decades. >> interesting to see flannery say his life savings is tied up in the stock i wonder what the tie was. >> he said he didn't feel a thing. >> well, thank you for watching "power lunch," and "closing bell" starts right now >> i share in every sense the pain, if you will. you know, my life savings is in this stock we know where we are we are realistic about that. we know exactly where we want to go with the portfolio, with the balance sheet, with how we run the company, and we know exactly how to get there, and stay tuned for the ride here. >> general electric's ceo asking investors to believe in his plan for the industrial giant i'm kelly evans at the new york stock exchange more details on ge's strategy coming up on the "closing bell." >> reporter: harvey davidson locked in a war of words with the president in moving

production overseas. the latest on the bike battle coming up. >> reporter: the supreme court siding with the white house on the administration's travel ban. the big question now what does it mean for the massive u.s. travel industries >> i'm wilfred frost co-head of goldman sachs talks deals, business, and the sport of business. that starts right now on "closing bell. ♪ >> you did get here quickly. >> i did just hopped over the fence >> welcome to the "closing bell" everybody, those stories in a moment, but a check of the markets. after yesterday's big down day, stocks rebounding today, dow adding 9 h4 points, nasdaq up . and russell up, and dow was up more than 100 points in the high of the session, and walgreens

replaces ge in the dow today >> it's the one to watch speaking of ge, that is the top story today. we get to david faber who spoke with its ceo, daifvid? >> this day long and coming for ge john flannery, his board of directors, from 18 to 12 members. they have been thinking for a long time about how they wanted this company to look as mr. flannery runs it into the future today, we got that answer. health care is the name in the portfolio that is going to be pushed out it's going to be a modernization of roughly 20%, and 80% is spun or split off to shareholders and the health care business will be its own entity it takes with it about $18 billion in debt, pension liabilities, a business with a $19 billion revenue run rate,

earnings per share, if you call them that, not earnings per share yet, but earnings that are double digits, low double digits, so it might be -- well, let's call it value to somewhere between 14 to 15 times, giving it, they hope, an overall value of $60 billion to $70 billion for perspective for people the $18 billion in debt, too, remember this was the big announcement today, but not the only one. there's a plan, as well, to exit the 62% of baker hughes, a ge company that ge currently owns that will also take place over the next two and a half to three years, the company said, and, perhaps, as importantly, they are doing things to the balance sheet to instill more confidence overall in their investor base i asked mr. flannery about that balance sheet and how much of today's actions are designed to put it in a better place >> well, i focus a ton of time

on the operations of the company. that's ultimately our mission to make the operations of the company better, more cash, better return, better capital allocation, less cost, less bureaucra bureaucracy, all that stuff. that's key i spend an equal amount of time looking at the balance sheet i grew up in financial services, respect for what it means to be encumbered by a weak balance sheet. when they process what they see today, there's going to be a dramatic change in the leverage capability of the company, reduction in our lev raerage don to a much, much lower level. >> two and a half times by 2020, you feel confident you can achieve that >> absolutely. >> talking about taking leverage down to below 2.5% turn by 2020. that means taking 25 billion of debt out of equation of course, some of that will be paid down as a result of what comes in from the 20% modernization of health care, and a lot of different ways they are going to be approaching that, but the balance sheet,

certainly, a key, and another is turning around power that was sort of perhaps one of so many surprises and not good ones that investors have got from ge over the last year the inability to execute effectively at that unit with its numbers down as much as 50%. i asked mr. flannery how long will it be until the turn actually starts to take place. >> renewables is a high growth business, high growth industry making a lot of progress there in the wind business, that quintuples for energy in the next couple decades, and then the power business, we said this morning on the call, it's going through a turn around right now. it's choppy right now. the business in the industry is not going away the power generation from gas production is going to be higher 20 to 30 years from now. >> and kelly, wilf, he made it clear, there's those of us reporting on it for some time and speculating what might be

spun or sold and done in a reverse trust transaction, he made it clear, this is the ge of the future this is where they are staying they are going to be a power company, renewables, and, of course, the crown jewel itself, aviation back to you. >> david, i wonder what the argument really is to be a conglomerate these days, anymore, and when you look particularly at this very positive share price reaction to the announcement, is that investors in a failed way criticizing mr. flannery's predecessors for the acquisition-based leadership they pursued >> you know, listen, it's been a rough road for ge, and as you say, i think, certainly, there's many who question the conglomerate approach. the idea that all these companies december prate their businesses may be, have a unified approach in terms of a better management. ge was the poster child for that for many years, ge management style, with the institute, and

so many of the things, wilf, it's not the way they are seeing things these days. they do not embrace that model at all, and, in fact; he's going to also be shrinking the headquarter staff, the corporate staff, pushing down to the actual company level much of the decision making and many of the l allocation decisions as well to your point, trying to actually cut another $500 million in costs in addition to $2 million for 2018 by doing that conglomerates on the out a lot of businesses purchased by his predecessor, many at the highs, and sales that took place at lows in the market place. this is a different company now, a far, far slimmed down company, they hope, with a greater focus on a sharing amongst the businesses that makes sense in terms of engineering and onentsgiven now they, to put it simply, make a lot of things that turn you know turbines, jet engines, they

all -- windmills, they all turn. >> oh, that, and see now you're at a level i understand. thank you very much, david faber, and ge going back to what we say leaving the dow, up 8% the day it left. oil is spinning higher, $70 a barrel on news the u.s. state department ordered companies to cut all oil imports from iran by november joining us to discuss what the requirement means to oil markets is al-husseini, thank you for joining us, sir, and who is going to replace the iranian barrels. how much a blow to iran is this? >> caller: well, thank you for the call i don't think it's a big as problem as might be apparent at first impression iran only exports about 2 million barrels, and that's plenty of spare capacity to

replace that their sales are largely to yu europe, europe will not buy anymore, same thing with the asian countries. the only issue probably is china, how much will china buy, and their purchases in the past have ranged 300,000 to 700,000 barrels. the more important point is iran has the option to go back and look at its local or geopolitical strategies and if it was to back down from its missile programs and nuclear programs and interference in the programs, this problem could go away the ball's in iran's court it's not oil it's iran's politics >> before politics, just, quickly, are you saying that because it's quite easy for a number of producers to replace these few million bares, today's

increase in the oil prices are overdone >> caller: i think that oil prices have just come back to where they were prior to to the opec meeting saudi arabia, alone, could definitely cover a million barrels. it's done more than that in the past and there's enough other supply to replace all of iran's oil that would come off due to the sanctions, so, yeah, it is an overreaction i think people are forgoting that most of the consumers have had since may to find alternative supplies and have until nove another 90 days there's a lot of room to find alternatives >> i know i'm asking you to speculate here, but do you think the administration will kind of put momentum behind the protests we've seen breaks out in teheran this week and unhappiness of the country in the last few months, collapse of currency, the amount of money they spend on other squirmishes and so forth, i mean, do you think that's going

to be an effective way for the trump administration to ramp up pressure on this regime? >> yeah. i think the regime has to pay more attention to its own domestic issues. i think the administration has basically thrown a line in the sand back in may, and it's sticking to it, and i think the iranian administration, the government and teheran has to now take that into serious consideration and do whatever's necessary to both fix their economy, but also to become better citizens in the region. >> and that's more important than ever. thank you very much for the thoughts today >> caller: thank you we'll continue their discussion and important equity markets with the closing bell exchange today, quincey is here, steve grasso, and mike santelli in chicago at the cme. steve, starting with you, is

