clearly a lot of those names have a little bit less exposure to trade anxiety around the globe. but that would be very positive to see the russell make a new high and hold it >> okay. we'll leave it there we're out of time. thanks, all, very much shawn, jeff, tim we've got 51 minutes until the close. we're near the session highs the high of the day for the dow was 226 points we're at 190 points. so we're up a percent or so for all three of the major indices stay right there "the closing bell" is just getting started. >> next up, california's new

plan to force home builders to install solar power on each and every house. is it the best thing or government gone wild? plus, much more on whether the bulls are retaking control with today's wall street rally this is "the closing bell" on cnbc live from the new york stock exchange with kelly evans and wilfred frost. we're back in o nus.twmite mom you called?

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i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around. welcome back check out the move in the guggenheim solar etf today just popped higher california's state energy commission just approved a new bill requiring rooftop solar panels on newly built homes in that state aditi roy is live in fremont for the latest >> that decision just came down minutes ago. it was unanimous let's look at some reaction already coming in from the solar industry officials with the solar energy industries association saying this is precedent setting policy sunrun the largest company in the u.s. applauding the decision saying -- telling cnbc that new homes have not been a part of

sunrun's market to date but the company is, quote, excited to explore it this would autostart in 2020 it would include all residential buildings including apartment buildings and condos that are three stories or lower up front it would cost $9500 per home in added construction cost. however, it would result in energy savings of up to $19,000 energy savings in 30 years i also talked to the head of kb homes. he tells me they are supportive of this measure. that already in corral, 35% of the new homes they're building include solar. the state's commission has to approve later this year. the building industry association also support this new measure but no doubt some potential home buyers may not be so happy given the state is already -- the housing market is already saturated and the housing costs here in the state are skyrocketing back to you. >> aditi, thank you.

let's dig a little deeper now. >> joining us is kelly nutsen and jimmy pathakugis very good afternoon to you both. kelly, i'll start with you i mean, the fact that this has had to be mandated and brought into law in order for it to be widespread, does that not show that the solar industry and the costs of it isn't ready for this type of move quite yet in free market situations? >> i would say this is a historic moment. we're building an even better home for californians. we as a state have made super efficient homes since the 1970s and now we're going to be having solar on every home. i think this is going to be a real win/win for both the consumers as well as our environment as we see california really continue to grow the solar economy. >> jimmy, why can't consumers

make their own decision on this? they're moving toward adopting solar anywhere 38% of new kb homes have this. $9500. of course it's a regressive move it's going to fall heaviest on those who can least afford it by mandating it what are your thoughts >> it reminds me why i'm an escapee from los angeles and from california. there are state governments which really don't care about the cost of living in the state. they just killed a bill to increase housing in california especially high density housing, buy transportation, do something with the housing crisis in the state. but what they want to do is increase the cost of housing by $10,000. it's just the opposite of what they should be doing no state in america should copy california's housing policy. as we said earlier, listen if people want to buy this, that's fine. so this is great for wealthier

homeowners but for everybody else, it's one more reason either to not go to california or to leave asap. >> kelly, what's your response to that in terms of those -- your thoughts towards those home buyers that perhaps are below that range of income that this is really going to hit hard? >> well, i think that this is actually going to be a great investment for californians from all income levels. they had a stat today that said that the energy savings are going to get a monthly basis is going to be twice as much as what the increase in the mortgage would be. that's a 200% rate of return there. this is a good situation for california and homeowners. >> after 30 years you might make your money back. and as far as the 40 bucks a month, you have to come up with the money to buy that house up front. with the housing affordability, the number one issue in that state should not be climate change they do in california is not going to affect the global climate. what they should focus on is affordability and lowering the cost of living for californians.

and in a key state where we have these high productivity cities, we should want more people to move to california and they're making it harder >> kelly >> well, we believe that this will actually lower the ongoing energy costs this is helpful for folks of all incomes. low income families spend more on their energy bills than anybody else and in order to have something that'll be there in your house, a really efficient home with solar on the roof with low ongoing energy costs, this is going to be important. >> kelly, this is the issue. listen if you wanted to help lower energy bills, there's two ways to do that one is that you directly subsidize which of course we've also seen with solar where the taxpayers are bearing the cost for those who can't afford it. the other is you turn around and let me market to continue to move in the direction it's already moving which is going to lower the cost of these installations anyway why does this move across the board slapped on everybody need to happen right now when it's already becoming cheaper and cheaper with every passing year

to make these installations? >> i think that's a great point. it's measures like this that have been helping making everything solar, energy efficiency, all of these are cheaper and chiefer. we've seen in california since the 1970s, high efficiency measures and since the state has been increased, the energy use has stayed flat. >> expensive energy in the country other than new york and new england. the same policies that have created that are going to make it more expensive. high cost of living for energy high housing really, it seems to be just the opposite of what they should be doing in that state. >> you should look at the energy bill that's the most important part what are you paying on a monthly basis going forward. >> jimmy, do you think -- listen we know the move towards renewables has raised the cost of bills for people at home. understandably if they want to move away from coal, that's fine but is there a way to introduce this so that there's some relief for people on the lower end of the income spectrum and you let all the wealthier people -- if

you're going to force them, force it on those who can afford it >> i think the key is patience you know, the cost of solar is dropping why do this now other than as a slap to environmentalists. the if the costs are going down, let them keep going down i think some home builders are wondering why they're doing it now. and in the meantime, let's build some housing in that state some high density housing. >> we'll have to leave it there. thank you, both, for joining us. interesting day to release it as well with oil prices up 3% which is the only factor that could play into the hands of this move >> as you saw home builders down 4% to 6% today this does penalize the builders of those to existing homeowners. >> that's the kind of theme with the buyers of the homes as well as the builders of the homes we got 40 minutes left of

trade. we were up by 226 points on the dow at the high. that came at about 2:30 p.m. we're just giving up some of those gains. the nasdaq and the s&p up just shy of 1%. up next, sears soaring on the back of a deal with a surprising partner it has to do with your car we'll explain that plus a silicon valley font leader is talking about your teens and screen time. that story and more when "the closing bell" returns.

