bubba watson is over dustin johnson has a three shot league over the weekend. we are wondering if fox is going to go to usg saying you are making it too hard for these guys >> we'll talk about golf in 20 seconds. >> thank you for watching "power lunch. and we let you >> "closing bell" starts now >> i am wilfred frost. >> i am cayla tausche, the u.s. slapping 25% tariffs of $50 billion worth of goods in china. china is hitting back. is this the beginning of the trade war. >> though in the red today, the nasdaq composite is on pace for its fourth straight week of gains. i will have a run down of the winners and the losers >> i am kelly evans. with bill miller on the markets today and his three favorite

picks. "closing bell" starts right now. >> and welcome to "the closing bell" on this friday to close out the week what a come back we have seen here >> very nice, rallying into the close and afternoon. >> the dow was down, we have swung 430 points and down at 280 at the lows this morning and now we are down at 74. s&p turns positive and russell down about a point here. >> and the nasdaq is up a percent and a half that's only the dow that's in a negative territory markets are holding up i don't know if you noticed at the end of the show there, bill was allowed to talk about the sports that he loves >> you do it twenty times more i know it is going to get worse. >> indeed. back to trump.

let's get to cayla tausche in washington for more on the latest >> china is reacting saying it will also launch tariffs on july 6th of $34 billion u.s. goods, autos and farm products are in that group which includes a total of 545 products. it is three weeks between now and the major deadline of this escalati escalating tic for tat the goal is to get china back to the negotiating table on economic issues after the singapore summit earlier today, remarks on the media, president trump says relations with the chinese are good post summit but he cons to criticize them on trade. >> i spoke with china. they are very happy. they were much happier they may not be as happy today because of what i have been doing with trade

we are putting tariffs on $50 billion worth of technology and other things because we have to china has been terrific and president xi has been terrific and president moon, everybody is working together >> there is been a high have yum of response here in washington from business lobbies who are critical of the decision and also industry lobbies representing the technology, retail and other industries that are going to be affected by this we heard companies like fedex and boeing specifically weigh in saying they're weighing in how this is going to affect them and their bottom line. >> guys, back to you we are imposing tariffs. what about the list of tariffs they're imposing on us >> it is pretty much of what you would expect automobiles and farm products which will likely include soybeans and the list of 545

products is not in english we are working through coming through that as we are going through the list of 800 plus products and the u.s. side is not complicated enough cayla, you are no doubt improving at a rate of not >> could translate take care of that >> i don't know. >> they have to scan it all in first. >> leather and everything. >> i understand. cayla tausche for us there in washington >> from more, let's bring in our guests and d.j. peterson where long view and john freesbe, jimmy, i will start with you $34 billion of tariffs on us an $50 billion on them. >> that's the thing. what is the point here if the point is to change

chinese behavior that would somehow reduce the big bilateral trade deficit, that's not going to do it if the goal is to change the chinese economic model, this is not going to do it neither which will accomplish those goals or at some point here the president trying to strike a deal that would supmeet some of these goals. we'll see how it takes seems like the u.s. is trying to minimize paying u.s. consumers and china is trying to maximize it >> d.j., if this prolong or escalates, can china hold out as long as the u.s. can >> i think they do this is a long-term strategy he's in a war with words with the u.s. president and war for the hearts and minds of the chinese people

they got staying power >> john, what do you think is america's goals here with these tariffs? >> that's a good question. in terms of what the trump administration wants to see, we are not sure i know what the business community wants. they want to see solutions to the problem and not just sanctions that can do more harm than good and i have forgotten behind all the noises and the issues that were under lined that was brought last year that's better protection for american electoral property and trump administration have identified two good issues tariffs is not going to get you to the solution. we rather see negotiations on those issues better leverage would be going to our trading partners that face the same kind of problem. we are leveraging that as opposed to burning it. >> d.j., do you think the president has the backing of the american people now? >> i think it is a really good

question this is a political gain and political theater, it looks good to a lot of trump supporters repo regardless of the i have impact. he's playing for the hearts and mie minds of his voters. this is good tv and political theater. >> jimmy, go ahead >> you are able to get away with being political theater when at the same time you have an economy that's sort of accelerating the unemployment dropping historically low levels, looks like whatever he's doing seems to be working. i don't think people are going to focus on the trade deficit numbers verses the overall idea of the economy seems to be functioning in a way that it was not before >> i think it is a great point there are a lot of stories out there in local tv for example covering the impact across the foreign sector from these tariffs. there is a lot of news about how people are concerned of the impact will be that does mean something, does

it it is pretty clear that there are two separate issues. >> i think it does that's why china is structuring its tariffs. its want to make sure a lot more of those stories you are probably not going to see the same thing that's a political sort of pressure point on the president and on the other side, will that eventually get swallowed up by fast jobs growth or wage growth or much faster gdp growth. >> john, you mentioned negotiations, what could china do to change the conversation to a constructive one or as opposed to just near negative retaliation? >> there is no doubt that china has not moved forward with long promised reforms and better intellectual property and create a levelled plain field . business counsels have been urging them to move forward. that's the best way to chip away the negative narrative here in

washington it would get the business voice louder to weigh in against the action against tariffs we can hope for right now is we got the short three weeks window neither side is going to benefit from tariffs both sidesill get harmed >> andeven if china is stealin our intellectual property. and everyone if that's part of the reason why we are slapping ta tariffs on some of the products. >> that's a good question. you know the u.s. does not have many tools to fight with and one of them obviously is tariffs as the chinese have many different ways of achieves their objectives whether it is through rules or funding or benefiting certain state owned champions. we don't have many tools the u.s. politically and policy wise is in a weaker position

we use the blunt force instrument such as tariffs and fda restriction. >> is that force better than no force? >> that's what the president is hoping we basically bludgeon them back to the table they'll come back to the table this is destructive for them as well during the war of the hearts and minds of the respected people and nobody is going to want to step downright now and we'll have to wait and see >> how do we get to an end of this clearly markets are relatively relax today as if to say if we don't think it is going to escalate further it is going to prolong how would either side come out of this whether they claim victory. >> i don't think first, what trump thinks is victory. if they're going with navarro, change the chinese's economic model. that's not going to happen

either china views that exponential issue that they need to reach technological parody with the united states. >> yeah. >> where it ultimately ends is a super official deal that needs what the president wants to do but does not change anything over the long-term >> thank you all >> let's talk about impact this has on our markets our on rick santelli over in chicago and matt, i will start with you yes, we are down but really fractionally, we had a decent day bouncing back. >> a sizable one we are at 12 right now we are not seeing any market that's nervous thabt at least in the short term we have been focused in the u.s.