this a choppy summer ahead today's calmer, but prior week and yesterday, in particular, suggests summer could be bumpy >> right so when we look at all these ade headlines we've been kind of slug shring off the last cou months, it looks back to where it was in the first place. it was something we were dealt as an overreaching argument from the trump administration, something that he said in the past, but i think now people are starting to say, okay, usually his bark is worse than his bite, but in the art of negotiation, you have to bite, eventually, or else everyone knows you're just barking, so i think this marketplace now is trying to digest, okay, how much is he willing to bite. is it softer around trade issues when you start to look at the market trading as one blanket, as a china trade war, that's where the market has digested it

probably unfairly to many of the participants what does netflix have to do with the china trade >> totally amazon >> all these different things. what do the american home builders have to do with the trade. iwms outperforming today, russell outperforming, that's why, so, yes, to your point, yes, you're going to see a little more choppiness, but there will be opportunities. >> yesterday, the market said there's more bark or bite? now with the harley-davidson - >> he has to bite eventually, and he's not been backing off this early july date, and in the past, we've seen him sort of back off a lot sooner than this. >> so now it's more serious. >> but couple that and put in with a couple other things there's the end of june coming up, end of quarter, end of the half year, you have month end rebalancing, so there's a lot of mixes going into selling the outperformers, large cap tech, buying underperformers, and you see that in the retail space

where they buy a lot of retail names. i would assume after june, you're going to see money going back into large cap tech again that's where the growth has been >> do the large cap tech names need a pullback regardless of what the list for the pullback was? >> no, absolutely, a market is overbought, sector could be overbought for a long time, but you could feel it. momentum, momentum, momentum, and at some point, pause, consolidate, and, actually, it's very healthy >> in terms of the broader trade fears, concerned or relaxed you're able to look through the summer like steve that we'll recover at some point? >> for the market, it's interesting because you could have bad news just as long as you know what it is so you figure out where you're going to invest it's the uncertainty that clouds the market what happens is the market then says, let's sell off, ask questions later. there's domestically focused

companies, companies going overseas, but are not going to be add effective that's what the market is trying tocern by the way, a contrary trade, everyone talking about must be harder for china with the market down more than ours, but perhaps a china trade is a nice contrary trade bee they are cushions for other reasons like the economy slowing down >> you venture into chinese stocks >> contrary -- you don't want to be contemptive there's monetary cushioning, fiscal if need do, doing whatever it takes. >> great point on that point, rick, i was going to ask you, what's beginning got the chinese currency it's weakening by quite a bit, is that by accident or annoying the u.s., how are you reading things >> it's a great question i just don't have the answer i'm not going to say something

as a guest we don't know. it could be a lot of different sources at work. it could be more of a demand side on the dollar, hard to say. end result is the same, to some extent, to some extent, it helps the export side, but when you're talking tariffs, i don't know how much difference that makes, so maybe you're right, more of a mosquito type move i don't know that we'll ever know one thing is for sure, and i think quincy nailed it, there's a lot of conventional wisdom and learning what the trades are as a contrarian trade. the answer would be then why do companies all over the world go on strike? because it's exactly the same model. you go on strike you're going to lose being the

employees. the employers are going to lose. why do it? because one or both sides over time once the new agreement is made makes up for loss time and will have a better logistic call setup, and that's why they go on strike i think this president is doing something maybe i wouldn't do, maybe many viewers would not do. maybe he sees it a certain way i don't know how it ends, but i'm fairly confident the conventional wisdom description will not be the accurate one >> rick, who is going on strike? are we are they i mean, who -- who is who in this squirmish >> oh, i would think that we're kind of the employee in this analogy going on strike because the rules are much more rigid on the employers' side of the ledger, and i view china in that regards, especially all the wonderful guests from cnbc saying listen, to get involved

in a business in china, they are only so happy to accommodate you. that's the problem maybe describing it and getting into it, trade deficits are horrible hammers to use, to crack into that, but the end result is still a valid one. >> all right always got a great analogy guys, thank you all. and we have some breaking news on immigration. eamon javers joins us. >> 18 state attorneys general filed a lawsuit against trump administration's policy of separating families of certain illegally immigrants at the border the 18 states attorney generals says even though the president reversed himself on that executive order last week and issued a new executive order, ultimately, they say, that nothing to take care of mandatory reyun p aunification e families

the bill said there's so many loopholes it's essentially meaningless. a 18 states, a roster of blue state for the most part, participating in this, washington, massachusetts, california, delaware, iowa, illinois, maryland, minnesota, new jersey, and on and on, but you get the sense here that some of the big attorneys general would like permanent legal resolution to the situation which is really on hold right now. it's up to a federal judge to rule on blornt the 2-- whether o the holding period will be elimina eliminated, but the president said he will do his utmost to ensure families kept together during that period of time >> iranonic it comes out on the day of the travel ban. same reaction we saw at the time thank you. >> you bet >> more on that decision as well indeed that'll be coming up of course, big impact on the

american travel industry potentially from that supreme court decision, and we'll be diving into which companies in particular could be affected >> plus, over a year ago, harley-davidson executives rode up to the president in the white house, and now the latest on the motorcycle brawl after this.

welcome back, harley is locked in a war of words with the president over the administration's trade policy, phil lebeau with the latest, phil >> reporter: it's a one-way fight with all of this coming from the white house in the last couple hours, president trump continued blasting harley-davidson for his decision to move some production overseas due to eu tariffs here's what the president had to say this afternoon >> harley-davidson is using that as an excuse i don't like that. i've been good to harley-davidson, using that as an excuse, and people that ride harleys are not happy with harley-davidson, and i wouldn't be either. mostly companies are coming back >> reporter: harley-davidson,

does it have a comment regarding the twitter attacks this morning or this afternoon? we reached out to the company, no response regarding the tweets from the president or the comments this afternoon. in terms of harley's game plan from here, we will bring you up to speed in terms of what the company said yesterday some is lost in translation. the company is moving some production overseas because it needs to supply the european union with bikes, not built in the united states, because they are going tor t be taxed at 31% but increasingly bikes built overseas for other markets the eu cost for harley-davidson annually between $90 million and $100 million look at shares of harley-davidson, at one point today, traded down at the lowest level since december 2015. the president is in wisconsin thursday, guys, for a ground breaking ceremony, and no doubt, some comments as they break ground on a new facility to be

built about 35 miles from the harley headquarters. you think he might say a thing or two about harley when he's there? >> i'm sure. >> i put money on it, yes. >> i'm sure he will, phil, but in his response today, he's saying net-net overall, more car companies are increasing their production in the u.s. than going otherwise. how accurate is that statement as we know, vast majority of bmws, for example, sold in the u.s. get built here. >> reporter: well, there have been an increase in auto production for certain vehicles in the united states i think the overall number's roughly are the same as they were when the trump administration began the interesting thing to keep in mind is that there's nobody in the auto industry, nobody, that i have come across who said, you know what? tariffs will be good for the business trade groups are out saying it's going to cost the industry billions of dollars, the auto makers, the dealers, it's unanimous across the board that if tariffs are put in place whether for europe, china, or

other areasin, it's not good fo business here for all aspects of the auto industry. >> thank you, phil, from chicago. there's much more on trade on cnbc.com including why one money manager said the white house is making trade policy up as they go along that's online right now at cnbc.com still to come, wall street awaits the outcome of the battle for fox, we'll speak with goldman sach's co-head of the investment bank, of what other sectors are ripe for merger activity a new note from barclays, and why analysts are singing a company's praises. we'll be right back. eligible for medicare?