we have just under 40 minutes. about 47 minutes to go of trade. we've got a few individual stocks to watch. >> how about liberty global which is moving lower after vodafone confirmed it'll pay about $23 billion for some of the company's european assets. john malone seeing this as a move for the merger. >> the move in vodafone went up in trade kind of interesting because it's not typically what they do it is what we see a lot of these carriers do what they can offer a package in terms of content as well but it's not really what vodafone has done. it's not what vodafone has done in the markets it's a surprise for them but the market took it well. other stock to watch today sears announcing it will install tires ordered on amazon in its auto centers

the stock is up significantly. 17%. when i saw the size of that move initially because they are going to execute on amazon, i was surprised. but they sell these types of products in terms of if you buy the sears tire and also install it there and so you can understand the size of the move but the pair of amazon highlighted once again >> magnified because it's so cheap. that's under a 50 cent move for the company. they've now realized if you can't beat them, maybe partner with them. i expect with all the financial pressure on lampard right now, there could be more to come. quote of the day softbank's earnings kael today, he thought he had a jump on the news deal of flipkart and walmart. >> he said i think we announced it last night. then he wrote a note left for him and back tracked he said i see that flipkart/walmart deal isn't fully confirmed at this point in

time oops >> what else can you do at that point? this is the biggest i think deal walmart's ever made and he let the cat out of the bag it had been rumored it was coming it wasn't like a huge bombshell, but to just let it fly on the earnings call like that. >> exactly it was building and on the day of it anyway but, you know, we all make mistakes you have to quickly send an apology letter to the likes of the s.e.c. but i'm sure they'll let him off. i wonder what oops is in japanese >> i don't know. >> maybe it's the universal world. >> maybe they don't make mistakes except in this case. 35 minutes to go dow hanging onto 172-point gain. s&p up 25. nasdaq up 70 it's the strongest performer today. russell up ten still ahead, bob iger is confident his bid will go forward. we'll hear what fox execs had to said on their earnings call

today. and a new controversy surrounding donald trump's lawyer michael cohen stick around "closing bell" back in two minutes.

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hi, everybody, welcome back

to "the closing bell." i'm sue herera here's what's happening at this hour president trump terminating the iran nuclear deal saying bedlam and death follow wherever iran is involved. it came as he kicked off a cabinet meeting at the white house. >> we have terminated a terrible, terrible deal that should have never, ever been made and we will be putting on among the strongest sanctions that we've ever put on a country. and they're going into effect very shortly >> nbc's internal investigation report following matt lauer's firing says it does not believe there is a culture of sexual harassment in the nbc news division but it also says more needs to be done to ensure that employees can talk about bad behavior without fearing retaliation. comcast is the parent company of nbc and cnbc

tiger woods has officially committed to play in the british open in scotland it will be his 20th appearance in that tournament and the first time in three years he'll be playing there. he is a three-time winner of that event we wish him good luck. that's the news update at this hour kelly, wilf, back to you >> sue, thank you very much. we do indeed wish him luck didn't happen for him the last major. but good to see him back >> the open there. >> it is called the open any true golf fan would say that i'm not a massive golf fan but i know that major is called the open i understand why from afar people stick in there. crude up about 3% right now. wti trading over $71 a barrel. all this as the stodollar is strengthening. let's get to our panel joining us now from davis

research, from stewart frankel, and kkm financial. you picked up the match and they did okay >> they did okay if you read through their earnings report and conference call, they beat on every metrics. it's still that facebook competition that has sellers emboldened and buyers hesitant >> after that -- >> i'm breathing a little easier but it did get pretty whacked this morning it's been back and forth for red to green you know, i'm okay there tesla another one of my bets, my short-term bets is up today. based on that california rule and on solar panels. that one is -- >> solar city had been struggling they changed the business model trying to shore things up. >> there's a hundred reasons why tesla should struggle. it kills the bears every time the stock pops >> let's talk about rising rates. seems the market is saying today there's no reason to worry about

them >> you're absolutely right it seems a leisurely pace ticked above 3% and a decent demand for theauction for the 10-year we saw get taken down. at the end of the day, i don't think the emerging markets, i don't think we see any problems with u.s. equities now, if we get above 3.03% in the 10-year which was the april high, highest since 2014, if we get above that we could see serious selling in the futures that is when people are going to have concern we're seeing mild concern and some outflows in emerging markets. end of the day, it's okay as we grind higher in rates. >> where do you think we are in the cycle as we're talking about interest rates moving higher and that sort of thing >> the important thing is the speed not necessarily just the level. i know there's been a lot of focus on the magic 3% level. but if you looked the last few years, it's really been if you had a three to six month move of more than 40 basis points that the equity markets have been in

trouble. >> what about where we are in terms of the economic expansion and the stock market side? you hear a lot of talk about us being in the late stages of one and how much longer can this go on and is this the peak of the cycle? >> the yield curve has been a great indicator if you want to talk about interest rates and the economic cycle but since they're manipulating the long end of the curve as well, we're looking at weekly unemployment claims. it's really not even close signaling the recession. so we probably have a good year to go before we have to worry about the end of the economic cycle. >> steve, are you surprised to see oil take off today you said before you thought it was the perfect storm. >> i think it still is i think you have to -- markets shoot and undershoot i think that people when they see the iranian nuke deal or think about potential geopolitical hot spots, you think oh, my gosh, what's going to happen now. but isn't it a little suspect? why would iran now start doing anything to rattle anyone's

cage all they would do is prove the u.s. right that we should have renegotiated this deal. so i think they're going to behave nicely. >> you really think that >> well, i think they're going to have to what would be the benefit to them to rattling the cage on anybody right now? because all of a sudden -- >> but do they have to show -- look what russia's done, what putin's done he does something outward to say look how important and strong russia is on the world stage does iran do the same kind of thing? >> i think iran has done enough to get themselves into this situation where they look like the child in the room. they want to act like an adult now. and to act like an adult, you don't start throwing things or lofting bombs or missiles. although they've already done that, you don't want to start that again it doesn't behoove them to do it. >> grasso, i've got nothing but love for you but let's be honest the supreme leader of iran had not the nicest words to say. i think the rhetoric goes up

>> and that was iran behaving well but let's look it back what was the initial run-up? jeff, what was the initial run-up in the oil market it was the saudi aramco deal every wall street analyst, every wall street sell side bank wants a piece of that saudi aramco deal they are going to be nothing but bullish going into that. it's the perfect storm >> that's right. and that's been the one/two punch. >> i'm sorry, what >> that's the one/two punch. we saw oil lead this rally let's talk technicals. thursday we violated the average. what has oil done? moved us up above the 50 day now we just kissed 2700 in the s&p 500. you're right crude oil is providing leadership we'll see if that persists as we test that $75 level in kroocrud. >> your thought on the energy sectors? is that a good time to buy those

stocks >> it's been a huge disconnect the last 6 to 12 months but the equities have been terrible. historically that hasn't been the case the last time there was this big of a disconnect is before energy stocks went on a multi-year run. >> what happens if the energy stocks are right on that disconnect what happens if the actual commodity is due for a crash and the energy stocks were the ones that were leading? >> sure. then you're talking about different economic environment the margin for safety and energy sector is a lot better now because the energy sectors' weight in the s&p 500 is less than when oil is at $26 a barrel compared to other valuations in other sectors, there's resumes to play in energy. >> all right great stuff as always. we've got about 23 minutes to go until the close. as we stand right now dow up 152 points the last hour has seen it come off its highs.