economy for so long and we got news out of the feds this week, the u.s. economy is doing well and unemployment is at a historic lows. these are all positive for the markets and that's why we have seen this market reacts the way it has >> larry, do you agree with that >> we are seeing volatility of the markets the last few days. there is no doubt that if you are expecting a calmand easy summer, you are going to have another thing coming to you as this market is on pins and needles ahead of the july 6th deadline that's a big fundamental backdrop, you have lower rates and low energy prices and all are positive for the market die despite all the talk of head winds. the geo political concerns of investors who are daring the next few weeks, we'll see the real fireworks ahead of july

4th. >> what's the main driver for the u.s. market, rick. >> the day is getting better as you listen to what he's saying look at what's going on, same in europe and what's going on is we have al u.s. economy that's out performing everybody and the fed leads to steepen so they can fit more rate increases which would be a good thing. the market seems like they are okay with them and the more insurance we can grab, the better we are. the fact the matter is, our long end is telling us something. the flatten curve is telling us something. that's what the fed is remaining vigilant and in my opinion doing a good job under jay powell. the short end is going to be firm trying to figure out why the long end is not critical our economy is doing pretty good

and yield should have been higher global forces keeping the curb flatten and it is going to potentially give a window for more horsepower in the equity market and i am not sure how long we could benefit from that market >> larry, are you sa iiying thaf we did not have the dispute from china right now and everybody else that the stock market would be raising ahead >> yeah, kel,ly, one of the rea concerns that we have is interest rates are moving up quickly. investors where uncomfortable of the grand scheme of thing. it is enough to derrel houail h and slow aspects of the company. short term yields are moving off. that yield curve is not signaling a recession. it is signaling the have's and

the have's not we want to keep it that way and we think the fed is doing a good job. i this i the fundamental backdrop ireally solid and investors have focus on earnings and the tax cuts are the gift that keeps on giving throughout this year. we are going to need a strong stomach, kelly >> it is a sum of friday and all sorts of sports that could be distracting people do you think it is going to pick up >> i hear they are cheering in the background >> yeah, i think we'll get some volume towards the end of the day. we'll focus on the last half hour or so we got a quadruple balance if you unfortunacomfortable wit

portfolios >> guys, thank you all happy early father's day >> the dow is up the s&p is below flat as the nasdaq is down 2/10 of a percent. >> plus, at&t's randall stephenson spoke exclusively with cnbc as the time warner deal closes. >> the they did not like the deal we got our day in court and as much as we criticize the system, the system worked. >> we'll have morerom at fth exclusive interview right after the break on "the closing bell." alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.

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welcome back to "the closing bell." half a percent of the dow a and 2/10 of a percent of the nasdaq >> does it matter if spain or portugal won

this game got everything its got some great goals and rolando. >> julia boorstin has the latest including some of the fresh comments from the ceo, yule jul. >> that's right. >> stephenson came on cnbc saying the system worked he explains how the company will benefit from the melting of content of distributions >> we are building out all new forms of distributions 5-g is coming. we actually believe that at the time premium video was a great place to invest and be and the tech companies are just demonstrating that to us we want to participate in this >> as for what's next, at&t will unveil a new time for historic time warner and the former ceo will stay on the advise through

transition they say stephenson is facing with corporate cultures. >> and we'll run these businesses independently but there are things we need to do to create value together the advertising and as i mention of making sure where we are beginning to think about creating content that's curated or formatted for the mobile environment as well. >> tsteph -- headlines just crossing moments ago from bloomberg says that fox's board is meeting next week we reached out to fox for a comment and still no word back from disney on whether how it plans to counter comcast's offer. back to you. >> why do we think of no words from disney?

are they deciding to put out or come back fighting >> i think they're really trying to figure out how much they're willing to spend for asset they did not know exactly how comcast offer is coming in they have some calculations to do of the true value of this or for them those fox assets mean different things to each potential buyers and they're busy crunching numbers. >> we had some other news today about oprah winfrey signing a deal with apple. apple is pushing into the content game significantly step by step and drip by drip, may they end in this race with the fox assets >> i don't think so but it is a good question to ask whether or not -- oprah winfrey is a huge name their move has been incremental

of a dollar. >> i think it will be interesting to see that whether or not as there is this land grab for media asset if we see a company like apple try to go to buy a studio or invest significantly in one of these media giants we know the regulatory environment is perhaps more open to that and we can see more moves. >> and if disney is not the acquirer, does it become the acquiree >> apple uses a lot of its cash back to buy back >> yeah, it could suspend that >> there is a lot of resources to deal with these kinds of things julie has the exclusive with evan spiegel on monday on "squawk on the street.

>> don't want to miss that one >> should you be out there partying >> i would happy go if invited or sent. >> the dow is lower once again s&p is down five and went bri briefly positive legendary bill miller is joining us here at post nine along with his son, they'll give us their take on today. we'll break down the number apparel. >> that was not british. >> that was a terrible pronounceuation. we want to hear from you you can reach out to our show on twitter faboand ceok and e-mail. "closing bell" will be back in a couple of minutes. (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game.

