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tv   Closing Bell  CNBC  July 11, 2018 3:00pm-5:00pm EDT

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the saudis reacting perhaps to president trump's calls to pump more oil, that driving crude down to below $71. thanks for watching "power lunch" and thanks to bill and contessa. see you on friday. it is time for the closing bell. another shot fired in the trade war with china and stocks are taking a hit. we've got the latest. the number one analyst in the payment space joins us live with her top picks and what she calls the one disruptive to the sector. a huge week for the united kingdom. the government in turmoil, a world cup semi final and the arrival of the president of the united states of america. full update from london coming up as "the closing bell" starts right now. an epic open.
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welcome to "the closing bell". welcome, scott. >> first a check on the markets. major averages on pace to close lower for the first time in five days. dow, s&p experiencing the biggest losses of july. we are talking about less than one percentnews. >> our reporters are standing by. eamon javers in brussels with the latest on president trump's overseas trip. williford frost in london. >> focus on economics and politics. >> kayla, we begin with you. >> we are getting mixed signals on trade with china from the trump administration. zte is now able to deposit $400 million into an escrow account
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at which point the government will lift a supplier ban. that deal was a personal request of china's president and comes as the u.s./china trade war is heating up with china's retaliation leading the trade representative to issue a new tariff. it could be imposed at the end of august. the top u.s. trade official says china wasn't responding to previous levels so the stakes needed to be raised. republican lawmakers are not on board with that strategy. >> what worries me is the fact that i know that no one at the white house can articulate what it is they are hoping to accomplish. that's what worries me. >> reporter: corker is among lawmakers pushing for congress to get the right to block tariffs coming from the white house. just earlier today the senate overwhelmingly supported his measure to do that, 88-11.
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it signals that senators could include the measure in forth coming legislation although the one major road block being that president trump would have to sign that into law. >> thank you. rhetoric heating up abroad as president trump launches a new war of words with nato allies. eamon javers live in brussels with the latest. >> reporter: it has been a tale of two trumps with donald trump coming out aggressive right out of the box at breakfast with the secretary general of nato. the president extremely critical of germany. here is what he had to say. >> you look at it, germany is a captive of russia. they got rid of their coal plants and nuclear. they are getting so much of the oil and gas from russia. i think it's nng that nato has to look at. i think it is very inappropriate. >> the president calling it inappropriate there for germany to engage in a gas pipeline deal
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with russia in a time when it is asking for american taxpayers to pay for defense of nato in europe. that was this morning. then this afternoon we saw the president and angela merkel getting together. suddenly the tenor much different. >> we have a very, very good relationship with the chancellor. we have a tremendous relationsh relationship. i congratulate on tremendous success. i believe that our trade will increase and lots of other things will increase, but we will see what will happen. >> reporter: and then in the afternoon the president pushing the nato allies to increase their defense spending not just to two percent which is what they all agreed to do and some have already done two percent of gdp. the president pressing to push to four percent of gdp and tweeting out that he wants them
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to get to two percent immediately and not in the coming years as agreed previously. that met with a bit of tepped response. it is clear that he is pushing very hard here in brussels. back over to you. >> not your average nato meeting. eamon javers in brussels. williford spoke with the former u.k. foreign secretary about the summit. what did he tell you >> reporter: i asked him specifically about that criticism from president trump and whether the president did have a point in questioning germany's commitment to nato. >> it would be a great concern if it ended in acrimony. this is a vital alliance. i hope it will always be appreciated in the united states. that's not the only aspect of this alliance that is important.
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the united states in the 20th century was twice embroiled in a catastrophic war here in europe. almost irrespective of what individual members spend that is just one angle on this alliance. >> he did also suggest that europe should reduce its dependence on russian oil and that president trump had a point when criticizing spending on defense. spinning forward the president will arrive here in the u.k. tomorrow. there is likely to be divided opinion. more on that later, but because of that divided opinion he is being kept out of the city of london. she will stay according to u.k. sources. that is residence of the u.s. ambassador to the united kingdom. the rest of the trip outside,
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the first official engagement tomorrow night about a two hour journey. it's the birth place of winston churchi churchill. on friday morning a working visit to the prime minister's residen residence. and then he will have tea with the queen at windsor castle. only three u.s. presidents have been hosted by queen elizabeth ii. she has met 11 of the past 12 presidents. president trump will be the 12th president for queen elizabeth to meet. the one man who will be accompanying the president is the new foreign secretary, jeremy hunt. he will join us first on cnbc tomorrow on squawk alley. >> that will be an awesome interview considering he has been on the job 24, 48 hours. what is the political situation? is teresa may still fighting for her political life or is she secure as prime minister
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>> the prime minister as the president said just yesterday has had a tumulltuous week but is holding on. haven't led to a vote of confidence in her government. at this stage she remains in post. it is certainly something that has undermined her position. president trump we know respects a strong leader and it doesn't seem he thinks that of her. we'll see how the visit goes when he arrives tomorrow. joining our exchange to talk more about the market's reaction to the latest round of tariffs is steve whiting, jordan charlt, rick santelli from the cme group in chicago. what is this about today is this about trade? geopolitics are obviously front and center today. this is about trade, no? >> to some extent.