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welcome back, up 76 points on the dow we are checking in individual market movers, barclays niche kating coverage of spotify with an overweight rating, saying they are innovating ahead of its peers. the stock is up 2.7% today, 175, it is a valuation call, if you look into the general -- >> i love looking at spotify, the share price, unique way they

went public, and it worked there's been no evidence that that made the stock more volatile, that it hurt their -- the direct offering so far, again, depends how it plays out, but so far seems to be a great success. >> yeah. and this note is saying if you're a believer in this sort of streaming of content going forward, this $29 billion market cap compared to apple music, netflix, whatever, there's a lot of room to grow into valuation terms, clearly, there's a lot of sort of stumbling blocks as well with big rivals, but that's a valuation car. >> we'll ask greg about that too. >> we should >> they did not exclude wall street all together, but just not the usual. >> yeah. slightly different >> yes there's spotify as you said, in three months time, up 17.5%. lenar is higher today after posting a beat this morning, orders of 62%, home prices up 10% from the year earlier, and

shar shares up nearly 4 m%. >> a stock not affected by chinese trade. >> but volatile -- in a way -- you're right, it's not, but the lumber issue, supply chain issue, and the president talking about this in the rally last night, but, you know, talking about wanting to grow more timber here and not in canada, my point is, there's a trade issue, maybe not with china specifically >> there's a race issue as well, that's all together a different story. anyway, time now for the cnbc news update, sue is back in hq >> here's what's happening at this hour, everyone. senators on capitol hill reacting to the supreme court's ruling upholding president trump's travel ban, democrats were not happy >> this is a dark day for anybody in our country who cares about checks and balances because what that five justice decision obviously says is that the president can pretty much do whatever he wants to discriminate against groups of

people and say, this is for national security. >> protesters rallying outside the washington, d.c. condo of president trump's senior adviser, steven miller miller is considered an immigration hardliner, and demonstrators called for an end to the zero tolerance policy leading to the separation of migrant children from their parents. the sec charged three people with insider trading tomas and an analyst at global ratings is accused of tipping off two friends, the two alleged ly made $300,000 of illegal profit by trading valspar stocks that's the update this hour, back downtown to you >> sue, thank you very much, see you next hour. >> you got it. supreme court ruled today to uphold the president's travel ban restricting entry for u.s. travelers from several countries.

we have the details and ramification, although, i don't understand the ramification why there is some for the travel industry do tell. >> the supreme court decision will lead to a further decline in inbound travel. in fact, foreign investors to the united states dropped 4% in 2017 when a sizable drop in visitors from the middle east. the u.s. is also lost its spot as a world's second most popular destination for foreign travel experts say the trump administration's restrictive policies are a factor discouraging tourists traveling to america it's an argument many ceos including the marriott ceo recently talked about on cnbc. >> we are seeing concern by leisure travelers around the world. it's harder to get into the united states. it seems to feel a little less welcoming than it did in the past, and we applaud the work that's going on in security. >> the impact of the travel ban

in the broader economy will be watched closely by investors after all, travel and tourism is the country's second largest export u.s. travel association says every percent decline in travel to the united states is a 2.6 billion dollar loss for the economy, and that translates to 5,000 jobs, kelly, wilf? >> not like we have that many direct travelers from iran and libya. >> it's the broader sentiment. people don't feel welcome. that's how impact how people want to spend their money, vacation, and do business. >> don't you think it would be the chinese? if china says it's part of this back and forth, you know, if they said to no traveling to the u.s., then there's an immediate blow, don't you think? >> exactly right in fact, the commerce department data from 2017 shows we saw a decline in chinese travel to the united states. the question is, will that continue here in 2018? >> okay, great stuff thank you very much. i hope this upcoming trip to the

u.k. goes smoothly >> i hope it doesn't, would be more fun to watch that way >> well, fun coverage story. i don't want - >> at your expense are you going to be over there >> i will be, yeah >> oh, okay. god speed. still to come here on the "closing bell," deal news dominating the media sector as of late, b a tutrehere opportunities in other areas as well industries that could see more deals coming up here on the "closing bell.

dow tries to rally after the declines, up 100 points in the blue chips, and here's the sectors, four in the green, four in the red, telecoms down, and there's been a rebound in oil today. >> a bounceback in the teches as well up next, m&a with goldman sach's co-head of investment bank and whether trade derails positive menomtum in m&a deals soaring this year. we're back in a couple minutes whoooo.

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welcome back, global deal activity for the first half of the year has already hit a record, $2 trillion to the values deals in the period, and

media mergers dominating in particular >> joining us in an exclusive is the cohead of the banking division in goldman sachs. good afternoon to you, greg, thank you for joining us >> great to be here. >> talk m&a volumes, up to just halfway point of the year, and m&a's got off to a great start what are the drivers behind it, and can it continue? >> mostly it's ceo confidence. i think if you think about absent days like yesterday in the market, ceos and boards and clients are positive on economic growth, corporate earnings, and u.s. companies in particular have the tail wind of tax reform fuelling growth. >> can trade derail that >> i think it could. i think the general consensus on trade is they want to see free trade, but free and fair trade the consensus of clients is to the extent that the administration's saber rattling or tactics are great if some of this becomes policy, people are anxious and that's what you saw in the markets yesterday.

>> people point to the last boom from 2006 and 2007 saying there's a lot of bad ones and debt fueled stuff. what are you seeing? >> major transactions we see in 2018 is large scale m&a. you said there's 2.5 trillion broadly, 33 deals greater than $10 billion this year, more than all of last year, and it's been big scale transactions so it's more broad based in terms of where it's happening across the industry and region, and it's less debt fuels necessarily and mix of debt in cases and equity. it feels more stable >> in terms of the media industry, m&a is in the spotlight a lot recently do you think it's the right move to see old media companies trying to merge and consolidate to take on the threat from the new media companies? >> landscape is shifting dramatically, those out there in the market, you got this battle for fox and sky going on between two great media companies and

comcast and disney, however that plays out reshapes the landscape. there's cbs and viacomm, sprint and t-mobile, and there's voda phone and sprint with that, there could be a strategic shift in the landscape, and the potential for the big tech companies, google, amazon, facebook, apple, market caps, a lot of cash with media ambitions, just getting into the game >> on the fox deal, clearly, there's a number of ways you can still go, but presumably fox must be delighted, whatever the outcome, bidding war ensued, and prices elevated quickly. >> they have seen the value to them go up, and meanfully over the course of how it played out, and there's still more to play >> how much is in the pipeline now with the supreme court decision that said, okay, at&t, go with time warner. what other kind of consolidation. >> the only head wind seen in

m&a volume happening at even greater scale had been uncertain regulatory environment the government suing the block of at&t time warner, intervention between these deals, holding up political tensions between the u.s. and china. that's the one head wind i think the severity of the judge's ruling on at&t and time warner alleviate some of that, but it's unpredictability of the regime that has people anxious >> mentioning apple and google with media ambitions, and m&a market as well, looking at netflix, essentially >> media ambitions are more nic probably the acquisitions they tend to do are of smaller companies by sieand scale and potential to grow. they have not they are trying to do it organically so far >> ipos at the moment, the rest of the year? >> markets quite strong. up year over year. it's interesting we talked about private

companies, unicorns that stay private longer we saw the change with snap last year, dropbox, direct lifting of spotify happen earlier this year, and it's not just the u.s. there's brazil, europe, and egi in china it's happening globally, and i think there's a pipeline behind that that's exciting, and excited as we are about the pipeline in the u.s., it's gr t greater from china >> okay. great, great stuff, gregg, stick with us, you're a sports fan, world cup in particular. >> i heard another cheer go up >> i know. looks like argentina - >> don't say it. >> sorry, some of the viewers do not like us teasing it or mian, and we're talking about sptsed rights, the valuation of franchises whether it's soccer or nfl stay watching. back in a couple minutes it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term?