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welcome back to "the closing bell." trying to make sense of the mark today. here are the sectors of the s&p, kind of giving us insights on what's going on here tell con and utilities are leading as higher. on the flip side of the coin, energy is down nearly 2% and wti is down nearly 2 bucks to under barrel right now

>> colet's look at some individa stocks it will be released as part of a lineup of the original content from apple >> it is big name but still dripping >> agree >> apple is up 1% but it has deny down. i don't know what it means for oprah's network but it is a significant move >> apple bought ta cartoon maker as well and so the stud d i drip continues. remember this ipo? check out shares of 31% to 60 bucks. the company posted big earnings this morning strong performance at the store, cana canada goose >> i don't know what it is it is a type of drink, real

fruity >> the goose is the one with the red patch on the sleeve. you can argue still is i got a $50 model that i wear all the time >> there you go. >> let's have cnbc update with sue herrera. >> hello guys, president trump's campaign manager is going to jail the president is tweeting quote "very unfair." >> tampering charges and sending him to jail before his new trial gets underway. two months before bill cosby fired his legal team including the high-profile attorney. kelloggs is recalling over a million cases of honey cereal.

some boxes can link to s salmonella >> steven hawkins' ashes were buried over the memorial service at west minister abbey >> you are up to date at this hour kelly and wilfred, back to you a frequent guest on cnbc, stephen wood has passed away at 51-year-old. everybody that knows steve knows that he's so much younger than that our thoughts are with his family and friends. i was just talking to him about emerging markets a couple months back it is absolutely tragic and we are sorry to hear it agn r staioube wishes to his

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biggest losers in the industrial average today. crude is down 65 and chevron caterpillar leading the way and g.e. is at the bottom again and boeing is down 1.5%. >> let's take a look at how the market moves selling off this morning a, joining us, ed, i will start with you and the reason for the sell off initially, why are we rallying back? >> the news that when it first hit, there is a knee jerk action and we have seen it so many times and the market have learned to shrug it off and it dmou does not react the same news and same way if you look at other information out there in the market that economic growth is solid and industrial production numbers today. confirming the retail sales

earlier in the week. and so the market can look past that and look towards positive returns going forward. >> the last couple of days with the way the dollar is moving and now the market is wobbly is it the trade issue or is it going back to the fed or sometimes it takes a few days to digest everything they told us and have one of these meetings >> we have been kind of -- the last piece i wrote on trade. i think you fade trade in general. i think it is all about negotiating tactics and most people know that and the market gets it. the press likes to make a bigger deal out of it than it is. >> let me stop you there for a quick second our guests at the top of the hour said, if it was not for the geo political trade stuff, stocks would be higher, do you

think that's true? >> markets really struggle here because of rate expectations changed and earning earnixpectan were going higher. the market kind of seem to find a little bit of solis that we may be near finding the equilibrium rate at a pleasant level. that's really what weighs on the market and we are still learning a little bit about it. mostly about jay powell and he put on a fantastic show. if you dug a lunderneath his

comment. just a lot of statements that suggested to me that this is not the fed that's in a hurry. this is a fed that sees an equilibrium rate structure that's a heck lower than of what we have seen in the past >> we have seen the consume stocks performing very well, could that continue? >> david, go ahead there >> sorry, i didn't know. >> the consumer stocks and really all of the higher dividend yield sectors have gotten crushed this year as rate spiked moving forward, yeah, they can have a rebound but i think the big problem for those stocks is that they were bought so much and they're passed several years as a substitute for bonds. there is going to be a lot of money going out of that. we would be focused on getting

out of and you want to be focused on the growth names and maybe some cyclical one. places like staples are places that you want to avoid >> the under line message from the fed this week, what does it mean for where investors should be in this market? >> well, i think a lot of it is going to depend on how we settle these rates, kelly the market has a pretty good week in terms of rates and the bond market rallied a decent amount and not a ton but definitely a stable response we are seeing flattening so the long end looks very secure i think that's going to ultimately feedback into the idea that you discount the earnings at a lower rate and consensus at 165 with the lower rates, you got to put multiples up and i would not be priced if the market can take

it up or everyone 20 that ven 20 >> all right, guys, thank you very much. >> julia boorstin has the details for us >> news from time warner, announcing that time warner will be renamed warner media. he announced the head , -- this allows me to work closely with leaders and accelerate my personal learnings of the company. and running the new media business, helps him through transition period and will

retire after the transition period two other major division heads, richard plepler and stankey says he'll refer to the creative talent of the company. they' >> they're renaming time warner as warner media. >> they're renaming the company they just purchased warner media. >> partially because of confusion because of time warner cable which he says it was the confusion that is not going away >> it will be under the umbrella company of at&t. >> julia, he's ndoes this sort e suggest that may not lost ast or

not? >> s think stankey says it clearly, he's not going to be weighing on content the next year i think it is notable that john martin is leaving or is being pushed out so that he can have a more direct relationship with turner which is a big part of the business the implication there is the cable business has more potential to be integrated or have a relationship with whatever else that's going on at at&t than perhaps the movie studio or hbo which are run for separately it will be interesting to see what he decides in the next year and he may think they're doing a good job he may see that there is an opportunity to see him get his opinion weighing there >> julia, great stuff. thank you very much. >> let the game of throne finish >> i am thinking about how this is really it for time warner cable now. it was already renaming spectrum

in the news with charter now time warner itself -- one of the great nemesis of the consumers over the years since there are so many cable companies. >> also how much talks of 5-g along with other mobile guys >> sure. times are changing >> we got just under 20 minutes. 18 minutes left to go. well off the lows. the dow was down 281 points and down to 108 or so. we are slipping a little bit having rallied nicely through most of the afternoon. we'll tell you what's behind the drop and how trump's tax on china could impact boeing's bottom line. >> i got an exclusive interview with bill miller, he's give us hilast ts teake on amazon just to name a few.