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if you trade off of the president's tweets you will get quite a headache. the fact of the matter is the administration has been clear on their position on china ever since they put out the position piece on chinese and economic aggression and what it means globally. he is playing this thing out. he wants them to start to acee eson the major issues. >> as far as one day phenomenons -- the dow is up like 700 points since tariffs went into effect on china. how much can the market truly care >> it's not that they don't care. it is one of many factors. you look at it from a short term trading perspective. until august 30 all of this is in play as we go through the negotiations and try to figure out really where the rubber will meet the road. >> and what the economic damage will be. does the market have it right on
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trading around the trade headlines? >> i think markets have it more right than economists at the moment. if you think about collecting $20 billion from the chinese and then having a retaliation of an equal amount you can scale that against a $20 trillion u.s. economy and it doesn't seem like much. when you scale it against $1 trillion of large cap profits and the reality that companies have fixed costs and spornt supply chains that they rely on their business can be lost and can go to someone else. this can have a bigger effect on profits. so the reaction that we see in financial markets unfortunately having to be very reactive to trade issues is an unfortunate new element of risk in the market place. and it isn't just as it wasn't just aluminum and steel tariffs. it is what happens next. will we have auto tariffs apply to european companies. where does this end? and with retaliation you are dealing with a lot of different
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potential players. >> rick, i wonder what it is that will get the market out of its range not only from a stock standpoint but bond yields, too. the ten year is just sitting, 285, 286. what gets it and stocks to get out of that current range? >> i think when it comes to the stock market i think it will stay in this range for a while. we know what the bottom of the top is. it always seems as though there is a story on trade. it is always going to be something. i think treasuries is a completely different animal. i think treasury yields are affected by fundamentals but there is so much more. today we have a hot ppi. i understand that ppi whether here or in japan, it doesn't mean the same as cpi. we did have one we haven't seen in over six years. there are so many other turn styles that effect yields and those are mostly buyers pushing
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yields down. you compare other yields of big sovereign developed economies to ours pretty much japan and europe, they are lower. also balance sheets of central banks have manipulated rates to a place where they are not as responsive. i think the range bound treasury will remain ultimately there is something in the inflation data or preferred gauges where maybe some red lights will flash. if you recall we had a wage year over year gain of 2.9 that seemed to elicit a big response. i think there can be an issue there. for the most part i think the markets are very comfy in these current ranges. >> rick is right to point out the price inflation is at the wholesale level versus consumer inflation. there is the idea that the fed isn't going to be able to raise
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rates very fast or as much as originally thought because of the trade war. is that true given some of these inflation data that is coming out? >> that is a particularly hard call for the fed at the point where domestic inflation pressures are not tremendous, but there is some underlying upward movement in inflation. there are capacity constraints and when you have maybe another two years of solid growth left in the american economy and you don't know where you will end on the tariff front there is going to be some cost issues. whether consumers will absorb that or not is really an issue, a question at the federal reserve. it's a trade off against real economic growth that may produce somewhat higher prices and weaker economic growth. >> thank you for joining us on this down day on wall street. we have a news alert on papa
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john's. >> papa john's stock hitting a new 52-week low after forbes reported the former ceo used a racial slur on a conference call with executives at a marketing agency during role playing exercise intended to prevent future public relation snafus. he stepped down after making controversial comments about the nfl's leadership during the national anthem protest. he partially blamed the league for slowing sales. news reports attributing the use of inappropriate and hurtful language to me during a media training session are true. regardless of the context i apologize. racism has no place in our society. an internal memo says we have to own up and take the hit for our missteps and refocus on the constant pursuit that is better that is the dna of our brand.
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the stock down 3.5% and has been down as much as 5% earlier in the day. >> thank you. the power of the presidential tweet in action yet again. president trump taking on pfizer over rising drug prices. the conglomerate reversing course. and the mobile payment and processing sector filling up fast with big banks taking on the likes of one time upstarts e mb pay pal and venmow. thnuer one payment analyst in america breaks down the sector for you.
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welcome back to "the closing bell." it is a pretty broad based sell off. ten out of 11 are lower right now. energy materials and industrials are the biggest losers. utilities are the only bright spot. >> and a big winner lately. >> as yields sort of stay lower. >> pfizer postponing its drug price increases after an
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extensive conversation with president trump. megan terrell back with more. >> earlier this morn pfizer raised prices on 41 of its medicines. some by as much as nine percent and the move was seen as kind of a bold one. the drug companies were going to enact voluntary massive decreases in the price of drugs within two weeks. when nothing happened more than a month later it appeared to be business as usual. not so fast. this week trump criticized pfizer and pfizer said it would roll them back at least until the end of the year. the reversal was so surprising it caught the attention of senator ron wyden who suggested pfizer must have been offered a sweetheart deal from the president. drug prices have been a hot button political issue and are expected to be more so heading into the mid term elections. will trump call or call out other drug makers for recent
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price hikes. they were among companies that took increases this month. >> we'll monitor the twitter feed. we want to bring in to talk about the trump impacts. does the industry love or hate the president? >> it depends. he didn't do anything to hurt them. he talks a lot but has tobecause talking about it. overall on the ground it could be positive for them. >> what do you make of pfizer at least deferring the price increases until january 1 or until we see the president's plan >> it's a great question. you know, we think that there is no question the president is
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direct, candid and very transparent with what he thinks about things. this is just another example of him going right to the issue, perhaps indicating to the pharmaceutical industry that this move was not consistent with what the white house would like to see. it was a shot across the bow not only to pfizer but the pharmaceutical industry. we see it with boeing and and he got exactly what he wanted. >> they can still raise prices. this is just a deferal until january 1 unless drug pricing plan comes first. it's not clear that the blowback or the call for the president really did anything.