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welcome back, the likings of amazon, facebook, and twitter picked up nonexclusive rights to packages of live pro sports as teams look to increase values with more media revenue, these and other players could be more prominent. >> back to discuss the developments is gregg, an

interesting dichotomy because, clearly, on the one level, we are talking nfl rights being down, world cup figures here in the u.s. being down, but on the other hand, new media companies desperate to get their hands on live sports rights is that still important or slipping >> i'd say sports rights, sports in general is the holy grail for media. think about the way media viewing evolved and time shifting how people watch shows, one thing they have to watch live other than your show is sports, and that's a massive value totize tizadvertisers. the value has gone up massively. it's come down a little in the nfl and premier league, but overall, the sports rights have come up significantly, and that's with the big media players. as you know, kelly, seeing amazon and facebook and twitter dipping their toes in the water creates more competition >> i don't understand, i see the number on people watching these sports and young people, it's staggering how does the pie grow for

everybody? how can every pro-franchise be worth more, advertising worth more, e-sports growing, how does that make sense? >> the leagues and teams have done a better job of monetizing it it's not one umbrella contract for everything, but importance to data, fantasy football, and gambling the data the leagu own is unbelievable valuable, and to sell off rights in different regions and meediums is valuabl. they have been able to grow the pie that way >> the world cup viewing figures for tv is down this year, probably because usa is not in it 2026 when the u.s. gets to host the world cup, and better viewing figures then for the economy? >> i hope so the growth of soccer in the u.s. is positive, really, the creation of the mls, they built out a big amount of franchises that are now in the soccer, and

mls, for example, higher than per game than the nba and nhl, so you see that grow, and i think if they continue to build momentum between now and 2026 when the world cup comes to north america, there's real momentum >> the mls franchise is not as valuable as the nfl franchise. >> no, it's not. >> so, you see an nfl franchise change hands - >> that was the panthers, $2 billion for that if the ratingsre really sliding, what happens to the investment >> there's only 32 franchises. most premier athlete you can guy, a lot of wealthy people and 32 franchises. asset values increase. >> wealthy people who watch this show as well i want to trade that off, mls franchise is far, far cheaper, market cap here with united is 3.5 billion here is there an opportunity to buy an mls franchise and see the gap

close with nfl over the next decade >> no way! no way >> well, we're closing - >> maybe >> close the gap possibly >> it's billion dollars. >> mls franchise minority stake at $500 million. nowhere near $3 billion. >> the play -- >> it's narrowing the gap. you see the economics in the sport be attractive to owners, again, not at the scale -- at the top is the key nfl franchise and key major league franchise and those in europe soccer >> gregg used to be a soccer goalkeeper yourself. >> i did >> who is the best keeper so far, and who wins it >> oh, lord. >> so i would say, the best keeper so far of the tournament? i'm going germany. >> okay. captain. >> and who is going to win it? i'm going to go spain, despite the performance to date. >> which league is more valuable, nba or nfl

>> oh, i would say at this pace, the nba. >> yeah. >> there we go >> hard to imagine the franchises keep growing. we'll see. we'll see. gregg, great stuff >> a pleasure, gregg come back soon >> thank you, both >> thank you very much up next, back here with the close, which is about six minutes away we're up 35 minute points. we clicked a little bit as we approach the close ttg esrep administration is puinprsu on iran today, a lot more on the announcement sending crude oil prices spiking. duncan just protected his family

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>> three minutes left of trade the intra-day chart, green all day, and there was flirtation with going below the flat line, but essentially, an encouraging bounceback from a big selloff yesterday. let's broaden out and look at the indexes, you can see that they are all pretty much in line, no clear outperformer today whether it's the russell or nasdaq. all up a nice amount dow and s&p up a little less oil prices is the big outperformer today, of course, the threats on iranian exports

up 3.5% on wti today look at the sector performance, that clearly plays out bob pisani is here now once he gets the microphone on, but there's sector performance energy, clear performer at 1.3%, and telco underperforming, and tech with a nice rebound up .5%, but, of course, down yesterday, and as bob is joining me, you also look at the ge share price year to date, down 21% having had a nice jump today, but, clearly, today's jump, well, that's just the intraday there's the jump today in perspective down sharply year to date >> the ceo assured us this morning this was going to be the end, no more changes, essentially down to three sectors at this point. that's the important thing i think what matters here toda is the financial stocks. every single day, 12 days in a row, the xlf declining this has never happened before in the history of the s&p, not seen 12 consecutive declines, and across the board, whether you look at the big companies in

the insurance area like chubb or traveler's down, regional banks like pnc, big sectors in there, and financial services like blackrock, all drifting a little bit lower. it's a little bit disconcerning at this point because it's not just interest rate concerns. it just seems to be a lot less interest in the banking sector in general i think this hopefully reverses once we get earnings, gets them in the second week of july, andand i think you find loan growth is better than people expected. that's my bet right now. >> we have, of course, the peak or second round thursday, so could tap out nervousness ahead of those as well the dollar as well, bob, because in general, of late, the dollar pulls back a little bit, but today, there's been a little bit of strength. >> 5%. dollar index up 5% in the last quarter, a notable move. you see here it's been a little sideways recently, but i expect you're going to see a lot of

companies come out and talk about that dollar trend. we heard it from red hat, oracle, several companies we've only had a dozen so far reporting for the second quarter. >> there goes the bell, bob, thank you very much. we are up 33 points on the dow at the close ringing the bell here at the big board is delight technology and at the nasdaq, abstract cure that's all for the first hour. kelly's got the second thank you, wilf, and welcome to the "closing bell," everyone, dow rebounded today, only by 27 points, though, up more than 100 at the highs couldn't hang on to them at the close. yesterday, we dropped more than 300 on trade war issues, down more than 500 at the lows yesterday, so there's your small rebound for the dow. the s&p 500 up about six points, and nasdaq up to 7561, and russell added two-thirds of a percent today to 1668.