stay with us on "the closing bell." our bond is fraying. how do we get back to "us"? the y fills the gaps. and bridges our divides. donate to your local y today. because where there's a y, there's an us.

you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia. welcome back to the closing bell we had a nice rally throughout the afternoon. the s&p is down 2/10 of a

percent as is the nasdaq >> shares of boeing are leading the dow lower. the president did announce tariffs. phil lebeau is watching. does all of this have a directive impact on boeing or a whispering point every time there is this? >> remember when you look at these tariffs that have been imposed booy the trump administration, some of them are on aviation products that built in china and some are shipped over to boeing's final assembly. there is across component. how much is hard to say. the bigger concern is whether or not as we have seen the past where there is been trade disputes over the years. will china switch some orders to air bus? remember as you take a look at shares of boeing and air bus in the last week, it is a clear split here because people are sa anticipating that air bus will

get some order of this some of those 8320s come from alabama which would be impacted by any tariffs or components that come from china as well any reciprocal action it could have on our supply change and commercial business. we'll continue to engage with leaders in both countries urging a productive dialogue and result in trade differences and highlighting the economic benefits of a strong and prosperous aerospace industry. take a look at boeing. yes, they had a nice move last year the backlog for commercial a airplanes stretched out for 11 years. when you look at deliveriedeliv0 of deliveries went to china

airlines that's what pushed shares lower. >> is it easy for them to actually change direction, retaini retraining pilots and that service model etcetera >> it is not easily switched if you are a chinese airline and you are thinking of air bus or boeing or some that have split fleets then you can sit there and say now, let's think about this, do you want us to cancel some orders. we have not seen that yet. that's the concern that investors have >> phil lebeau, great stuff. >> we are keeping an eye on chinese stocks and how they rea reacted. seema mody >> just take a look at an etf that attracts major chinese company. now that index is seventh daily

loss the first time we have seen such a move in 2016 down 3% on the week and led by 10% of the largest chinese company by market cap other major decliner including industrial and commercial bank of china and petro of china. zte is the worse performer after ending nearly two months of a trading halt on wednesday. >> seema, mo mody, thank you >> s&p is still positive but we'll see if he can climb back but we are sitting at the lows now. >> the nasdaq could still finish the weak high. we'll look at the key movers when "closing bell" returns.

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welcome back to "the closing bell." nasdaq is down 120 points today. transport is up to 58. oil and energy is one of the weak spots here is a look we mentioned earlier.

p&g is up a percent and nike and coca-cola is also in the green today. >> the nasdaq is still on track to close its high for its fourth straight >> let's head to bertha coombs >> it has been the small cap that led the way and out performed for the seventh straight week. with that said, large caps today leading the way higher and up on the news that it is moving forward with a drug trial and kos cowith a new all time high today. and media stock continues to fill that halo effect from the at&t decision and obviously our parent company, comcast's new hostile bid for fox, both fox and netflix today at all time

highs and both double digit gains for the week and chip makers despite the fact that chips were among the best performing sectors of 3% for the week well, england does not play for another week this is a long time for you to week >> england is on tuesday at 2:00 p.m >> what are we going to do with that, bertha >> you know nothing is important as the world cup >> there is not much >> just "the closing bell. >> bertha coombs with us after the bell, we have an exclusive interview with value investor, bill miller.

coming up on "the closing bell," you are watching cnbc, first in business worldwide

your new brother-in-law. you like him. he's one of those guys who always smells good. his 5 o'clock shadow is always at 5 o'clock. you like him. your mom says he's done really well for himself. he has stocks and bonds your dad wants to go fishing with him. your dad doesn't even like fishing. you like your brother-in-law. but you'd like him better if you made more money than he does. don't get mad at your brother-in-law. get e*trade welcome back to "closing bell." >> two and a half minutes before the trade. are you doing some trades? next week is the russell and so there is some real high days in

june and china with the tariffs and a lot of things are traded now and to the bell, a lot of great time we'll have to see how the chinese and many americans play in the sand box. >> and the england team as well. that's on tuesday. we are going into the close 3-3. thank you, have a great weekend. we are mid of the highs of the day. we are off down a little bit of 110 points we shrugged off those concerns and rather encouraging as we approach the -- the nasdaq is the out performer. just as we close out, look at two stories ofor you. >> when we saw the rate hike but it is really coming back, 2.93 the nasdaq for the week is coming for you as well showing

the tech performs. we are shrugging off a lot of news this week >> yes, basically sideways on the week leaderships intact and consumer discretionary, media merger and energy kind of fading back again. we see utilities also the same situation. you got new names coming in and retails over the week that helps the market boeing, roeuters report, so debatable of how much of the overall that's going to impact boeing you are toobt see a lot about t volume here. this is individual stocks and index options as well as futures. you get an enormous amount of

money and 500 million shares trading in the next seven minutes here >> we had a good finish of the day because a lot more volume ringing at the bell at the close here powerful foundation, charah solutions. and powered foundation >> thank you everybody >> i am kelly evans. the dow is down more than 300 points the s&p was down 3 to 27 the nasdaq was down about 2/10 and the russell 200 is only down about a point today.

it is a fourth consecutive day that the dow has closed lower. we'll talk to our guys a little bit to see what they think here. >> our bill miller will join us. coming up in just a couple of minutes. stay with us as well we have our michael santoli and chris is here in the flesh you are not just a box, you are a real guy >> thank you >> the biggest winner of the dow this week was disney this goes back to the big at&t ruling on tuesday. surprising that it would be up 5% for the week way. >> g.e. is the biggest loser h&r block is the big loser mike, is this trade related? or weakness or does it have anything to do with the fed?