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jim? >> i'm sorry. well, that's not completely true. i think it was a shot across the bow to the entire industry. this is pfizer's second shot in raising prices this year. so i do think that it actually is very effective that this is inconsistent with what the white house would like to see. there is no question that they are working on something behind the scenes. we don't know what it will look like. how much will the private sector be rolled back in terms of pricing? will it be cpi plus something. we don't know what the white house has in mind in firms of a plan. i think that the president actually picked up a lot of populous sentiment with this type of tweet. >> it's been some bipartisan bashing of drug companies as you have been covering for a while now. what are the companies expecting into the mid terms >> there is nervousness among
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investors. we have seen that before. this happened in 2015 when the bubble really burst that hillary clinton tweet but nothing has really changed. this is so surprising today because we haven't seen drug makers really do anything about their prices in response to this pressure. this really is the first time we kind of seen the company reverse price increases. my question about all of this is and i think why did pfizer do this specifically? and i kind of wonder why is the trump drug pricing blueprint something that pfizer is putting out there as when this gets implemented then we will reassess. i would be curious to know your thoughts as that implies that it must be good for pfizer, too, in their mind. >> i think so. if you kind of look -- first of all, it is never nice to get a call being told he is being off.
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the reversal of the price increase in this particular case makes sense to me. i don't think it is a broader trend. this is not a substitute to a broader iteration. when it comes to the blueprint when i look at the overall effect of this administration speaking about whether 340 b, not putting in the penny roll, going after the pbms and blaming them for price increases and not talking about the pharma companies it suggests that the overall answer from the coming out of that administration is rather positive for the drug industry. it behooves them not to play ball with the president and not to completely come out against his policies in their actions. there is probably a mistake by pfizer to raise prices on 140 drugs the same day. will the farma industry stop raising price increases, i don't expect them to. >> they just need to tweak their
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pr a little bit. what do you do as an investor? do you have to stay away from the group? even with the twitter attack pfizer ended that day higher even before the negotiations. >> which you own. >> we do own pfizer. i would tell you our investment thesis has not changed on pfizer or any other pharma company that we own. we are completely aware that pricing pressure from a public standpoint and public policy standpoint will be under pressure from this point going forward. so it's one of those things we have to factor into our revenue models and our valuation models on a going forward basis. this is not new news. we think this that will be a persistent issue for the entire pharmaceutical industry on a going forward basis. >> we'll leave it there. good conversation. thank you for joining us.
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35 minutes before the bell. dow jones industrial average is down by 210 points. s&p under pressure down two thirds of one percent so loss of about 19. >> going towards the lows. summer vacation season seeming a boom for one stock and a bust for another. the two companies traveling in opposite directions next. we should note that the british have several matters on their minds from brexit to a visit from president trump. what is the most important issue facing the brits today >> world cup. >> world cup. >> the world cup. >> i think the world cup. >> the world cup. >> got to be the world cup. >> world cup.
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welcome back. let's check out stocks to watch today. trip adviser is higher on the heels of upgrade and barclays says fundamentals have turned around. it is up 1 2/3%. >> it is a little late for analysts to name the call. the stock is up 50%. >> so noted. >> speaking of travel check out american airlines hit a 52 week low after it cut its second quarter outlook for unit revenue growth. that stock driving down the entire index which is on the
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pace for the worst day since april. on the plus side they are going to be removing plastic straws, the latest big company to do so in some of the airport lounges. obviously not having a positive impact. it was that cut of guidance that was weighing in on it. >> united is down more than three percent. >> they have been under performing pretty much all year. time for a cnbc news update. house speaker paul ryan defending ohio congressman jim jordan who is being accused of ignoring sexual abus allegations when he was an assistant wrestling coach at ohio state university. >> jim jordan is a friend of mine. we haven't always agreed with each other over the years but i have always known jim jordan to be a man of honesty and integrity. american airlines joining
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the ranks of those getting rid of plastic straws. the airline will also phase out plastic utensils in lounges. prince harry and his wife meeting with the irish president on their first official overseas trip as a married couple. they then rang the peace bell. that marks the 20th anniversary of the belfast agreement. you're up to date. that is the news update this hour. >> beautiful. >> glad we noted that. >> i get it. >> you know how many articles are written about that president trump heading to the u.k. tomorrow. let's get back to williford frost.