energy best performing sector in the this as the oil price surged after the state department told oil buyers to put iranian crude imports by november whether it's feasible, we'll get into it, but crude over $70 a day, and might feel that at the pump in a couple week's time joining me on the panel, michael santoli is here, mark harris, and john burke from burke financial strategies welcome to all of you. the big winner in the dow today was apple while intel was the biggest decliner over in the s&p, it was general lelectric topping the charts. ge was better than 7% gain wouldn't have impacted the dow, only seven points. financial biggest loser. michael? >> down 1% on the debut. >> was it? >> so, yeah, no figuring that, really honestly, with a little bit of a unique bounce, even at the highs -- >> barely a bounce at all. >> it was about the market

stopped going down, did not gather momentum yesterday after we had that jesture by the white house to say, look, don't get excited about the trade restrictions that have been reported, but beyond that, i think the market is kind of comfortable, for better or worse, in the general zone the bank stocks bob talked about being weak is a psychological way to hang. >> down how much >> down 5% in the 12-day losing streak >> that's what's unusual about it >> yeah it's a quirk could have had an update - >> aren't they all in. >> 5% in two and a half weeks as is something >> yeah. >> european banks struggling, a we all know, a a lot of factors in there, but in general, aside from a pretty good bounce in the big tech stocks, and, of course, energy getting a lift, it was a neutral session. >> and, john, adding to this questions about how much these trades impact u.s. economies, consumer confidence number this morning, the expectations, lowest since last year, and it was a surprising back step

wait, wait, wait, we need the consumer to be strong, gdp is strong this quarter, supposed to be roses is there an impact there >> we don't worry too much about what consumers say we worry more about how they spend. home prices yesterday morning were better than expected. -- sorry, home starts better than expected yet morning. by all accounts, the consumer's fine in fact, economy's fine, earning's are fine you don't see tariffs. the market today said, we heard the white house dampening down, you know, it's an overreaction, but the markets are saying we don't believe you on the tariff stuff, and for us,you know, i really think it's all politics at wto putting out numbers a couple weeks back people paid attention to, but calling attention to o othem trade going to the europe from the u.s., average tariff paid, and waited basis is 1.6%, trade coming to the u.s. from europe,

1.4% difference is rounding off to zero this is all politics >> how's that leave you in the markets then buy the names selling because of trade issues like boeing, caterpill caterpillar, and the likes >> they are scary at this point, putting up barriers, to do business, and that business is going to be less and the only reason that we don't get too concerned is because the earnings are so darn good, you know, like, to quote may west once said, too much of a good thing is always a good thing. so the earnings are expected to be now up 20% in the second quarter after 25 set in the first quarter, and so, you know, that's kept us interested, and i'm sure many other investors. >> oil price surged today by 3.5% state department said oil buyers must completely shut off purchases of iranian supplies by early november mark harris, how big an impact to the u.s. economy? >> i, frankly, at this point,

it's not something that's a major concern to us. we think that supply comes on the market and we'll be okay, but at the end of the day, i agree with the gentleman speaking prior, there's more jawboning going on right now than real action to the economy. the underlying numbers are still way too strong for us to not look at certain -- probably the own thing that begins to wor me is the idea of, you know, yield curve inverting a little bit, and maybe signals that at some point we, you know, cycles tend to be, looking forward to the recession, but there's nothing saying right now there's anything even close to that at the moment, but it's on people's minds. >> by the way -- >> not discounting trade stuff, that was real. people sold off becausey were concerned about the jawboning. backing off now, but that was real stuff you know, the jawboning becomes real at some point that's what we have to watch right now. >> okay. that's what i was going to ask you because it's not just been the last couple days, but six months, back to late january,

and if you look at the dow, anyway, the dow rebounded and doing okay, but flatness is becoming more and more of a theme. >> it is, it's a watched issue at this point. it did not narrow more today, and there's puzzlement over not just what it means, but people are over-anticipating, i think, how quickly it will flatten further, and one aspect of that is people are saying, well, maybe ten year buying yields peaked for the year, 3.12 and now 2.90 it's interesting sentiment shifted so dark, yields will not go higher, the curve flattens more i don't know that you can conclude that yet. if anything, you know, i think you're going to get another rate hike in september, and i'm not surprised if you push up above 3% it can be a process that unfolds over a long period of time >> do you think they whipped around so quickly, yields too,

in the tight range - >> telling that when you had this kind of emerging market mobiles, on their heel, and a lot of risk-off sentiment, and it did not rally that much that's the rule all year >> true. hanging on to 2.9% ge, meanwhile, biggest gain in more than three years after leaving the dow, and, oh, announcing they are spinning off the health care unite. a bunch more changes, and morgan has the recap. >> that's right, spinoff the health care business, exit baker hughes, derisk ge capital, cut corporate footprint part of a long term strategy unveiled by the chairman today to turn around the struggling industrial company. >> i share in every sense the pain, if you will. you know, any life savings is in this stock, so i -- i have the same sort of connection to the issue. the second thing i'd say is we've gone through a tough patch, faced into the issues, dealing with the issues. we have a plan

we know where we are realistic about that, where we want to go with the portfolio and balae sheet and running the company, and we know exactly how to get there, and stay tuned for the ride here. >> now, how he plans to get there? health care becomes a stand alone, process that takes 12 to 18 months, exiting baker hughes, that's over the next two to three years. remember, ge merged oil and gas unit last year a similar deal underway currently at transportation with wild tech as well right now. the result a, quote, simpler, stronger ge focused on aviation, power, and renewable energy, he bets unlocks value for growth areas like health care and shore up the balance sheet. investors have been looking for this for months. this is the reason shares spiked today, ending the day up 8%, but i'd also caution it's also going to take time you got many details unknown, particularly around ge capital and also the future of the

dividends. they will maintain that for now, but once standalones, they will reassess >> there you go, morgan, thank you very much. are you investing in ge at this point? >> it's a terrible story, they were $57 in 2000, the stock $37 just ten years ago, and so you've had an awful lot of destruction in value, revenues, profits terrible, and we own the bonds. we had a lot of bonds. bonds rallying to the -- ge up 1.5% in the bonds, so we like the bonds more than thestock i like a lot of the things that john flannery's saying the company seems like they are getting -- saying, look, this is our identity, we'll be high-tech, industrial, and we're getting out of the business -- >> your point is it's 20 years in the making, and then so bad, and, boom, out

>> felt like con pitstipulation- it's a silly reason, but at $12, it was not having a 30 year stock in the dow, but it's $110 billion before today's rally in total, replaced with a $66 billion company, walgreens, slower moving business, not as good to the economy because of the way the u.s. economy is going, and, also, maybe anticipating the fact that ge is going to be split apart. >> yeah. >> when the spinoff health care, it's that much smaller company >> much smaller. before we go, i like when you imagine 2025, there's a name like kroger in it. can they hang in there for the bold new future? >> look, i absolutely -- we wouldn't have put it in there if we didn't believe it the portfolio is build around the idea looking at 2025, find names we thought could thrive, grow, and be the leaders kroger is one of those they will be the leader in terms of -- in some sense, having a bit of a hand over the cpg

company. amount of effect on consumers, knowing how much they buy, where they buy, all of that is interesting. they started that over a decade ago in a compelling way. they are a hidden gem in there there's other obvious things like googles and facebooks of the world, but kroger is under the radar and undervalued name worth looking at for 2025. >> you know, i have a soft spot for that story 25% down that day amazon bought whole foods. thank you very much for joining us today mark harris and john oil rallying back above $70 a barrel and what it means broadly and for the economy. plus, the president threatening to tax harley-davidson like never before if it moves production overseas. whether the trade policies force harley's hand and we want to hear from you. reach out to the show on twitter, facebook, or e-mail us at closingbell@cnbc.com.