>> i don't think you can you separate it out. the market was at a point where it made sense that it is going to pause and the s&p has been kind of mostly going sideways as it gets up to these levels the trade stuff repeatedly have mostly been an excuse to back off. we have been living with this throughout realize of tariffs and back and forth for four months now i think it is more about markets come up 7.5% in ten weeks and making sense for us to sit a few hours out. >> you are about 3% from the highest in january >> there is a little bit o of -- we have to see how we'll muster up. >> the longer it goes on, it feels like one of those years where they say, great year for wall street and not necessarily a great year for main stree street -- sorry, the jobs have been so good and the economy but

not necessarily great for the stock market >> that's going to turn out to be the case. the past week was significant but in a symbolic way of not in terms of what's going on the past week we had the passing o the baton from the 10-yr and where the central banks were the key issue to the next 25 years or so which is all about the u.s. economy, the chinese. >> you don't think the feds will get back >> for the past ten years have been not just about the feds but the bank of japan and the stories are going to move global economy and how did u.s. and china get along and what i implications of that basically, you did not talk about it very much on the show

it is all going to be about the trade war or will it not be. >> it feels like we are a toddler right now trying to work and without the support of the central bank >> you had a paradigm of the last ten years of investing and that paradigm is as long as money is cheap, you go ahead and buy those growth stocks so buy google or amazon or whatever, that has been a great trade for you. um and now we are shifting into a different world in which -- >> i am not calling a top on anything >> no, i am not. i am just saying when we look back, okay, we are moving into a different aera. >> chris, what do you think >> it could become contagious and we have seen it happen before canada has a huge deficit with

the u.s. and the talk about i is pretty strong talk the new tariffs on china i think may be the well be the start of a back and forth and that's not healthy for a lot of stocks. typically the old franchise growth stock, proctor gamble of the world and coca-cola. they may be stressed in here as we move forward. >> those kinds of consumer staples and slow growth. stand away certainly from consumer staples and everything that really worked in the '70s and '80s and the high dividend pay. i think that actually it is a real opportunity with the at&t and you can look at the sea gate and there is so many different dividend pays. >> where does that leave you on the check giant platforms? >> well, i think the tech giants are basically everybody loves them and at some point, i would not do it right now.

the google and the facebook and whatever will run into it. for now, you are taking a big chance if you are trying to short them >> you certainly are i think we'll be doing all the one trillion >> it was boeing and caterpillar of this idea of big and expensive stuff that we would love to sell a lot outside of the country whether it is correct or not >> they're still getting hit >> that was after washington this morning, slapping tariffs on chinese goods cayla tausche has the latest for us >> days after the summit between president trump and north korea's kim jong-un, today as you mention washington unveiled two new updated sets of tariffs totaling $50 billion in export that could be put in place in july a statement from the white house

said this. "the united states will pursue additional tariffs if china in gaug engages on new pressures." >> china is basically daring the u.s. to go through with its announced tariffs on july. we'll hit back with the same amount companies with supply chains are big exports to china have voiced their concerns and you have the major industrial companies like the ones that you guys just mentioned and as well as farm trade associations have weighed in with those concerns senior officials say the goal is to get china back to the negotiating table. china said its offer to buy $70 billion of american god'sod. it is now off the table.

t hard to see which side could blink first. >> kelly >> what the impact of it will all be >> cayla tausche mike is over withere with more. >> it is some what of a diminishing effect on a day-to-day basis march 1st is when the president introduced the steel and aluminum tariffs idea. this is a one day drop of more than 1%. this over here when you say when he exempted canada and mexico and then you have march 22nd, where you had another kind of growling in the trade war from the president. this is another one. basically you see here back in march this is one of the swing factors and also we are coming off of this huge correction the market was in an agitated state and you get to april 3rd and no big deal. we came back from that quick and that was another of the episodes

that it came to the china tariffs. may 31st, this is a tiny move downright here and we recover from that quickly. what you are seeing is the market collectively can do the math and at this point, seeing the back and forth is not necessarily something that completely off sets all the goos that's going on. a trillion dollars in dividends and buy back coming into investors this year. >> come on back. >> lev vevan, i like this. >> the flip side of it is if you or someone wanted the market to put pressure on the market it is not there and it is barely a shrug in the shoulder. >> there is a lot -- i don't know what the trump's administration end game is and the market does not know either. the market is betting on you know what, the bark is worser

than the bite in the end for both sides the market is making the assumption that there will be a lot of words and angry tweets but at the end of the day, they'll work it out. that's the view of the market overall. the issue that i have is not that that won't be the way it plays out, it is more of what is the end game i am still -- it is unclear to me and unclear to the administration which is what is a good outcome for you and how long does it take? >> last we are talking about to the trade guys, look, if u.s. wants to pursue -- this is the blunt way they are going about doing that, you know, what do you do as an investor especially if you know you have to be concerned of retaliations now. >> if you are afraid of that you want to look at u.s. small caps and those that are u.s. centric type companies rather than looking at those that are affected everyday or

war with europe or china or whatever the case it may be. that's the safest place it will be >> this is the classic reaction which is everybody is like go to u.s. small cap is a domestic the bad scenario here has nothing to do with companies and earnings and trade flows and what it had to do with sentiment in the market. if the sentiment turns against the economy and the global markets. >> we are out of time. i want to ask you of all the media stocks who are you buying as and it has not settled yet. it is all kicked in the air >> disney makes awfully a lot of sense. they have been tarnished and now i think they can stand out >> do you think somebody is going to buy them? >> i think they'll be one of the winners. there will be three or four

winners out of this. we'll see the same that we saw in autos of 10 or 30 years >> do you think disney is one of those go-to players? >> yes >> netflix will see competition. the other players in the group, i think in the media area would be i would think comcast would be pretty good looks like they're going to backup and make a purchase if they can that would be another play >> evan, your two krecents befoe we go. >> companies are chasing rainbows >> the winners at the end o f the day will be consumers and ceos and wall street bankers that i will promise you. >> thank you very much for joining us bill miller, find out why he's still bull issue on amazon and one telecom company he's

eyeing right now and energy is one of the best performers this year but is i leading the market lower today. we'll talk about whether the sectors have run out of steam. we want to hear from you on facebook and twitter and instagram or send us an e-mail "closing bell," we are back in two. tring, benjamin franklin captured lightening in a bottle. over 260 years later, with a little resourcefulness, ingenuity, and grit, we're not only capturing energy from the sun and wind, we're storing it. as the nation's leader in energy storage, we're ensuring americans have the energy they need, whenever they need it. this is our era. this is america's energy era. nextera energy.