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>> reporter: we were out on the streets of london to try to gauge what people thought in terms of the question of how will president trump be received >> whether you like the guy or not he has a tough job and he is to be the respected president of the united states. >> is he welcome here in london? >> not by me personally. >> president trump is always welcome in the u.k., 100%. >> i think it depends on who you talk to. >> yourself? >> mixed. >> he is the president of the united states. he is democratically elected. we just have to swallow it i think. >> do you care more about president trump's visit, brexit or the world cup >> i don't care about the world cup. i probably care about brexit more. >> yourself? >> brexit in reality but world cup today. >> brexit by a long shot. >> if we don't get a good deal
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it effects everything. >> this is not what we voted for. those who didn't vote for it this is why we didn't want this mess. >> i forgot all about trump. we are not interested in the world cup. >> the world cup i know is on tender hooks. the one thing i will say about the world cup is it has united a nation in a way that politics whether brexit or president trump just doesn't do. things are as polarized here as they were two years ago. that's why we do expect significant protests here in london over the next couple of days including the infamous baby blimp of president trump which is likely to fly above parliament. that was approved by the mayor of london. here is what he had to say about it. he said my views are irrelevant. the issue is do people have freedom to protest and should they be allowed to do so if it is peaceful and safe they should. that is why he approved it. we await the arrival of the
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president late tomorrow. >> scott feels bad for you right now. >> i know he is on pins and needles. they may have forgotten to come out. >> i know i give you a lot of grief and i tease you a lot. here is how supportive i am of you. i dressed my child in england uniform this morning to try to root for wilford. >> you know i love him. i love him more in this picture than ever before. i think that is enough to get us over the line. come on, england. >> fingers crossed. >> we'll see you in a bit. >> go check the score and be sure to catch the interview with jeremy hunt brand new on the job tomorrow at 11:00 a.m. on squawk
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alley. we are watching the market, less than a half an hour to go before the closing bell. dow down about triple digits. we are seeing a pretty big sell off in groups in energy. dow down 184. we are off the lows but still lower across the board. find out why private equity firms seem to be thriving in the midst of a trade war with china. private equity hedge funds and more will be in full focus a week from today. that is with our institutional investors. these are some of the scheduled speakers. we have exclusive ghgh ohilitsf the days events here after this. . but do you take something for your brain. with an ingredient originally found in jellyfish, prevagen is the number one selling brain-health supplement in drug stores nationwide. prevagen. the name to remember.
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welcome back. s&p and nasdaq seeing first declines. dow is down 180. s&p down a little over half a percent. tesla will be a mover today and says it will no longer require reservations for buyers of the model 3 car. buyers had to put down a $1,000 deposit to be on the waiting list for that car.
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tesla shares down a percent in today's action. >> the stock has been volatile. >> the tests or lack thereof of all of their safety tests. visa is a big leader in the dow. a top analyst will lay out top stocks to buy. the trump administration threatening another round of tariffs on $200 billion worth of chinese goods. pa f t uscuss the economic imctorhe.s. coming up on "the closing bell". duncan just protected his family
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welcome back to "the closing bell." chevron selling off hard down three percent. industrials very much in the picture. caterpillar down almost three. boeing approaching that decline, as well. >> visa is one of the winners. speaking of that, global m&a has hit an all time high with deals totaling $46 billion so far. joining us now for a look on where the payment sector will go next and how to invest there, the number one rated payment
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analyst in 2017 lisa ellis. welcome. >> thank you. >> congrats on that distinction. clearly the deal activity speaks to the fact that this is a hot sector. it sort of combines the buzz words of mobile payments. some of the stocks have had serious gains. why? >> so it is exactly that. i think the big drivers in payments right now, one emerging markets. we are seeing huge acceleration in the cash displacement trend in developing markets where like india still over 90% cash and there is huge initiatives to drive out the cash. all the payment players play there. the other big one is e.-com. i think it is understated how much of an impact. it drives out a lot of cash. >> speaking of cards, can anything stop visa or mastercard
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it seems like nothing can slow these stocks down. >> they are no question the best long term holdings in payments. they have compounded earnings over 20% for a decade and we expect that to continue for at least another five or ten years. they are the entrenched center and hub of the payment system. >> do you see any -- the only reason i ask this question is because i have heard it mentioned from smart investors that bit coin could be a threat to visa and mastercard. >> bit coin is truly the only disruptive risk in the sense that it is bringing a whole new type of payment system that is unbranded and public and decentralized. it doesn't have a centralized party the way visa and mastercard are that are running and maintaining the security of the network. it is the opposite of that. it is a disruptive risk. bit coin only processes about
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seven transactions a second. visa and mastercard do 56,000. so we are still in what i call the early dial up days. >> that is a good stat to remember. i notice you are neutral on square, a stock that is up 150% over the last year. why? >> look, square is a really tricky one from an investment perspective, extremely innovative company, huge growth run way bringing their integrated systems to micromerchants. the complication with square in addition to the valuation is they are tied to bricks and mortar merchants and have struggled a bit with defensibility in the model, creating the competitive mode. there are literally hundreds of copy cat systems like square out there. >> you speak of another stock that you think has had good gains. we have talked about it a lot on halftime in just the last couple of days and that is pay pal.