226 was the high of the day. we're still up the better part of a percent for the nasdaq and s&p. coming up, planet fitness under pressure today we'll tell you what's weighing on that stock. plus we've got a bunch of earnings after the bell today including 21st century fox after yesterday's report from disney be interesting to see what they say about their looming deal bring you the numbers and analysis coming up on "the closing bell."

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and gold markets. okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you. welcome back to "the closing bell." we've got just under 20 minutes left of trade. here are the leaders in the dow for you. coming up right now, dow dupont up the better part of 3% ge having a nice little run today. exxonmobil unsurprisingly doing well as are energy stocks more

broadly. oil prices up 3% and merck up 2%. but shares of planet fitness are under pressure after releasing earnings last night. diana olick has those details. >> they did beat by a penny. 27 cents on a revenue of $121 million. same store sales were up 11% it was lower than the previous quarter. that could be some reason for the weakness full year guidance did hold about 20% increase in revenue and eps up about 40% for the year in the release, the ceo said the company's growth was driven we t -- by the expansion that's kind of a slam at the high priced high intensity boutique model we're seeing so much of now. but we also continue to explore ways of our offering including utilizing technology to provide more immersive workout recommendations. so that's kind of if you can't

beat them, join them now, planet fitness is also continuing its expansion to malls which are courting them a lot. trying to fill space vacated by traditional retailers. kelly? >> yeah. it's fun to watch that happen. as they all, you know, transform. but diana, while we have you, i want to talk those mortgage numbers. broadly speaking what's the read on things with rates moving higher here? >> rates were moving higher again this week. they dropped back this week but that had no effect at all. both refi applications higher than a year ago and for buyers, it's not so much about the rate now but finding something to buy there is just so little out there that's affordable nowadays >> okay. diana, thank you for that diana olick in washington today. we've got a word on apple.

>> apple is planning to sell video subscriptions through its tv app this is according to a report just out from bloomberg. as of now users can subscribe to certain video services through apps individually that they download from the app store. this move which would sell directly through the tv app would simplify that and would be a place for users to buy wsh, watch, and finance content which allows customers to purchase stand alone sub skrixs -- subscriptions. the report says apple plans to roll out the feature in the next year citing sources. apple declined to comment. >> this is the tv app within the platform like apple tv or other particular models that you can have the app on. can you then buy -- will the subscriptions be the same cost as if you have the hbo app and

things like that do we know anything about pricing yet? >> we don't know anything about pricing. this is just one report at this time, i should say if it is, in fact, similar to what amazon does, you add subscriptions to things like hbo within your prime video, for example. this is an interesting way for apple to increase its services revenue which has been growing over recent years. and it's projected to hit some $50 billion in revenue by 2021 so this would be a big move for the company, help them increase revenue on that side especially as iphone sales begin to slow. >> the only thing i wonder, though, if apple puts itself in the middle of this, don't they demand 30% i'm not sure if amazon would do it the same way. i'm not sure what the incentive is to say we'll give you a chunk of this for being the middle man. >> right especially because this would be a new way of doing things. but right now i think that some of these subscription models have actually benefitted from letting users within, let's say,

amazon prime video subscribe to it in the case right now, users have to go onto the app store and download a separate app. i think that these changes would make apple tv's app a more central place for users to download and buy and view content. >> interestingly enough, roku which reports after the bell today was up like 7% today already having a big day so there's a lot of movement in this space deidra, thank you very much. doo deidra bosa out west for us. 14 minutes to go until the bell dow is up 144. >> up next, mike santoli is posting up one of today's big movers mike >> well, the whole energy sector is leading the market today. we have one stock that's up because of its own results much more than the sector is tell you the details when we come back.

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welcome back to "the closing bell." just ten minutes left of trade the dow up 0.6%. let's send it down to mike santoli. he's on the floor of the stock exchange posting up occidental petroleum. >> it's kind of a mid-major. a $50 billion market cap it's on a good roll today. up about 5%. most of the day they had results earlier this morning they beat on earnings, on revenues, on production. they said they're going to resume their share buyback plan. and a lot of the guidance for down the road looks pretty good too. not just oil but also the chemicals operations look like they're beating analyst forecasts. pretty much all in line. i think the big thing is how much juice is left the shares are up 30% in just the last six weeks like a lot of these energy names, they have a lot of momentum behind them >> mike, how does that 3.7% dividend yield stack up compared

to the other energy names? >> yeah, wilf. actually, right in line with a lot of them. that yield has been going down as people found other reasons to buy it besides just the dividend >> you see that graphic? nice little basketball hoop. mike, you should have gotten a baseball reference though. i don't know about you under the hoop there it is. >> we like it. mike can't see it. >> you guys playing a video game around me or something >> we'll show you. looks good we got to get your face in there somehow. mike, we'll see you in a few meantime, let's check in on the airlines shares of allegiant and american moving today phil lebeau joins us from chicago with more. >> and wilf, this is from the office of the inspector general. essentially it says it's in the process of assessing faa's processes for investigating allegations of improper maintenance practices at two

carriers allegiant and american airlines. there is no indication based on this announcement that either of those airlines have explicitly done something wrong american out with a statement today saying that american airlines was shocked to learn of the office of inspector general's review and we stand by our strong safety record our team is working to understand why we are part of its review as for allegiant, it says we welcome any analysis of our operation and safety culture at any time it will show what we know to be true that allegiant operates at the highest level of safety in strict adherence with all faa regulations and guidelines there might be nothing to this oversight audit by the inspector general, but this alone is enough to push both of these shares lower today there you see american down almost 3.5%. allegiant down 2%. back to you. >> thank you very much for that. big moves there on those airlines coming up next, we'll be back with the closing countdown