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oil prices spiked above $70 today after allies were stopped to buy oil from iran

here's latest. >> that's right. that $70 level is key. it was indeed headlines from the state department officials sayi the u.s. is pushing allies to cut oil imports from iran to zero with a target date of november. now, this is somewhat anticipated. it's why opec is mulling a policy change to support the market, but what's new here is timing, november, and it's at that point the markets could see a half a million barrels or more from iran effectively disappear. last week, opec said it would put a million barrels back but thought it would be less than that in reality because some countries can't actually ramp up here's why the math is important here the u.s. is not planning on offering any waivers on oil imports from iran. this is the distinction. it's different it means iran's short fall could be double what was previously thought, and why the opec barrels matter that much more. today's spike, we went as high as $70.64. possible to see this run on the

technicals, kelly. >> interesting, thank you. talking whether oil is going to keep going on a run here, do you, stair, think $70 is the floor here >> well, it's looking that way, kelly. there's just a series of outages, oil production outages around the world, this hitting us, obviously not until november, but we plan ahead for things in the futures markets, so that's why there's this price rising we have big time outages in venezue venezuela, 50-year low, renewed troubles in libya, and we had other issues as well that are just not allowing us to replenish global inventories drained down quite a bit the glut in the market from 18 years ago is gone. gone >> i was going to say, crazy, it's not crazy you had investors pressuring the frackers to pull back. how much more capacity is on the market -

>> running tight, demand quietly nudges higher all the time >> pushing on 100 million barrels a day, mike. >> yeah. exactly. so i guess, also, you know, you get in the modes where the market injegest information and turned it bullish. we're in those times because if anything goes wrong, it goes higher >> talking $75 or $80? >> probably $75 to $85 is the upside we got word saudis pump 11 million a day in july for a month. that leaves with maybe 1.5 million barrels of spare capacity as mike alluded to, we're on the razor's edge anything else happens and when you are fearful of anything else happening, it does we'll be off to the races to the upside there are going to be significant upside moves here that are very, very vulnerable to now going forward >> all right we'll see.

see when it happens. thank you. >> thank you, thank you very much >> we have an earnings alert on sonic. kate rogers, how are earnings looking? >> looking like a mixed third quarter for the drive-in chain epf higher than expected, 52 cents on adjusted basis, looking for 49 revenues in line comps, though, a slight miss here, declining 0.2%, and estimates for 0.1%, including 0.2% drop at franchised locations. 0.2% increase at company-owned locations, but, remember, this is a 95% franchise operation they are guiding at full year comps, down 1% to flat, also better than expected the stock down around 5.5% right now, down as much as 7% earlier, kelly, back to you >> all right, kate, thank you. sonic under pressure, as she mentioned, on those results. >> president trump aiming at harley-davidson sending that stock down for a second straight

day on plans to move production overseas discussing whether more companies follow harley's move to avoid paying tariffs, plus, the banks are one of the few groups not participates in today's rally. the fast moneyrars o tden whether this is a buying opportunity in the long stretch of weakness when we come back. you always pay your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782

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zplmplgts welcome back, harley davidson caught in the president's cross fire disclosing they are shipping production overseas. harley says the move is in

response to new tariffs imposed by the eu in retaliation to u.s. tariffs. this is what the president said earlier about the company's move >> harley davidson is using that as an excuse, and i don't like that because i've been very good to harley, and they used it as an excuse, and i think that people that ride harleys are not happy with harley davidson, and i wouldn't be either but mostly companies are coming back >> joining us now is the mercada company and jamie cats you focus on harley, and is the president right this is an excuse or a real cost issue here >> well, i think it's as companies try to allocate capital properly, you know, you really are beholdento shareholders, and if you have to allocate prudently and profitability improves by shifting your resources

elsewhere, then those might be steps taken on occasion. >> so, in other words, they have to shave $2200 per bike, pass the cost increase to customers in the eu or move production overseas, that's what you're saying >> that's rye. i think, you know, in order to fail to alienate their consumers overseas, you know, keeping that price steady and bringing good innovative products that are manufactured at a competitive price is part of the equation. >> and, today, this afternoon, brown foreman, the whisky maker is going to raise prices for whisky in the eu is that showing this is not just about harley and their struggles, which they do have for sure this is not a new thing. the business has been struggling, but now brown foreman is out there choosing a choice, choosing to raise prices, right? >> yes everyone has to make choices i mean, the president seems to think that costs are not a real

thing, and -- but it is. it is for people when you impose tariffs or whether it's through the steel and aluminum tariffs that raise the costs of manufactures in the u.s. or retaliation as a result of these tariffs, you are going to have american consumers hurt, but you're also going to have american businesses who have to make tough choices, and, by the way, am i the only one to be shocked to hear the president say that he's been nice to harley it's not his job to be nice to a particular company or to be mean to another one because then he followed through with tweets today, basically promising that harl harley, they wanted to actually sell here. >> like he defended -- >> yeah. >> they were at the white house, and now they are doing this to me >> no. here's the thing - >> yes >> harley here's not going to sell any bike made other than here

>> yes, yes. it's only if they are sending it to the eu. >> so, therefore, harley is useful as an instrument to pound home the president's point what i find interesting is there was a way for him to kind of deflect this, look at that, the eu put on punitive tariffs and got production moved there that's what we have to do. that's why i'm doing what i'm doing. maybe we should do it on german cars that's a tax increase, moving production where it shouldn't otherwise be, but i don't think this is going to cool down >> and jamie, go ahead go ahead >> and i mean, i think you're pointing out what needs to be pointed out, which is trade wars or trade remedies are put in place for whatever reason usually always bad reasons, especially recently, creating distortions and force companies to shift sources from the way they were doing business that was more effective than responding to tariffs.

incidentally that tweet talking about how he was nice to them and had them at the white house, he also admits for the first time that actually harley is going to sell here in the u.s., they are going to have -- they are going to have to pay a big tax, so for the first time, maybe the listeners take it in, tax -- the import tariffs, sorry, are import taxes, so republicans are in favor of import taxes >> well, right, i mean, again, we never know, you know, to take this on face value or if he's just putting a trial balloon out there, or if that ends up being part of the policy jam jamie, if that's the case and now harley shifts production overseas and faces tariffs or taxes in bringing that back to the u.s., eu, whatever the case may be, are there any other options here >> well, i think the commentary is a little vague surrounding how taxes would be implemented it's on the unit coming back to

the u.s. that was manufactured elsewhere. that's not the intention of harley >> no. >> i think this tax situation or tariff situation has created this deadweight loss situation where, you know, you have to produce where there's this competitive advantage to do so, and so i don't know how such a tax would be implemented i'm not an expert at tax law, but i think it's going to be something that, you know -- incrementally is hard to implement and punish them with at this point. >> even the experts' heads are reeling. thank you very much for joining us to talk about harley here meantime, banks beat up today even as the broader maetrk rallied. we'll get the "fast money" trade on whether this is a buying opportunity right after this the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow.

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and we want to operate a sustainable facility. and pg&e has been a partner helping us to achieve that. we've helped the marine mammal center go solar, install electric vehicle charging stations, and become more energy efficient. pg&e has allowed us to be the most sustainable organization we can be. any time you help a customer, it's a really good feeling. it's especially so when it's a customer that's doing such good and important work for the environment. together, we're building a better california. welcome back, wall street today, wall street up 30 after the 300 point decline, s&p adding six, nasdaq up 29, and russell up 11. big stories of the day now for our rapid recap. >> our top story this morning, ge will sell 20% of the health care unit and distribute the rest to shareholders they plan to exit the baker

hughes stake over the next two, three years. >> we know where we are and realistic about it and know where to go with the portfolio and balance sheet and how we run the company, and we know exactly how to get there >> president trump admonishing harley davidson this morning in a series of tweets, criticizing the company for an announcement they are moving production overseas >> i think the people that ride harleys are not happy with harley davidson, and i wouldn't be either. >> breaking news from the supreme courts the court has ruled 5-4 backing the president's travel ban >> this is a big win for the trump administration today the travel ban had been so contentious back to the president's rhetoric on the campaign trade >> a judge overturning a ban of uber in london, they were granted a 15-month license to operate with broad conditions. >> we've seen oil spike in a report the u.s. presses allies to ratchet down iranian oil to 0. >> if you are investing in energy, i believe it's an