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>> pay pal is more of a competitive than i think people appreciate. there is investor fear about amazon pay, apple pay, google pay. the reality is pay pal we estimate has almost 50 times the volume of an amazon pay because they have seven, eight times the users and seven, eight times the merchants. just the network effects is a much deeper mote than often appreciated. as an investment it is a pure play way to play e-com. >> what about ali pay? any plans to expand? >> we have them in the top three threats to the sector. it is aggressively trying to expand out of china. the hot bed regions to watch are india, indonesia, thailand where they are trying to replicate their model in those markets.
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it's early days there but they own a majority stake in the major wallet player in india. they are going head to head with visa, mastercard, all the we western players in that market. >> so many stocks are working so well. >> absolutely. >> congrats on being singled out as the number one. we'll talk to you again soon. >> absolutely. thanks a lot. we have about ten minutes or so, 13. who is counting. 13 before the bell. the dow right now is down 175. s&p is under pressure today, too. >> when we come back we will discuss why many private equity firms are pouring money right now into asia despite those increased nsnsteio overseas. the closing bell will be right back.
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us. >> seems kind of counter intuitive. it raised $6.6 billion asia buyout fund one week after black stone raised its own fund and another $7 billion fund for real estate in the region. as the trade war comes ever more in focus, two private equity giants cultivated a combined $15 billion to put to work buying assets in asia. that doesn't count the $4 billion asia buyout fund that bane is reportedly raising. $62 billion flowed into private funds last year up 62% from 2016. many are asking why this is a trend now raising a multibill n multibillion-dollar fund usually takes years. these were initiated before the trade war was a real possibility and tensions with china could
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create regulatory and financial challenges for buyout funds at least in the short run. but sources behind some of the funds say they are still bullish on asia opportunistically. the region is growing and maturing. more and more family owned businesses are growing to scale and looking for more buyers like private equity. valuations over there can provide greater potential for gains and similar assets in the u.s. at least that is what some executives are thinking. some firms raising asia focus bio funds will be attending next week's delivering alpha conference where global opportunities is bound to be a key topic. >> looking forward to that. always look forward to delivering alpha. i wonder what the overriding theme will be on the markets this year whether people are still so positive or if people are starting to get nervous thinking we are starting to get towards the end of the cycle, mid term elections not that far
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away. >> trade. >> that is why the conferences are so important having these luminaries in the finance world all together in one room to ask them these tough questions. when you look at what is going on in the market versus what is going on in washington, how do you put those two things together to make some sense? that is why one day that is jam packed full of smart people can help answer those questions or at least attempt to. >> and who is bold enough to invest in asia right now >> exactly. >> leslie picker, thank you. for the full agenda of this year's delivering alpha conference you can head to cnbc.com or deliveringalpha.com. we are back with the closing count down. president trump in brussels today for the nato summit and the world is watching. if tensions can be eased between the u.s. and closest trading partners we will have the latest from brussels. what does it mean for the markets anmod re coming up. you are watching cnbc, first in
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business world wide.
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we have been keeping an eye on that today. oil has been a big story. wti is having the worst day in a year. brent in about two years. you lump in the airlines which are just getting hammered today, amr cut revenue guidance and thus the entire sector has been under pressure throughout the entire day everything from american which was the culprit today to all of those in sympathy whether 1.5%, for all other big names. i will bring in bob pisani. we have been in this nice run of late. then we get another whiff of more tariffs. here we go. we are down 200. >> i look at it slightly differently. i am amazed we are only down two points. this is a real trade war. these are big numbers. we are only down 200. >> dow is up by 700 points. >> remember something. a month ago we were moving up.
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dow had been up almost 1,000 points. everyone has been saying it is not really happening. yesterday the announcement got very real. i think i would have thought we would have been down a lot more. i think what is important here is the market still believes that either this is not going to come into effect ultimately or that the effect will be a lot smaller than people think. goldman had the biggest mode in the week. they have been saying people are starting to question whether you can control that. did you see what is going on with copper? i know you talk about copper a lot. this has been going straight down for a month now. that is china trade concerns right there and concerns about a slow down in china. one month. >> you have been focussing the last couple of days i know because i have been watching your reports on this level we can't get through. 2,800 on the s&p. i wonder as long as you have
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this back drop of trade concerns and global slow down if you will be able to get through that level even with earnings. >> i completely agree. i am in the camp that there is more risk than the market is indicating. i usually do not go around yelling at the stock market. i think that they are under estimating the risks that we have right now. look at oil today. the whole commodity complex has been weak. we have issues with libya and saudi arabia coming back in a bigger way. oil has been generally straight down. we will have the banks tomorrow. everybody keeps asking what will happen. i'm not looking for much on the trade activity. the only hope for a surprise that i have is what we call commercial industrial. the hope here is that the numbers are much, much better as a result of some of the tax cuts and re-investment and those are the numbers that will top.