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zblmpbls welco welcome back to "the closing bell." look at the intraday chart of the s&p very quickly to talk us through the highs and lows as you did see, we opened slightly positive. we got to the low of the day around 11:00 a.m that was still in positive territory. then it was a pretty encouraging rally right through until 2:30 p.m. throughout the day building momentum which we haven't really seen for many days straight. the last couple of hours of trade as you can see essentially flat just coming off those highs a little bit let's look at the three individual indices to see how we're standing and the dow as we approach the close, 154 points high that's how i said we pulled off the highs in the last hours. and the nasdaq leads the charge as well. it's still up the best part of 0.9%. oil prices have been key throughout the day let's have a look at the chart of oil over the last couple of weeks. there it is today opened up about 3%

stayed up about 3% but has been rallying of late if we now look at the likes, marathon oil, devon energy, norfolk, they're up between 2% and 3% the other have been yields we're back up to 3% on the 10-year. above 3% for just a second time. right at the end in april it happened once. then today it's happened again clearly yields markedly higher let's have a look at some interest rate sensitive moves today. on the plus side, bank of america to mark out the fact that, of course, higher rates is good for banks that's up 2.6% but the two worst performing sectors today, utilities there there's at&t down for you 0.9% and as i bring in bob pisani, we got to look at the sectors overall. it is clearly played out in the sector performance rates are a factor therefore

utilities and telecos down >> the key story today besides oil is the breakout from the down trend so we saw in the middle of the day, there you see it, when we started moving into the mid-2680 range, that's the breakout from the down trend and we broke that this morning market reacted we saw lift up the s&p 500. there's that down trend that you can draw the line from those highest points there that's not only in the s&p 500 we're seeing it in other sectors. so the russell 2000 as well as the mid-cap, they're also breaking down trends this is becoming very important because traders are trying to figure out where we're going there's the russell 2000 look at this we are 1% from an historic high in the russell 2000. we only have 15 points or so, 16 would be the historic high you break out there, you're going to start hearing people talk about not just breaking down trends but now we're in an

uptrend. >> does that talk to the fact, bob, that we've seen the dollar strengthen perhaps not as effective negatively as some of the big cap names? >> i think that's a factor in holding it up. but the narrative has changed a little we talk about the bears having a narrative a week ago now in the last week we've had better economic data the jobs report. ppi today did not indicate runaway inflation. there's a little bit of an issue in commodity but we had the ten-year auction 3% holding right now and finally we had earnings. still second, third, fourth quarter all still holding up no decline there at all. remember peak earnings is a bogus argument if we get economic growth. and we are continuing to get economic growth. >> you mentioned ppi there softer than people expected. that's of course producer price inflation. what if tomorrow cpi is once again strong will that derail >> if suddenly the 10-year goes

to 3.1% outside of the small group of commodities, yes. >> either way, nothing derailing things today there goes the bell. we're up 182 points on the dow so we've made a little bit more progress the nasdaq up basically 1% ringing the bell at the nasdaq mmi holdings here at the big impel, western gap partners kel kelly's got the second half. thank you, wilf. welcome to "the closing bell," everybody. i'm kelly evans. 183 point gain for the dow i think we're up a thousand points from last thursday's lows we're still digesting the president's decision to impose sanctions on iran. that had a big impact on the energy space today

look at stocks sluggin inshruggt off. the nasdaq up exactly 1% to 7339 and the russell 2000 is bringing in the rear for today but only 1% off their all-time highs because the small caps have been hanging in there today up a little more than 0.5% at 1596. a lot of earnings movers in there we'll get to, but we've also got big names on earnings headed our way today julia boorstin is standing by to cover results for us seema mody will bring us results for roku and courtney reagan from elf beauty joining me now michael santoli, the postup guy >> otherwise known as, yes >> we'll show you the graphic. it's got a basketball. it's cool. >> i need to see it. >> you do. paul hickey is an investor

leading the dow, today was dow dupont walmart down after announcing its flipkart deal in india on the s&p, tripadvisor. there were a lot of big moves. the 10-year went over 3% today now wti over $71 a barrel. if that was such a concern, why is everything being staken in stride >> i think the market -- the stock market had done all this kind of testing just to see if any incremental news was going to break it below this recent range. it didn't happen this morning or really early afternoon when the market did take off and really start to rally, it wasn't any headlines it was just about, you know what this is going to hold. the volatility index went below 14 that says we have some stability here as bob was saying, we have a chance to make a run and maybe get rid of this down trend that's been in place for a couple of months now

so i think it was a tactical move add to the fact that energy stocks leading obviously help on the upside and then we've kind of made our piece with 3%. let's be honest on the treasury yield. we've been living with it for three or four months now. >> 3.03% not to be two zeroed in on it, but that was the double top. now we're touching that again. i don't know, if we go back up above 3.03%, is that more significant? >> i do think, look, you can't extrapolate the stock market at this angle forever but i think basically right now you've been in this range long enough, you've assimilated these conditions for awhile. it was just enough for the buyers to take a chance. by the way, yesterday it was tentative about the president's iran headlines didn't really buckle i think after you do that kind of testing just wants to give them a try >> how about energy? some of the energy names

which way do you think the gap gets resolved? >> i think this is all about getting confidence back in the growth story in the u.s. economy and the global economy so today, energy certainly did outperform but so did industrials and financials two days in a row of financials. wehaven't seen that since january. i'm kidding, but cyclicals certainly led. as well as semiconductors. i think what happened yesterday was there was a conference for industrials. caterpillar spoke. and they basically retracted their high water mark. >> i'm guessing they didn't repeat that phrase after what happened last time >> no. but if you actually listen to them on their call when they reported, they actually didn't mean it that way you could tell they didn't and we retraced it yesterday i think that comment on the conference call was the start of selling off cyclicals, right now we have confidence that maybe things are still good. it's may so we got may data points several chemical companies

talked about pricing power, being able to deal with the higher commodity costs >> so you like the industrials here >> i do. >> what about the energy names >> i am overweight industrials and energy and financials. because i believe the fiscal policies is going to lead to a bit better growth in the next couple of quarters i think interest rates are rising for the right reason. i think we're at 3.03% because growth is okay >> paul, you agree with that and what -- as we get ready for more earnings coming our way, what do you think has been most significant on that front? >> you know, i think interest rates can rise as long as the economy keeps growing. and that's what we're seeing i think you look at this down trend that broke today that everybody is so excited to see broken and it's how did we get there? cyclicals on a relative basis out performing that's good. and small caps are outperforming as well. every small cap sector is outperforming its large cap peer over the last three months