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this father's day being this sunday, we want to bring you a father/son dynamo. who's better than bill miller the third and bill miller the fourth we are going way back. >> the interesting question was when his younger brother was born, i want to make him the fifth. >> well, that's true >> maybe it works for george anyway, guys, welcome and we love talking to you again. there is a long list of stocks to discuss let me plunge right into it. bill, let's start with amazon because that's been such a winner for you overtime.

every segment we are talking about how big these companies get or should they by the way media asset? would it be bad for you if amazon starts to buy more assets >> i don't think they'll buy anything one of the things they sow early on that netflix saw was the media business was fragmented between content and distributio distribution with the internet, you can green light the project and make it distribute globally. >> ironically now that the kind of regulatory environment is okay with that tie up because netflix and others have done it already and if you said no to this, you have to go back and say well, somehow they don't work either. you think amazon can build this itself and how >> they are doing it they raised prime by 20 bucks because so many people are signing into prime videos.

the way jeff thinks of prime is let's give people more benefits and after that we'll raise the price. >> do they make it successful as netflix or whatever a combined comcast looks like >> they're following the netflix model making more programs and movies and shows each year what jeff wants is to get so much content that part of the business is fixed cost the next project that comes along, he's off your netflix >> is netflix bad for you now with all aggressive players coming into the scene? >> it went back to 55 and we made it there and we made 12th times our money. it is very expensive but it is very good. >> they'll have to contend with

the fact that other people are coming or willing to spend $8 billion a year but it is going to be billions >> what about apple today tieing up with oprah. hay got her today, should they step in and buy somebody like disney, it does not sound like they're able to scale the way amazon is and how. >> that would not bae bad deal >> disney, it would be a great investment to buy and those theme parks and mgm property >> are you mentioned that to mr. buffett? >> no. >> it would be diversifier for sure >> is that an option for disney if they don't win fox assets >> it is around 14 times earnings so it is not very

expensive. >> quantro >> i run an income fund with him. one of the names kicking off the high level is tubber ware. it trades with a 6% dividend yield right now believe it or not. it sounds high but it is actually in stainable. if you look at the cash flow, it is kicking up. >> it sounds to me of an old story but maybe that's the attraction >> but right now the stock is actually trading at a 6-year low and people have sold their stocks >> they sold tubberware rather than swords?

>> yes, high dividend yields and very sustainable and very attractive biusiness and high returns and equities overtime. >> what's the latest, they had an insane roller coaster in the last 24 poin points because thaa opportunity trust. >> i got to give my assistant samantha, she picked it up >> the growth rate is sustainable and they're changing of the store format again a little bit it is expensive but not that expensive. what about bitcoin, i don't know where to start on this one except scc yesterday, was that a significant? >> it is incremental -- some of the characteristics of that and

the key to that is going to be just a slow gradual global regulatory framework that gives people some conference in it you may have seen published a few days ago and thought a lot of market manipulation going on. >> if you look at the players involved in one of the crypto currencies, and the stuff, you would not be that surprising the concern was that it was use youed in the beginning for various purposes and there are all sorts of schemers and promoters out there. >> certainly since it has started. i have played the playground between the antigovernment and all kinds o f stuff and i would say everyone today, current state there is such a huge amount of fraud and the ico market and manipulation going on it is a lot like the u.s. stock market around 1900 where it was

completely unregulated >> they figured it out and the markets have been doing already. by the way, how long have you guys been doing this >> the opportunity fund is 15% this year so that's the three-times better than the market income is up 10% which is also close to the market. >> if you just look at th the -- they earn money in two ways they earn money of the share of assets they managed. they're going to earn about, grow faster than the market and you put a market mlts on that. you are getting the carry stream which is of a shared profit. >> sometimes it comes up because it is not in a lot of the indexes and people are looking at a way to got get over

concentrated in passing of investments. >> kelly, what's interesting and it just occurred to me now that our favorite new name in the opportunity fund is an apollo deal which is adt, the security company. they tried to bring in 17 or 19. >> right >>. >> it went to 7 eastward this company has a 10% free cash flow this year >> a billion in year three we think in two years it is a $20 stock off of a $7 stock today. >> amazon now offering some sort of a sweet security products >> yes, samazon does that and wants to be deeper in the home >> swedish is the largest do it yourself for tr market

>> these are the people that are n none do it yourself as well. >> let me ask you about -- have they sorted things out or is there still al way to go what is your latest? >> i would say early on value, we start buying it in the 30s and we bought it all the way down to 8. it is now about 27 we have a nice profit in it. they'll do about three dollars of free cash flow. that'll grow 5% to 8% in a year. balance sheet is in decent shape. a big sweep is the determinology -- dermatology >> we think it is worth probably 40 or 50 >> winter is coming for the change of the -- is valeant its

own story there? >> it is a busted roll-up so it is a public lbo. >> yes, drug companies in general requires new products because stuff comes off packed as we look at the portfolio and the r.n.d. spending is perfectly sp sufficient >> real quickly from each of you. i will ask you what is something and adt has been one but something we have not spoken about and you are interested in right now. >> i like central inc. little. cto, i believe that's the secured dividend yield and the free cash flow this stock is 18 instead of 28 i think that's a great income name we own an income fund as well. >> you, bill >> i will put twitter out there.