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we know the long has been lousy. maybe that will change. >> we'll see. bob pisani here on the floor. dow down about 220. the second hour of the bell begins right now. welcome to "the closing bell." let's take a look at how we finished the day on wall street. this is the first down day for dow, s&p and nasdaq in the last five sessions. worst day for stocks in july. it has only been a few weeks so far. dow closing lower by almost a full percent. nasdaq hit the least down half a percent. russell 2000 index of small caps
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down 0.7%. a new round of tariffs on $200 billion on chinese goods driving markets lower. what an extended trade war can mean for the u.s. economy and your money we will dive deep into those questions and more from wilford's under view with william hague ahead of president trump's visit to the u.k. tomorrow. first on the markets joining the panel michael santoli, chief investment strategist and stephanie link is here, managing direct director. disney, chevron was the biggest lagger. american airlines biggest loser. that whole group got clobbered in today's session on that revenue guidance cut. let's talk about the market today. we come in expecting the market
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to be down on the roll out of these new tariffs. exactly what is in here. it is different because it is bigger and it includes consumer goods. yet the market only closed down 220 points blmpt kand i don't think there is a lot of dissonance there. i don't think it is a disconnect. the market has been living with this threat for four months. it is very hard to have something be front and center for that long as a potential negative and not have the market absorb it and try to quarantine those that will get in trouble from the tariffs. so stocks up three percent in four days. if you didn't know anything about the news you would say kind of what we expected. we were at a level. i'm not going to dismiss the threats if we get full blown aggression. to me it is all about emerging markets. >> there is not a hope of trying
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to get towards process. i think it is about the secondary effects. the dollar soars and we have a financial accident not the percentage -- is this getting more serious or are we going in a matter of hours going to look past this and get back to the fundamentals of why we have been rallying in the first place? >> we hope that is going to be the case because i think there has been a big disconnect with respect to what earnings and prices are doing. so far this year really a big disconnect. the biggest issue is that most investors are missing the fact that it has gone down because earnings are outpacing price. we had a bit of a hangover after the tax cuts. since that point over the last three months earnings revisions have gone up. in the two areas we would say
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were the biggest upside surprise with respect to earnings are financials and industrials because most people are just blindly selling industrials based on tariffs and rhetoric that doesn't have a lot of placement in the market. >> you are saying this market doesn't make sense because earnings are rising faster than stocks what happened over the last few years? >> this has been a p.e. driven market and a multiple driven market for much of the recovery. we are transitioning to more of an actively traded, fundamentally driven market where gdp and earnings matter. this is a transition phase that a lot of investors are having a hard time transitioning to. therefore we go back to more fundamental investing. if you lock at that sort of strategy you want to be in financials and industrials right here. >> i know from our conversations at noon that you have high
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expectations and hopes for earnings. >> double digit earnings for this quarter and i think guidance will be very good. i think that will be rewarded especially with the market trading at 15.5 times forward estimates. multiples have come down substantially and earnings are going up and interest rates are not going up. and that is a good thing for earns and for the risk/reward. >> how do you get trade into that optimistic guidance outlook. >> i'm sure some industries will fair better and some worse. i think it is a stock pickers market. i am very overweight in industrials. i don't think you blanketly buy all financials. so that is kind of telling. then you have to pick stocks and companies. by the way, monday didn't take much for the cyclicals to rally and the defenses to roll over. that's encouraging.
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i think earnings and more clarity, more color from companies is going to provide a nice positive back drop against very low expectations. >> i'm willing to bet that a major thing you will be talking about on this network is the notion of earnings surprise. in the early '90s when i first started being an analyst on wall street we talked about earnings surprises. the analysts have migrated to the mean. companies are saying we will beat the number. i think earnings will be a major factor driving stocks. >> we had earnings where nothing to sneeze at the first quarter. >> companies are coming on saying under promise and overdeliver. the analysts are tightly wound in terms of their estimates. the companies are going to blow away the estimates and investors are going to go i'm going to go where the biggest surprises are. earnings surprises like in the early '90s i believe will be a
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major driving factor in helping pick stocks. >> early '90s was a pre-reg world where you did not have guidance as much. also i think everyone expects 70% of companies to beat every quarter. the beats are kind of baked in. it will offset one another to some degree. >> i think that capital allocation plans will upside surprise. i think that is in addition to good earnings and a good combination. if we were at 19 times forward like we were in january and february at last earnings period it might be more of a struggle. that's why i think stocks didn't respond well. >> it's going to be a fun season. there is so much riding on it. we will get to the other side of trade stuff and everything else. president trump is launching a new war of words with n.a.t.o.