opportunistic place to be. >> and it's not just harleys, this afternoon, mike, brown foreman rising the price of whisky in the eu >> target the tariffs. >> yes iconic american brands >> yes in a sense they work to force that decision, but it's limited. >> punishing eu customers, which, i guess, is part of the point so they buy less, but ultimately, they are just going to notice price shocks >> well, there are other motorcycles and brown liquors you can buy made in europe i'm sure that's not lost on them >> only the american ones. let's bring back sue for a news update >> hello, everyone this is what's happening at this time vice president pence meets with the president of brazil in the first stop of the three nation trip in latin america with the focus of the deteriorating humanitarian situation in venezuela. >> rest assured we are firmly

with you and with countries across the hems spheisphere to e democracy restored in venezuela. >> reality winner pled guilty to charges of leaking top secret information about russian interference in the 2016 election a plea agreement calling for five years behind bars the the judge ordered a pre-sentencing investigation before signing off on the sentence and a video of a dog performing cpr on a handler has gone viral in this demonstration, that is poncho, he runs to the rescue after his handler collapses on the ground the dog immediately starts what hay peers to be chest compressions and appears to check to see if the patient is breathing. go poncho. apparently, it worked. >> i was going to say, it doesn't -- you have to put a lot of pressure on the chest i don't know about the paw placement. >> i'm not sure whether it was correct, but, you know, it's

viral, and poncho saved the day. >> so sweet the way his -- >> checking the breathing. >> oh. >> exactly >> there we go >> and look at the tail wag. there we go. >> oh. good dog good dog >> yes sue, thank you very much >> see you tomorrow. earnings alert on aero >> beat on top and bottom lines, 85 cents versus 54 cent estimate, and on the revenues here, a beat of about a million dollars, $117.4 million versus $116.2 million estimated here. the big news, though, is their guidance for 2019 where they are saying that the earnings per share could come in at 84 cents versus the dollar that's estimated here, and on that news, there was a big reversal in the share price in after hours trading where the stock had been up about 7% on the day,

and we saw declines now of 6.33%, kelly >> thank you the financial sector closed lower today for the 12th day in a row. that's the longest losing streak ever recorded, which is -- i -- mike - >> well, sector etf existed. >> okay, so a decade or two in. >> oh, no, more than 20 years. >> wow let's bring in our "fast money" guys, tim and guy, do you guys, i mean, longest one ever, so, i don't know, every time we hilt one of these records, shouldn't you lean the other way, guy? >> should i lean the other way maybe it's a record for a reason when the mets lost four in a row, do you think they lose the fifth? the answer is yes. >> wow >> sometimes things are just bad. >> wow >> why beat up on the mets that was an -- >> it was just in my head. mike is a huge fan i'm a yankee fan i digress. listen, if you put up the xls chart, there's a monster double

pop for the armchair technicians, and, frankly, i'm bullish in banks i've been wrong. they have not performed for the last couple days, a decent take, so you have to ask yourself, what's wrong with the banks? i think i know but tim can jump in >> the fact they need a dog to give them cpr now. kelly, banks over two years or even one year, they outperform the s&p. i think people look at the flattening yield curve, they are very concerned in terms of implications on recession, but, ultimately, we've seen bank stocks do well even in a flat yield curve, so money centered banks to me have enormous leverage to the economy, and bank of america, jpmorgan, it's a smart thing, especially after all the selling. >> all right >> don't jump out the window >> we get the capital return results thursday >> thursday. absolutely >> you defend yourself as a yankees fan. >> yes, exactly, thank you, kelly. >> hold on, hold on -- >> everybody - >> we'll be right back, same bad shape.

i'll tell you -- >> i will say -- >> go ahead. >> tim, i know as well you're aware of this, but regional banks have been pretty strong outperforming the overall financial sector >> yes >> if you wanted to draw a u.s. economic conclusion from what's happening, it's not that clear >> no. that's when i said i think i know and i'll pass it to tim, the regional banks have been strong maybe for good reason, but maybe the big u.s. -- huge banks in the united states, citi, bank of america, gold man sachs, wells fargo, maybe there's systemic risk with deutsche bank and european banks actually are dragging our banks down, and maybthere's more to see underneath the db hood than meets the eye. >> hey, i have not heard that one -- that's -- guy, do you think -- >> nice job. >> i really do think that. i think deutsche bank is the problem now for a long time, and people are warming up to the idea i find it hard to believe that the problems of deutsche bank are deutsche bank specific and not systemic at a certain point. >> although, look at the credit

kwaults of u.s. balance sheets, never been better. i'm not worried about the u.s. banks. regional banks outperformed, in fact, because their credit quality is so strong the consumer is in a credit worthy place out there i'm worried further into the fed cycle. regional banks i think underperform xls over krb is the trade. >> all right >> mike, what do i bring in tomorrow stbucks? >> yeah. ll send you a list >> you bring stuff for everybody all the time he deserves, like, you know, one of everything. >> i don't feel right. i should be the one to bring the coffee >> if he lets you, guy anyway, thank you, guys, for joining us, you'll have another early morning. guy and tim, and there's much more "fast money" at 5:00 talking to the crypto king, and there's one thing that could save bitcoin he'll say what it is news alert of morgan stanley speaking of the banks, sue

>> there's a new board -- election to the board of morgan stanley, mary schapiro elected to the board, right now, the vice chair of promissory advisory board, part of the promissory financial group you know better as the first chairwoman of the u.s. securities and exchange commission she also has extensive experience at the tftc, but she's been elected to the morgan stanley board. kelly, back to you >> all right, sue, thank you up next, how one 23-year-old woman is closing the gender back in the new york stock exchange meet the youngest currency floor trader when we come back e tool shows you the places you can fly on your budget. so you can be confident you're getting the most bang for your buck. alo-ha. kayak. search one and done. [ horn honking ] [ engine revving ] what's that, girl? [ engine revving ] flo needs help?! [ engine revving ] take me to her! ♪

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welcome back, cnbc and linked in focus on the gender gap in financial services. julia has the headlines, julia >> kelly, we surveyed men and women in the financial services industry and found both see gaps in pay, promotion, and opportunity, and women perceive the gaps to be bigger than their male counterparts do what are the solutions to closing the gaps it's not about getting women on board. almost no one says the biggest obstacle is women opting out from leadership positions. it is about corporate culture. men and women agree with a third veryone polled saying an unsportive or bias corporate culture prevents women's

advancement. another 20% of women say lack of female leadership is the biggest hurdle, and 14% of women say a lack of mentorship in the workplace is what is holing them back now, in addition to fixing these issues, both men and women list the importance of a more flexible work schedule to foster a more inclusive environment for everyone, and while it was not presented as a survey option, a number of women wrote in that equal pay is key to retaining fairway employees. 44% of responsibilities say their components support initiatives increased by diversi diversity, and 23% say they don't know if their companies support any such programs. companies with diverse initiatives, and many do, to be more vocal about them and their employees, kelly >> all right, julia, thank you for more on the survey results, go to cnbc.com/closingthegap now here to talk closing the gap, the youngest, full-time

female broker on the floor here, welcome to you >> thank you >> what's the culture like for you down here? >> the culture is men, a community, supporting me, lifting me up, and they want me to do well in the industry >> do you feel at a disadvantage as a woman >> no, not at all. i'm more of an advantage because i'm the only one, and i am a vocal point down here, and so they listen. >> how did you find your way into the business? it's not exactly, you know, an obvious pipeline this is where i want to go, even if you wanted to be in financial services >> uh-huh. so, for me, i networked a lot. i used linked in i did a lot of informational news, and i was brought down to the floor to meet with gordo, and he introduced me to richard, he explained more to me about this side of the business and what they do down here, and if i'd interested, and he liked me a lot because of my statistics backgrounding and we, you know, i joined the force