11 for 11. you don't see that very often. i think it's a sign that economic growth in the u.s. continues to hold up even if there are concerns of slowing in europe so i think if you do start to see investor flows into small caps, you can see a lot more room for growth there. the entire russell 2000 has a smaller market cap than the top four companies in the s&p 500. microsoft, amazon, apple, and google >> those are swallowing up whole countries at this point, but yeah i take your point. and we should tell people what you're saying is even with the rebound we've seen, you think that smaller companies still have room to run >> yeah. i think we focus on u.s. growth. oil prices are up in the last four weeks but a lot of that is geopolitical it's also come as the dollar has strengthened you don't see oil and the dollar rally to this degree simultaneously very often. and when we go back historically, whenever we've seen similar types of rallies,

the stocks have done well going forward. it's a sign of strength over, you know, concerns or inflation. >> i like that because it was a unique and sort of odd fellows pairing today let's get to the 21st century fox earnings that just crossed the lines. >> fox's revenue beating estimates of $7.4 billion. that's down from $7.56 billion in the year ago period adjusted earnings per share missed estimates those were 49 cents per share versus estimates of 53 cents and that's down from 54 cents a year ago period. the company in its earnings release here, both say iing the cable segment delivered its highest earnings ever in the fiscal third quarter propelled by double digit gains saying the programming continues to drive

to distributors as well as the direct relationship with consumers as they're demonstrating with the indian premier league on sports and delivered box office and awards momentum they expect to continue with the release of "deadpool. as well as the value of those brands is particularly relevant in the light of all the interest in fox now from comcast as well as disney. back over to you >> julia, thank you very much. sharing up just under 1% mike, what do you make of it >> pretty much as expected you know, as julia suggests, this stock is going to trade based on deal news we'll see what they have to say about the posture towards offers it seems like it was okay. bottom line misses, you know, i don't think this a company that really is run in a beat the number culture by making sure a penny a head of estimates. >> and also they're talking so much -- there's so much pressure right now across all the media companies. all of this uncertainty about

the deals. we saw how disney did not respond all that well today. >> the problem is with disney, 50% of their ebitda is espn. until you can get your arms around where that growth trajectory is going and maybe it's stabilizing because it seems it's found a bottom. i don't know there are so many other names to buy -- >> you could buy a few billion dollars of something not espn it could go down. >> you're in limbo with these names. i've been a big fan of comcast i still am but it just doesn't make a lot of sense they're the ones that don't need the content. disney needs the content, right? because they're going to offer their netflix look alike next year they need more content comcast doesn't need the content. and they would have been better off as a shareholder to buy back their stock. it's like a no touch right now, that sector.

i would love to be a contrarian about it, but it's a tough space. >> i think a lot have that view. i think that's why comcast stock has done what it did a lot of investors wanted just to be a piping company and seems -- >> and yet they wantnetflix to be a content company why does netflix get to be a content company but microsoft is pipes? >> inherent advantage is having the water front and these exclusive territories to supply the broadband service that you need to buy net innics >> exactly paul, real quick word to you on 21st century fox before we go? >> as this landscape changes and you go over the top, i think brand is going to matter disney to their respect as we get more of an out of

subscriptions, that will be a catalyst >> this has keyed up the earnings from roku let's get to seema mody. first we'll do bookings holdings >> yes booking holdings formerly known as priceline reporting better than expected earnings revenue is also a beat at $2.93 billion. here's the story revenue guidance for q2 a bit light as is earnings you're looking at earnings of 1635 to $17. that's below estimates that's why we're looking at the stock down about 6% here in extended trade this comes asbo booking has trid to better compete with airbnb. recently auns nod a milestone of five reported listings which does put it ahead of airbnb. in order to maintain that lead, it's going to have to invest much more in its portfolio of homes and apartments and its inventory, if you will

certainly marketing as well to get the name out shares down 6% we'll get on the conference call in a bit back to you. >> so seema, do you think -- so booking or priceline is down 6% today today. that was kind of in their home of the portfolio is that the contrast between the reaction we're seeing here >> it's interesting. tr tripadvisor was mostly driven by experiences and restaurants as more travelers seek content, reviews, and liked to book tours on tripadvisor were higher to this point with booking in the hotel space, consumers want that experience to go beyond hotels booking as well as expedia have been trying to bolster their bookings in homes and rooms.

>> it's expedia that has home away, right? >> they bought it for about $4 billion. >> thank you very much booking's down about 6%. what are your thoughts >> the stock was up 26% year to date it held up remarkably well and so -- by the way, tripadvisor was up before the move today the question on guidance, i'm wondering if perhaps maybe they have to invest more and margins you don't get the operating leverage and that whole thing sprierls a bit i think this is very interesting. i think on these pullbacks is when you really want to buy. these are great growth stories >> booking still over $2,000 a share. $2,045 with this hundred-plus-dollar decline. thank you for your time joining us talked about the markets today. there's a lot more ahead on "the closing bell." straight ahead, much more on fox. when we caulk to a top analyst

and a major shareholder, where is thiscompany going and how much is the stock going? and see who's telling his children no to tech coming up. this is "the closing bell" live t new york stock exchange with kelly evans we're back in two minutes.

welcome back to "closing bell." i'm julia boorstin with an update on fox and sky. 21st century fox updating its commitment to its purchase of the outstanding shares is of sky that it does not already own remember that fox currently owns 39% of sky the company says it remains committed to its cash offer for the shares of sky which the company does not already own and is currently considering its options. of course it's considering its options in light of comcast making a bid for sky as well you see 21st century fox shares just fractionally higher back to you. >> thank you for more let's bring in barton crockett and steve dudash. good to have you both with us. barton, let me start with you. what's your first read on the

quarter overall? >> i think the quarter is a side show relative to the bidding war that's erupting for the bulk of their assets the quarter numbers came in a little bit less than we were modeling but that was all corporate and other which was really non-core. the rest of it was on top of what we had in our model the important thing is that they're growing affiliate revenues and their cable segment. so those are the real kind of pieces that you love of fox right now. and they seem to be all right in this quarter >> would you agree with that as a shareholder? >> i don't think anyone cares that they missed their numbers a few minutes ago. the stock price right now is completely overvalued. we all know that you've got two companies competing not necessarily because they think it's a great value to buy in but they're afraid of the other guy getting it and leaving them out in the cold right now the fundamentals are kind of out the window the real question is who wins

the deal and then are they the better stock for winning the deal a lot of our situations, we're modeling that we think whoever doesn't get fox at the end of the day is probably the stock to hold that's the one that has probably now a bunch of cash sitting on the side lines, a lot more opportunity, and didn't just double pay valuation for a company that, yes, opens up a lot of international markets, probably and yes, disney gives you more content. but the reality is it's pricey, it's real pricey right now >> but we hear this all the time now. we were just talking about it with regard to comcast it's true. before they wanted to come in and spoil this deal, the shares were much higher than they are today. but is the too short-term focus? >> is thethere is a case and the is called the reaction to disney' acquisitions of pixar, maher vel, lucas >> all negative? >> overvalued. these companies cannot justify the outlay now, it's different.