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allies and taking aims specifically at germany. eamon javers in brussels with the details. >> reporter: it has been a wild day here in brussels starting at the very beginning. let's go to the moment where it all began. this is president trump coming in very early this morning at breakfast here in brussels this morning and coming into a meeting with the n.a.t.o. secretary general and starting off with the strict criticism of germany. here is what the president said. >> how can you be together when a country is getting its energy from the person you want protection against or from the group you want protection against? >> understand when we stand together also in dealing with russia we are stronger. i think what we have seen -- >> you are making russia richer. you have a country like poland that won't accept the gas. you look at some countries they won't accept it. germany as far as i'm concerned is captive to russia because it
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is getting so much energy from russia. >> reporter: hard to overstate exactly how unusual it is to see the president of the united states arguing with the n.a.t.o. secretary general at a pretty bland typical open media event which would normally be a meet and greet. we saw the president very critical of germany. what he is arguing about is a gas pipeline from russia to germany that u.s. administrations in the past have been critical of. the president saying germany is a captive to russia because they get so much energy from the russians and leveeing the criticism on germany that the president has received from n.a.t.o. allies who said the president is too close to russia. the president saying germany is too close to russia. all of that is setting up tensions that we saw in terms of the president's request to beef up defense spending. and all of it is the meeting the president has in finland next
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week with vladimir putin. a dramatic day and more to come tomorrow. >> thanks. at some point does the market expand its worries into our relationship with our allies >> well, i think if you combine the trade part of it you have to think about the traditional developed market relationship that we have had post world war ii which they change dramatically. europe's importance with respect to gdp has gone down dramatically. it is more emerging markets. from a perception standpoint, noise, yes. from a fundamental perspective i would say not really. >> it is hard to sort of wrap your arms around what this means, these major foreign policy shifts mean for our economy, investors. it might be a long term story. >> it is not the kind of thing
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the market will feel compelled to try to handicap and price in what you are trying to adjust for here. it is tectonic. if we are going back to the early '90s, back then the big picture on stocks were the world is becoming more global, more interconnected. our alliances are fostering better free trade relationships and it is basically bringing barriers down. i'm not saying we are going in reverse. >> there is a feel that the world may be getting a little smaller in instances now. >> more isolated population. >> does that make you focus your attention solely on u.s. investing? does it have bearing on how you think of allocating your money >> i think the president wants more accountability. in defense we are spending 3.5% of gdp and germany is spending
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1.2% of gdp. what he is proposing makes a lot of sense. whether he can get something accomplished is the wild question. i'm focussed on fundamentals and what the economies are growing, where interest rates are, how high does oil prices go. >> this is the reason why the market is having a little bit of a melt down over china because it is a big deal. ritzer not so much what they will put on tariffs of 150 billion of imports. it's do they start to restrict u.s. companies from growing. that is bigger concern. i don't see that happening in europe, not at all. >> an entire generation of ceos running companies right now grew up to try to become more global to try to be everywhere and try to have those good relationships. they think that the president's
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comments are ininstructive that he sees everything as pure zero sum leverage. they will have you over a battle. >> it is interesting. >> that is the view point on the world. >> we want to head to airline stocks. dragged down by american airlines after the company trimmed the revenue outlook are you a buyer in this group in. >> the overlap between this company and some of the regionals is really causing them problems. this stock hasn't done well all year long.
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to get hit this long i think you can trade around the stocks but i think they are very hard investments. >> our thanks to you for weighing in. nice to see you. rchlths we have a news alert now on broad com. >> it is close to a deal for business software companies according to dow jones citing sources saying the deal could value at $44.50 a share or $18 billion. they report a deal could be announced as soon as today. you are seeing it down to about 2.4%. c.a. technology stock is up right now. sarah back over to you. >> big movers there. thank you. trade war fare is roiling stocks. we'll discuss how president trump's new tariff threat against china could impact the real economy. plus chinese internet stocks getting hit hard on the latest trade turmoil. the fast money traders tell us whether they are buying the dips
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i know, right. we are seriously ikeeping up with the joneses.. i know, right. we are seriously keeping with the anderson's. we are finally keeping up with the ford's. keeping up with the garcia's. keeping up with the harvey's. keeping up with the wahh-the-wahh the romeros. carters. patels. the allens. wah... wolanske's. right, them. no one is going to have internet like this. no one is going to have internet like this. gig to more homes than anyone. not just the joneses'. over here. xfinity. the largest gig-speed network. the major indexes closing lower after the u.s. announced plans to apply 10% tariffs on
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$200 billion worth of goods that come to the country less than a week after the round of 25% tariffs from the u.s. and china on $34 billion worth of goods. joining us on how to discuss all of this on how this increasing trade could impact the u.s. economy is joshua me s meltser and anthony chan from chase. how do you figure that this is all going to effect the economy? the bottom line is we don't really know if this additional 200 billion will go into effect or not. it is kind of hard to game it out. >> it is going to be in the process where the government assesses and will take approximately a month or so. i think they probably are going to go into effect and we will see real life impacts on the economy. this is a large amount. >> it's a large amount and really extensive. 200 pages worth.
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who knew we even import live eels, live trout and live herring from china how do you go line by line to figure out the consumer impact of all of this >> it is quite clear that the consumer impact would be higher prices and there will be discomfort. i am encouraged by the fact that the tariff rate is lower than rates we have seen in the past when we heard 25% going down to 10%. keep in mind that there is still a period of transition where there is some public debate and that gives you a window for possible negotiation. >> joshua, what is the end game? if we do have some negotiations with the chinese as anthony suggests, how does it all end? >> look, it's a great question. it will have to end with china making some concessions to the united states. we have u.s. concerns with cyber
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security, hacking. they really had reforms for china to make. they haven't followed through. what does it look like in practice. i think we are in for a rough ride with china for a number of months now. i expect the tariffs to go into effect. i think china will retaliate and we will see where we are after that. >> the stated legal basis for these measures is this kind of investigation and findings of the administration about intell intellectual property violations. it is hard to know how quickly that might happen or really by what means china can satisfy anybody that they have done something on that front. >> i think there is no doubt that this is all part of a negotiation. the president has made it clear that the end game is to have zero tariffs or reduced tariffs for all countries involved.