>> really? >> yes, it is the most powerful live contenting a gas station platform on the planet >> you are yeielding our in coming fund? >> no. the market is describing valeant of 100 dlashs p$100 worth of us. the value of the content that's available on twitter that's is so much valuable than my friend at the beach >> there are other people and they want their pictures with their friends on the beach >> what are you guys doing for father's day >> we had lunch together today i like the pause >> well, he's going to the beach actually point. >> i don't look forward to the

pictures guys, thank you for vumuch joing us >> bill miller the iii and bill miller the iv. up next, one year amazon announced its acquisition of whole foods. >> americans are seeing major shifts over the last months. we'll break down the biggest trend right here if you are looking for a house, you should be looking for a mortgage. you could mortgage in the dark... or know the steps with better. you could mortgage like it is 1970... or do it now with better. you could hope you are getting the best price...

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morning. we finished lower about 84 as the average. russell was slightly slower today. one of the biggest areas decline was oil of wti going under 65. some of the trades and the dow are down today as well let's get you to our "rapid recap. >> the white house announced 25% tariffs of goods from china. >> we are putting tariffs on $50 billion worth of technologies and other things. we have to we have been treated unfairly. >> china is responding >> we'll immediately introduce taxation measures of the same scale and the same strength. >> at&t completing its $85 billion deal for time warner the department of justice did not like the deal and felt it was unlawful we got our date in court

as much as we criticize t-- >> the dow is on pace of nearly 30 months. >> you know we have the trades and tariffs concern, providing a little bit of excuse to keep the dow down >> dow almost finished positive but could not do it. >> and it is time to check in with sue herrera for our cnbc news update. >> hello again, sue. here is what's happening at this hour a sheriff deputy was killed when another is wounded and an inmate was being transported to another facility, he got a hold of the gun.

jeff sessions taking his department's tough policy to a graduating class of pennsylvania, police cadets >> that is in scranton >> that's a commitment that we made and we'll work on it steadily it is not so much of an individual case or person as it is as we are restoring and integrity of the entire process. >> a new postal stamp is coming next month that features "scooby-doo," it highlights the do good campaign which is an effort to help families create change in their communities from good deeds and kindness. we have breaking news, elizabeth holmes is stepping down. the company's general attorney

has been appointed miss holmes will remain with the company as the founder and chair of the board you are up to date on theranos as well. back to you. >> guys on that point, i believe part of the settlement of the scc that she cannot serve for maybe ten years now. >> they're private the first question is honestly what remains of the company and is it just kind of this pile of property >> i believe she's gone back asking for funds from investors recently within the last weeks or months everyone i am trying to do something with technology >> it is an amazing story. it is a cautionary tale. we have been surrounded for the last 20 years or 30 years with these iconic ceos and founders and ceos and their great stories but every now and then a story

goes wrong and that's going to be a cautionary tale >> jim cramthere you have it. theranos will have a new ceo and it will not be miss holmes >> we have a new report with josh lipton right now. >> he wshe was there for fiver r with nafta what exactly the company has planned in the self driving space, we are not so sure. tim cook does not tip his hands with some of his big tech peers. also, interesting to note that other hires a few months ago,

apple announced they hired google's top a.i. chief. kelly, back to you >> all right, josh, thank you, we'll see what they plan with that >> just under $4 billion a deal. so what has changed? am i saying it correctly yet kourtney reagan has more she's outside of whole foods at manhattan. >> reporter: hey, kelly, you got it amazon owns whole foods and lido is coming. everybody thought it is going to change the grocery chain it is taking amazon a while to make no changes. they did not have lower prices across the store it was just last month they started to offer prime members o

f a 10% discount on hundreds of items. half of whole foods stores offer that and prime members are only available right now in 14 cities >> there seems to be some bumps in the supply chain or something that were regular on the shelves were not there anymore and quality was variable >> two months ago a lot of things are missing from the store. and very few items were inside the store. >> there were a few items that are cheaper, it is still pretty much the store that it was before as far as my shopping is concerned. >> reporter: using mobile phone location data and intelligent firm, store traffic at whole foods have grown since the acquisition. shopper demographics have not

changed. it is higher income. then you got lido, low prices. they build up to 100 stores to their first year here they are, they have 53. if you try lidl, half of the shoppers are spending more than a year ago lidl has not gain the traction as it expected to. look at them both. amazon and whole foods and lidl. not everyone close and both of them are growing their grocery sales last year. kelly. >> yeah, the incumbents are pretty well and it surprised me as well. courtney reagan, thank you very much energy sector has had a great run over the last three

months it has gotten crushed the last week, we'll talk to fast money str trader when we come back rely os they're handing us more than mail they're handing us their business and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business the united states postal service. priority: you ♪ at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.

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dip. joining us is michael and david. good to see you both is energy a buy here >> i still like and i have mentioned it before. i like xogextraction to me i think it is still cheap. it is oil that looks bad and these will trade with oil. >> what about you david? >> well, i think it is a no touch until we get some clarity at opec next week. i think it is unclear of what's going to happen. you have to wait for that. if energy gets weak on it and equities get pounded, it will be a buy week sort of event you can't trade it until we get some clarity on that

>> fair enough >> short and sweet, a lot more is coming up "fast money" is coming up at 5:00 p.m. eastern time >> those details next of trade >> those details next of trade tensions impact on tinseltown. that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online.