it's a much bigger bite. these are much more mature assets being acquired. it's hard to see a disney or a comcast buying the fox content assets and radically, you know, ramping up their profitability but i do think you can say for the long-term, strategic reasons, if you're going to meet scale, it's expensive. >> barton, what do you think about that this in the long run turning out like prior ak weizations >> i think it's a valid point. i'm recommending fox really as a play on disney or fox. i mean, and/or comcast cash. you know, i think that it's -- there's a lot of restructuring happening in media right now and it's very uncertain how this is going to play out. maybe it works out in the end. if you're part of someone who's bought, you don't have to worry about that you get the paycheck and move on to the next thing. >> steve, finally to you, how would you compare this with the fortunes of netflix.

similarly very overvalued company. but it's kind of the growthy over the top, not a cable business, obviously, place to be right now. can these companies reinvent these things they understand is the market moving in that over the top direction. >> isn't that why this deal's taking place because the fear of netflix, fear of the streaming and direct the competition that's out there right now and the viewership is so strong that everyone -- it needs to consolidate down. that's why disney wants this so bad. so they can slow down the aspects out there to get more of those viewers' eyes and not have to rely on espn quite so much. so netflix is the cause of this. and that's why you see their valuation so high as well. >> thank you we'll see how this gets resolved 21st century fox shares just a little bit higher after the

latest results mylan has been one of the highest performers in the s&p today. there's a shortage of the ep pea pens in the u.s. but first it turns out michael cohen wasn't just on the president's payroll. eamon javers has more for us. >> we've had new developments on this michael cohen payment story throughout the afternoon a few moments ago the white house press secretary offered her first acon tretio the story as well. as well. i'll have all the cfa institute. some moments can change everything. this break you can't always predict them, but you can game plan for them. for retirement and life insurance solutions to help them reach their goals. being ready for wherever life leads.

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welcome back to "closing bell." volatile session for roku shares in extended trade. here's the story adjusted loss of 7 cents versus estimates of a loss of 15 cents revenue $136.6 million that is a beat q2 and 2018 revenue guidance a bit above estimates but interesting metrics to look at streaming hours of 56% year over year to 5.1 billion hours. one in four smart tvs sold in the u.s. were roku tvs the stock now up 6%. it is moving on heavy volume an interesting story as we look to the consolidation that we're seeing more younger viewers switching to these newer players back to you. >> seema, thank you. and roku is also about 7.5 on there. >> it's coming back now because people think it's a good way to

have a flag in the ground. >> we'll keep an eye on you. meantime, michael cohen may had been trump's personal lawyer but he was also doing consulting work eamon javers has the latest. >> hi. we've got new revelations throughout the day here. you remember cohen was the president's personal attorney who handled the stormy daniels payout now sarah huckabee sanders was asked just a few moments ago whether or not the president is embarrassed or ashamed by any of these payments to michael cohen given they seem to fit the swamplike behavior the president campaigned against >> i think that would be up to those individuals who make the decision to hire someone just the same way that the companies that you work for make the decision to determine whether or not they think that you're qualified to serve in a position that's the decision of an independent company and has nothing to do with the white house. >> here's what we know about the

payments as of this afternoon. these were first revealed by stormy daniels' attorney last night. and since confirmed by many of the companies involved columbus nova, a company which is independent of but linked to a corporation controlled by a russian oligarch close to putin paid $500,000 to cohen novartis paid as much as $1.2 million in a $100,000 a month contract that they said michael cohen performed very little work for. that was confirmed by the company this afternoon at&t, a source now saying it's up to $600,000 that they paid to michael cohen. and korean aerospace, $150,000 here's what novartis had to say this afternoon determined that michael cohen and his company essential consultants would be unable to provide the services novartis had anticipated and the decision was taken not to engage further. that decision, they say, was

taken after their first meeting with michael cohen in which they didn't get what they thought they were going to get from president trump's attorney at&t also sending a memo to all of its employees explaining its role in all of this saying that cohen did no legal or lobbying work for us. and our contract with cohen expired at the end of its term in december 2017 it was not until the following month in january 2018 that the media first reported and at&t first became aware of the current controversy surrounding cohen. now we have the picture of the personal attorney handling some of his most sensitive matters in terms of the payments to the porn star stormy daniels also selling insights on his client president trump to these high-paying corporate clients of his own. not clear at all whether the president knew about any of that the white house defers all those questions to the president's private legal team, kelly. >> we're also getting more details this hour on potential new sanctions against iran what are you hearing >> we're hearing from sarah

huckabee sanders may impose new additional sanctions on iran it's clear this president wants to move from an era of carrots in terms of dealing with iran and lowering those sanctions to an era of sticks now and increasing the sanctions we'll see how that plays among european allies and others but sarah huckabee sanders say more sanctions could be coming for iran >> stay with us. we want to get back to the michael cohen piece of the story and bring in norman bookbinder thanks for your time how are you analyzing the information we've learned about the payments michael cohen was receiving from these companies what are you looking for >> sure. we have to start with the idea none of these companies were hiring michael cohen because he was known for his expertise on anti-trust law or telecommunications or health care policy or the other kinds of substantive issues these companies worked on. michael cohen was the president's -- he's the

president's personal attorney and fixer. the only reason to bring him in was to gain access to the president or influence over the president. so the very least, this looks like the ultimate kind of swampy behavior of companies -- >> isn't it illegal, noah? >> that depends on some things we don't know yet. at least it looks corrupt and cooped of like what we don't want in washington but if any -- if the president or other officials actually got some of that money that went through cohen and if it was in exchange for actually being moved on policy, then it could be bribery it could be very serious corruption >> what is the distinction lobbying -- is there a legal definition that that has to go through a certain venue and appeal to -- you know, what is the distinction between lobbying and paying for influence as you just described it? >> one of the big distinctions