>> it's interesting tha number omen over the years who started, young as you, come up throughloor, owned different brokages down here, done incredible things, yet the numbers are small. >> uh-huh. >> you've been here for over a year now, why do you think that is how long can you see yourself sticking around? >> i just see myself being here for t at least two years, been here a year and a half now, learning, going from there, and i think people are uncomfortable with being comfortable or comfortable with being uncomfortable and i think, you know, if people just saw themselves in a different situation, that there would be more women, more presence, and i think it's still the bravest woman coming down here and being down here, and the president of the exchange started down here. >> stacey cunningham >> i hope there's more success stories like that. >> and when people say to you, and this goes back to what mike

said as well, you know, the floor of the exchange used to be -- >> thousands of people >> and it's changed so much. not that -- was that relevant to you at all i mean, when you think about the security and the future of the actual physical floor, is it, like, hey, this is a great opportunity, you know, to learn and -- or do you think about people asking what do people do on the floor of the new york stock exchange >> i get a little of both, but i believe this is a great place to start, regardless of what you do, this is a trading floor. it's a serious learning curve. if you can get through this, and the mentality of the men down here, you'll do just fine within the industry >> so that suggests that it's a little bit of a challenge or at least you have to distinguish yourself in the environment. julia talked about big companies that have, you know, adiversity program and structured support i guess you have to opt for something different than that? >> yeah. i mean, there's definitely a support, but, you know, this is the trading floor, and you have

men who are amazing and very alpha male, but, again, it's -- it's a big community down here they want to see everyone succeed. >> oh, yeah. i love this community. i'm glad they let us be a part of it, glad to hear you enjoy it as well. lauren, thank you for joining us >> thank you, lauren simmons here at the new york stock exchange >> thank you uber is back in london after a ng lalloeg battle. details next in today's takeaway tripadvisor now searches over... ...200 sites to find you the... ...hotel you want at the lowest price. grazi, gino! find a price that fits. tripadvisor. your insurance on time.

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welcome back, time for the takeaway, a big win for uber, a 15-month extension from the london prove tha it's ensuring the public is kept safe and delivering on its promise to work more closely with local authorities so, michael, this removes what could have been a roadblock to the company's plans to go public next year. >> definitely a reprieve london is 5% of uber's global business so not just the revenue but just the idea that they're getting clearance to operate where they have to operate and under the new regime. >> with the tide, too, it felt like between new york city and london and some of these jurisdictions that maybe people were going to push back against them not sure that's happening. >> almost as if their gambled worked under the new ceo who's able to be more of an ambassador we get entrenched with customers and it becomes harder. >> and then you can become entracted with the local authorities which is the next part of the story.

so much for being hands off platforms. apple is planning on a special midterm news section that will be curated by human editors. the company has been using human curators in the news app for a while. does that make the tech platform less if this is where they're going? >> i would think if apple as an investment were mostly about the news platform, the social media aspect, it might make it less attractive and certainly less attractive for advertisers because they love the free-for-all aspect of algorithmic served up news. >> that's with why i wonder with google and facebook. what is facebook hiring? thousands and thousands of people on this news feed. >> although that seems much more defensive. it's filter things, take down stuff that's objectionable, try to play whack a mole whereas apple has been curatorial. we'll present you with what we think is right and good so it's a brand thing. >> since you have strong

journalistic chops, would you be a curator for their news platform >> sure. it's not an exciting job i know they'll use specific partners, i think it's very much -- i think to be honest it will be lowest common denominator reliable stuff as opposed to picking up the most interesting neglected stories out there. >> we'll see that will be a big push for them. finally, other silicon valley employees are urging it to break ties with the u.s. government we told you about google, microsoft, amazon. now 650 sales force workers signed a letter to the ceo for doing work with customs and border patrol they want the company to quote/unquote speak out against the border separation of kids and parents now that workers know how to make their voices heard, what stops them from setting the agenda much more broadly speaking

>> salesforce has been willing to speak out but do you think it will make a difference in the policy if salesforce doesn't participate or do you not want your own hand associated with the policy that's a bit of a tricky equation so i don't know where it goes. what i do know is everybody i know who employs lots of somewhat younger people say there's no escaping this idea that a company is supposed to reflect individuals' values. >> i wonder again, there's always going to be employees themselves who disagree, even young ones and now they'll have to make that choice. markets are finishing in the green today but just slightly. we'll recap the afterhours movers, includes ago restaurant compy dea t psse.anunr loofreur right after this

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>> welcome back. here's a check of the headlines making news after hours. fast food chain sonic down sharply. after missing wall street's estimate, they blamed shares aeroenvironment plunging despite stronger thaing expected

earnings and oil continuing to rally after crude inventories declined by more than nine million barrels last week. the crude price now up about 4% on the day other $70 a barrel and i thought the discussion was interesting where john said maybe that becomes a floor. do you think we're about to break out? we've been in this range for so long. >> the people who track the markets and know what will drive them do think that it's been a nice trending move even when we had this pullback it didn't shake the bullish trend. and i wonder what it means if we do break out to the upside it's been a zone that didn't pinch on the consumer front. of course producers were okay with it. >> i also wonder if -- a lot of investors have put a lot of pressure on the frackers to say you have to stop pumping, you have to focus on profits first can they start pumping again

>> unless they're going to cut them off from the credit markets -- which is not happening. the question is are they in the right places to get the oil and gas to where it needs to go? >> well, there's bottlenecks, also lag times that say okay it will take us a couple months to get this thing up and running so i guess that means it points to higher prices at the gasoline pump if we're over 70, going back towards $4 type of range across the country even >> right, it could be, yeah. $4 a gallon, you mean? >> yeah. >> it will definitely push there. >> if we're doing to try to support iran and there's been a lot of protests it would help if we could offset that. >> the president said we need to get that price down.

>> we've got more reaction to the traveli ban from the suprem court. >> expedia joining a growing list of travel companies voicing their opposition to the travel ban. the ceo saying last year tens of millions of travelers visited the u.s. directly supporting one in nine jobs and contributing nearly 3% of the nation's gdp. there's no doubt that a vibrant travel and tourism industry is critical to our nation's future. he says we welcome the opportunity to explore this balance with policymakers at all levels back to you. >> i still think this is the place to watch for the u.s./china issues. we don't know how seriously china will react but if they're running out of the capacity, they're trying to do monetary stuff. i don't know what else they can do if they feel like they have to act tough with the u.s., do they start -- >> they do soft boycott kind of thing, steer people one way.

carnival, one of the things they blame, chinese are not taking boycott from last year.ecause >> taking a direct bite out of -- and i wonder if that becomes part of where this goes. anyway, thank you for watching "fast money" begins right now. >> "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square, i'm melissa lee. welcome to the traders on the desk tonight on "fast" ge having its best day in three years after the former dow stock announced a major restructuring. what are the sum of the parts really worth we've got a special "fast money" game he says there's one thing that could save the crypto universe he'll be here too explain this controversial call first, we start off with the big story of the day, the midday oil surge. president trump sparking a crude rally after the u.s. says it will pus