china is issuing retaliation tariffs on $35.0 worth of goods. critics of the tariffs say it is

not just u.s. manufactures and farmers that's going to feel these effects, hollywood will too. the chinese box office, now, joining us is from sports corp. you know the scene pretty well between the u.s. and china here. it is unclear of what they may be doing on the box office front. >> absolutely. the chinese's box office is the second largest in the world, about half of their total box is international movies if they decide to take any retaliatory action, it would hurt hollywood significantly >> yeah, that was what reported this morning don't they need the u.s. movie industry >> interestingly enough they did before but they needed far les n less now some of that because of incentives and things that the

government provides. they don't need us the way they did but by the same token, we need them more than we did because the box office means so much now to the profitability of movies and hollywood in general. >> is there something hollywood could do about that? >> china is there because it is lucrative and obvious market if it becomes less lucrative, do they turn their site elsewhere and maybe they throw different kinds of actors. i see the way they're doing it with china cheese daythese days >> you are absolutely right. it generates a significant surplus for the united states. well over a billion dollars for a year it is the kind of renewable property, renewable industry that's very easy to translate and easy to export so one of the things that the

chinese can say look, this is an industry that you actually make more from us than we make from you. so it is a very interesting dynamic that's going on and i will add one other thing the chinese government just changed their entire structure for the filming industry it is going to make life a lot more difficult for western content providers into china >> is it worth it, mike? >> it is interesting one of the questions through this whole discussion of trades with china, is it just the contest of which government is going to have its citizens suffer a little bit more and the betting has been on the chinese. you wonder of movies if it is noticeable that you will not be able to find in theaters it is a luxury good >> thank you for joining us. >> we'll see if tariffs on the u.s. box office are to follow.

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welcome back it's time now for the take away. we begin today with that news that oprah signed a multiyear partnership with apple guys, this is a second day in a row that apple signed a content deal after the cartoon one yesterday. should they go all in and buy a major content kraerlt creator? >> i think apple is happy in this position. you can replicate parts of it. you can test what works and what doesn't work without a little bit of risk i mean, what is a

content-producing business anyway it's a relationship with people who create the stuff. >> sure. if they're going to do it one at a time. >> one atnetflix is one at a ti >> yeah. >> i don't like buying things. you know, a company like apple, which has a lot of cash, they tend to overpay. how much money are they making off beats. has anybody run the numbers? it doesn't matter. >> $3 billion. >> it doesn't matter it matters to the -- it should matter to the shareholders it doesn't is a testament maybe they have too much money. >> next insurance for ride sharing. chubb is teaming up with shore inc. to buy insurance per day on demand it's covering injuries you might sustain. up to $10,000 in medical costs per accident, $100,000 in death benefit. is this a glimpse of the future.

>> i hope not. most people are probably covered by their own homeowners insurance. >> who doesn't cover if you don't have a homeowners policy and you don't have an auto policy ie most people under 35. >>ly say as a general thing, it's surprising to me that insurance in general is one of the things that has been so instructive by things like smartphones. i mean, you know, it's obviously kind of a commodity product. and the whole you have homeowners insurance, renters insurance where they pay the claim the same day because they just realized it. >> i read about a life insurance start up being backed by jay-z and kevin durant. >> i hate these oneoff insurance things i just bought an hp 12 c because my 40-year-old one went out on me and they offered me on amazon they offered me a buy insurance coverage. >> i always turn it down $2.40 people should do it.

the biggest regional sports network by viewership could be in play. disney and comcast want to buy fox now. if fox changes hands, the yankees have the right to buy back control of y.e.s. network who wants this the most? who is the most valuable for >> the yankees. >> why more valuable to the team than the media companies >> just because it's small enough it really isn't going to move the needle enough for them. if you think about the yankees, they get paid for the rights to televise the game. in some ways it's shuffling from one pocket to the other. >> i would say santelli. santelli knows so much about baseball i can't bring myself to argue with him. >> we have more breaking news. sue? >> reporter: indeed. the founder and former chiefi

operator are being charged with wire fraud schemes this indictment was handed down in california from the department of justice and basically they are now saying that the tehranos founder elizabeth holmes are charged with two counts of conspiracy to commit wire fraud, nine counts of wire fraud. according to the indictment returned an unsealed today, the charges stem from allegations that holmes engaged in a multimillion dollar scheme to defraud investors a separate scheme to defraud doctors and patients both schemes involved efforts to promote the palo alto, california-based theranos. it comes on the management transition we told you about a short while ago. they have been indicted and they're being charged with multiple counts of wire fraud and conspiracy to defraud investors and doctors and patients

kelley, back to you. >> all right and, sue, thank you. at this point given about what we know at the company. we were waiting to see how feds would deal with this up next bill miller giving mevice to warren buffett a few monts ago. the company he thinks the oracle of omaha should buy. affiliate this it can detect a threat using ai, and respond 60 times faster. it lets you know where your data lives, down to the very server. it keeps your insights from prying eyes, so they're used by no one else but you. it is... the cloud.

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i always thought that, you know, warren buffett said he can't find something to buy. disney would be a great thing for him to buy he can spin off the theme parks into an mlp did and recoup a large portion of the price. >> have you mentioned that to mr. buffett? >> no. that was bill miller weighing in on what he thinks warren buffett should buy, namely disney. do you agree >> as a kind of business it makes all kinds of sense. a $200 billion bite. almost half of berkshire's market cap what do you think? >> no. >> you don't have a thought on or you don't think it's a good idea >> i don't think there's a lot of value in it it's like the ideas of warren buffett is supposed to be buying cheap undervalue there's nothing he knows about or is insight into disney. >> all right. >> he has a lot of money to put to work.

he could buy 20%. >> maybe he should buy beats from apple you thought it was a great deal. other names that the millers mentioned they like are moving higher after hours 82 is up nearly 4% at one point. 3% now thank you. happy father's day to you! that does it for "the closing bell" "fast money" begins now. "fast money" starts now. i'm melissa lee. your traders on the desk -- tonight it was a crazy week for kr crypto and our crypto said something just happened that could send one coin to the moon plus, don't look now but shares of snaps are soaring. we'll tell you how to cash in. first, we start off with a trade war turmoil. stocks sinking more than 250 points the white house officially slaps tariffs on china and the country retaliates by the end of the session, stocks erased most of th