is does money or something else of value actually get to an official, get to president trump or some other official and if that happens in exchange for being influenced on something in his job, that's corruption if it is paying somebody else to kind of make the case to the president or to some other official, that can be legal lobbying as long as you're declaring the money the way you're supposed to as long as you're following the rules it's not clear that was happening here either. so there are other things that could be illegal, too, particularly where some of these companies appear to be associated with foreign governments. there are rules about disclosure that have to be followed there so there are a lot of -- there's a lot of potential legal exposure for michael cohen and conceivably for the president depending on what he knew and if any money got to him >> eamon, what would you add to that >> i would just jump in on that

and just add one wrinkle to all of this which is something that's really common here in washington is consulting that falls just short of the legal definition of lobbying there is one on the books. there are a lot of e politicians in this town who set themselves up as consultants hire me, i'll give you the benefit of all my insight on years in politics. a lot of those are influence peddling in a soft way that happens constantly in washington, d.c. the question here, though, is whether as your guest points out whether any of this money went back to president trump in any way. it went into the same bank account, apparently, that was used for the daniels payouts when money is put into an act that was being used to pay a porn store, there's a headline and was the company effectively paying for the payout that the president wanted to make to the porn star? that could be an illegal benefit in some way to the president of

the united states. >> all right eamon, thank you noah bookbinder thanks as well for joining us outlining the contours of this news let's look at how we finished the day on wall street dow up 182 points at the bell. up more than a thousand points from thursday's low. nice rebound even with all the headlines. that pushed oil prices up. it pushed interest rates back up too. but the s&p up 25. nasdaq up 73 so they were not fazed by that time for a cnbc news update. let's get to sue herera. >> here's what's happening at this hour. four more states, florida, minnesota, texas are reporting i illnesses linked to romaine lettuce. revealing 149 people in 29 states have gotten sick. a 104-year-old british born australian scientist who is planning to kill himself tomorrow by taking advantage of

switzerland's assisted suicide law, says he is determined to end his life >> at my age or less than my age, one wants to be free to choose the death when the death is the appropriate time. google's home assistant has a new feature. it is called pretty please the feature announced at google's io developers conference it enforces manners and even prompts children to use the magic words when they give a command. it will be available this summer you're up-to-date. back to you. >> all right, sue. thank you very much. sue herera walmart was the worst dow component today. it is now down 16% this year shed about 3% on the bell. up next, "fast money" traders tell us whether walmart is worth shopping for

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this would never happen again. it has happened more than 200 times in 5 years. dianne feinstein and a new generation are leading the fight to pass a new assault weapons ban. say no to the nra and yes to common-sense gun laws. california values senator dianne feinstein welcome back to "closing bell." we got our eyes on shares of qualcomm the company just announcing a massive buyback program. $10 billion buyback program effective immediately approved

by the board keep in mind they have a market cap of roughly $80 billion this would be around 10% or nearly 10% of its shares outstanding. shares are up about 1.5% in extended trade back to you. >> all right thank you. mike, 1.5% that's all $10 billion can get you? >> obviously all these repatriating of cash and all the rest of it, people are expecting a big buyback. still trying to execute the nxp deal as well. >> is there any skepticism -- this is weird to me that it's 1.5% like a golf clap >> from mature tech companies, it's part of the process $10 billion does not impress >> let's get to other big stories today in the rapid recap. global reaction pouring in after president trump pulls out

of the iran nuclear deal >> i would advise iran not to start their nuclear program. i would advise that very strongly if they do, there will be very severe consequence. >> crude oil prices surging after pulling out of the iran deal >> the energy stocks should see that dramatically over the last year and a half interest rates also higher we are back at 3% on the 10-year. >> walmart buying majority stake in india's flipkart for $16 billion. the biggest deal for walmart ever >> walmart is a family-run business has decided they're not going to concede another inch to amazon >> the dow right now up about 150. >> 183-point gain for the dow here it's built up some momentum. i think we're up a thousand points from last thursday's lows >> 1,083 to be exact shares of walmart were down 3%

today. this after announcing the $16 billion deal for a majority stake in flipkart. the retail giant is down 16% year to date is it a buy now? joining us are our "fast money" traders pete najarian and tim seymour. >> i feel like they have to do it because for whatever reason walmart more than any other retailer out there really has to always feel like they're chasing amazon and they're trying to chase wherever amazon is and they're trying to beat them at their own game is this is a great acquisition i think it's a good acquisition. it's a lot of money. i think this is going to take a lot of time to digest going forward. i don't know necessarily that you have to feel like, you know what now is thetime to buy walmart. at least not now >> kelly, this is -- their track record on international, not so good we all get how india, their e-commerce market is 20 billion, u.s. is 450 billion. we get the potential there this is a diluted deal

i'd rather see walmart get further into health care and financial services g >> you want to make walmart america great again. you're not interested in overseas expansion >> i want core competency where we have it we don't have it in india. i get what's going on. the valuation on walmart, too, it's not an e-commerce play. it's roughly 21 times forward. that's the high end of the range. at 83 bucks, it's good support i'd stay out >> we're going to get you some red hats for walmart thank you both 20 minutes to go until you catch all the action on "fast money. mylan is experiencing another shortage of one of its life-saving devices. those details after this

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so you'll have three times the blooms. they bask in their success. miracle-gro. three times the beauty. one powerful guarantee. mylan is experiencing a shortage of one of its key products meg joins us with that story >> they're dealing with supply constraints for its epi pen. that can reverse dangerous allergy attacks. there have been reports of patients and parents not able to get epi pens at pharmacies the fda and company says it is available but because of manufacturing delays it can vary quote, they anticipate the anticipate the shortage to be short-term the product is manufactured by pfizer which says it's currently shipping the product and that shipments have been increasing over the last few months another product made by impacts labs may also have some supply constraints according to the fda

which cites reasons tied to good manufacturing practices. and the third option is available from kaleo that is the priciest but they ensure most can get it for nothing out of pocket. we recently contacted walgreens and cvs. walgreens called it a fluid situation but a majority of the stores have epi pens available cvs said patients should call their pharmacies ahead of time as supplies vary from store to store. if you look at mylan shares, news not affecting it. bernstein telling me any financial impact if there is one would be small awe epi pen accounts for less than 5% of the company's operating profit >> wow i didn't realize it was that small. stay there mike, maybe that's because people anticipate there could be price hikes as a result of this. but sounds like less than 5% >> less than 5% of mylan and the

attention that the company gets. had all these programs which had required people to get these things the idea, you know, so many people have automatic demand for these pens >> within the next couple months we're going to have back to school season where we'll go from this exercise all over again. the year before the cost of the epi pen plus the requirements that you bring one in, there was outrage about this company >> yeah. back to school season a absolutely the biggest time for buying epi pens. the third quarter is really important. as you hear reports of people having trouble getting these things now, people are worried about summer camp and things like that having to impact with their kids with epi pens so there is concern if parents can't get them the company is being clear call the pharmacies or the company to try to make sure you find a pharmacy that has the product in stock >> all right and we'll see if it becomes a bigger issue for them or if they can resolve it thanks very much meg tirrell. tech giants against screen time what this means for the future

of industries like social media and esports. that's coming up next. then ahead on "fast money," a strategist says it's time to get more bullish on the market tony dwyer will tell us what's tony dwyer will tell us what's got him so excited evening long. ooh, so close. yes, but also all... night through its entirety. come on, all... the time from sunset to sunrise. ou can trade... from, from... from darkness to light. ♪ you're not gonna say it are you?

what goes on in the palihapitiya household >> there is no screen time whatsoever >> none? >> none. >> that was social capital founder and ceo chamath palihapitiya making it clear he does not have screen time for his kids he's also an early facebook employee other tech titans who have put limits on technology use at home, back in 2017 bill gates said, quote, we set a time after which there is no screen time.

in their case it helps them get to sleep late apple cofounder steve jobs weighed in saying we limit how much technology our kids use at home jobs also said his kids did not have ipads and tim cook who tim cook who doesn't have kids but is it have a nephew, i don't want them on a social media. it's not just tech heavy weights putting limits. i spoke to jeff oven and he had this to say. >> do you have any personal views on social media and technology as it relates to your own usage of it, kids, family, societies? >> i mean i think the ad driven model where you centralize the internet on a single platform where the dopamine that you can generate through distributing polarized messages to send ads because you stay online longer is a disaster, frankly.

>> and so what should the companies do about it? >> shut it down. >> themselves -- shut themselves down >> they won't, but -- >> i don't think you're joking. it doesn't look like. an investor in esports, an industry where more and more gamers are vying for big cash prizes and big ticket college scholarships, thanks for joining us. >> thanks, kelly great to be on the show. i'm hoping today i could educate the parents a little bit so they realize that esports is today's sports or is actually a about thing. there's over 70 schools given scholarships these days and it's actually cool to gain and when i start educating the parents around me who's kids are playing fort knight and the latest games -- >> wait a minute. we're not making the case for why, you know -- for how lucrative a career you can build on video games.

how about a case for why you should be playing video games at all if you take the money out of it >> sure. there's a lot of reasons. a lot of people read or watch sports or play sports. when you think of esports and video games, people need to understand it's a hobby, it's a niche like playing music. i grew up with mtv back in the day. i've watched a lot of movies back in the day. i turned out fine. they're getting away from traditional sports. people like to relax by playing video games -- >> let me bring in mike for a second. i acknowledge that people need to relax, obviously and that they watch tv and watch movies. you have kids at home. do you treat differently the time spent in front of the tv from time spent on a device and on social media platforms? >> a little bit differently. without having necessarily extreme extremely rigid limits, you can't default to looking at your

screen -- it feels more isolating and it feels more anty social if it's just on a tablet or phone. that being said, i am conscious of the fact that we heard this about arcade games in the '80s, about comic books and everything along the way. >> do the girls like playing video games? >> one of them of the they go through phases -- video games is not the main thing, believe it or not. more binging tv or instagram. >> i wonder if they were into the video game spending time there and now as we're hearing parents say about fortnite, it's social. >> i would like it to be more in-person social but that's just because i'm old. >> that's what's happening. ninja's brought it to life. everybody's talked about. he's doing an event which find your grind. he's giving scholarships awa about, not your scores, but what's your passionate about.

gamers want to play with other people that they're alike. there's not a lot of places where they're around the same people. it's healthy and fun. they don't play stick and ball sports any more and you are seeing more and more females. it used to be 90% males. that's getting lesser and lesser around the globe. >> i acknowledge -- i get the trnd that people aren't playing football as much they're not playing baseball as much. >> that's right. >> they're on the head set and they're talking to other people playing video games. my question to you is, you know, should that be something that parents push back against and try to say, you know what? not now, not yet, not for so long. >> sure. i guess that's -- i'm a parent of two kids. i don't want anyone addicted to anything whether it's watching tv, playing sports or video games. there's a little ba ram ter as a parent that you got to watch your child. however, if they're passionate about it -- i just talked to a

harvard medical doctor that he has all his students underneath him play video games whether it's call of duty or, et cetera because it makes their hand/eye coordination better. this is a harvard professor saying i want them playing video games. when they're doing surgery i found the statistics to be better with their hands and they'll save more people. >> all right. i don't know if i'm going to ask my next doctor -- >> i think it was president reagan who said, these are tomorrow's fighter pilots the ones who are addicted to atari video games in the '80s. it's always been a rational that you'll get better in real life if you play these things. >> steve jobs, tim cook, all these folks have an advantage in limiting what their kids do. when you're in the gadget and social media business, that's inherently uncool if your parent does that so maybe it's an advantage. >> amish, thanks for joining us. >> thanks kelly. >> i'm still trying to get on

board with it all. we have an earnings alert. >> here's nuance communications. earnings missed by a penny. revenue at $518 million but the guidance it come in weaker than expected. the stock is down nearly 10%. this is a company that specializes in speech recognition technology, formally an apple supplier behind siri. back to you. >> so much i want to ask seema, so little time. >> in the commercial break. >> thank you. nuance is down 10%. more earnings movers after-hours. we'll recap the big headlines after this break. so what else is new? how's your mother? umm..she's doing good. she needs more care though. she wants to stay in her house. i don't know even where to start with that.

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you set it. nasdaq. rewrite tomorrow. welcome back. i'm julia boorstin with an update on the 21st century fox earnings call which just wrapped up seconds ago. murdock and ceo james murdock had been peppered with questions about reports of comcast offering a higher bid for fox than disney's offer. they're saying they're not going to comment in speculation but they're committed to their agreement with disney but that the directors are of course aware of the fiduciary duty to all fox shareholders.

back over to you. >> thank you very much. 21st century fox now down like less than 1%. we had bookings, formally known as priceline. bookings down 6%. roku up 4%. >> expectations too high. the whole group is under suspicion. >> we have a lot more to say but we're out of time. "fast money" starts right now. "fast money" starts right now. live from the nasdaq overlooking new york city time squares. i'm melissa lee. our traders on the desk are pete najarian, tim seymour. energy stocks are on fire soaring in the past month. the biggest names rallying high. the traders will tell you how to catch this rally. plus 21st century fox report earnings. and if comcast could derail it. well, everyone's watching the energy