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so in the process i don't want to call it a kabuki dance but it might be where you get all the parties engaged and then all of a sudden you get negotiations and nothing gets resolved. if you look at the market it is still up 3.8%. clearly investors are not completely unnerved by the situation because they are really still paying attention to the fundamentals. we will get 22% corporate profit growth on the s&p 500. we have one of the tightest labor markets. the atlanta fed is telling us we have 3.9% economic growth in the second quarter. so if you get all of these tariffs that have been proposed and the ones that have been applied it could potentially reduce as much as 0.4% off real gdp this year. clearly the momentum is there and certainly the seeds for possible negotiation. >> we are starting from pretty strong economy, i guess you could say. thank you guys for joining us.
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president trump is said to visit the united kingdom tomorrow days after he said the nation is in turmoil over brexit talks. the latest details. >> ahead of that visit for president trump to the united states i asked the former u.k. secretary whether he felt the prm prime minister would be able to trade the president's mind when it came to tariffs and trade. >> disturbingly for us in the u.k. using national security to legally justify rules imposing the tariffs. that seems ridiculous to us here, such a close ally of the united states. there is alleged some problem for the security of the united states in the exporting of steel.
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i don't think this is a sensible strategy for the united states. while they often do have a point about chinese exports and trading practices, jeopardizing trading relations with european partners at the same time as taking that on doesn't seem to me the right way to do it. i certainly hope she can convince him of that. >> on the topic of prime minister teresa may i asked given all the resignations she faced whether she was still the right person for the job. >> i think sthee is app-- she i applying herself with statesmanship and leadership to a very difficult situation. as british prime minister she faces the most complex situation that we have had since the second world war in negotiating brexit. and she is making necessary choices and guiding her party and country to those choices.
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i think it would be a great mistake to contemplate changing at this point. >> reporter: we spoke about brexit and he thought the resignation of boris johnson -- in terms of the future of the e.u. it is not brexit that is biggest threat but italy. >> i have always believed that the singular currency will not work in its current form. a military union without a political and fiscal union does not work. and many italians are saying it is not acting in their interests. i don't know when that will happen, when it will break but i believe that one day italy will leave the euro. i think generally what is happening is not that it will break up but that it is declining in its effectiveness and unity. and that will happen in the euro zone but it is particularly true
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on migration and increasing on other issues. it won't collapse but it will find it harder and harder to muster the unity that it needs. >> that was former u.k. secretary william hague. >> today marks the tenth anniversary of the failure of indy mac. it was a big domino in the banking collapse. the industry has rallied back. coming up we will look at why it happened and whether history could repeat itself.
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dow closed down by just about 220 points. s&p's four day winning streak is over as the s&p finishes down by nearly 20. nasdaq off by 23 points. russell 2000 has been in record territory and it lower by about three quarters of one percent. it is time for a news update with sue herera. >> here is what is happening at this hour. supreme court nominee brett kavanagh returning to capitol hill for a second day meeting gop senators who will vote on his confirmation. lindsey graham says fair minded democrats will see kavanagh as a highly qualified judge. >> to the few democrats who are thinking about this because it's good politics potentially for you, here is what i would say.
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not only would it be good politics for you if you are from a red state, it would be the right thing to do. >> a nevada judge is halting the use of a drug in the execution of a killer hours before he was scheduled to die by lethal injection. this after the drug maker said it didn't want its drugs used in quote botched executions. it is the first time thedrug company has sued. kylie jenner on her way to becoming one of the most successful and youngest female entrepreneurs in the country. the 20 year old was named one of america's richest self made women after the idea to launch lip kits into a business in just two years. >> congratulations to her. i will send it back downtown to you. >> on track to be the youngest self made billionaire ever. that is the power of kylie
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jenner. i talked about this with scott several times explaining the value of her makeup brand, her endorsements. >> her use of social media and her ability to bridge different age groups, as well. that has made a big difference in her ability to sell. >> absolutely. >> just saying. >> it's also that contour. >> we are on it. >> we are onit. >> chinese internet stocks are getting hit. this is u.s. china trade tensions escalate. >> could this be an opportunity to buy joining us now to discuss the fast money traders. nice to see you both. guy, are you bold enough to dip into the chinese internet stock s s? >> if you are watching this game
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wolf is probably in a puddle. number two, i use all of kylie's contour stuff, as well. >> i knew you would appreciate that. >> if you think this will blow over the u.s. china tariff stuff the stock is off about 28% since the all-time high. google invested half a trillion dollars and they are the first to do drone deliveries. if you look at the stocks and have been waiting for an opportunity in my opinion and i know chinese internet stocks have been put in a themable. this is about as good as it gets. >> i kind of agree with guy not just on the kylie stuff but on the chinese internet. if you look at a business like baba today is a terrible day. i think it is one day event. this is just such an extraordinary business. their market share is so big and so many different businesses i think earlier in the last hour
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you had someone talking about the pay business. there are so many ways to win here and they are so far ahead and the valuation is not crazy to me at all. a day like today i think if you don't own any i think would be a decent day to buy some. >> i have read stories about baba going down and stocks directly related to the chinese devaluing and not so directly tit for tat trade stuff. >> we can agree these are not levered in any respect. what does it say they are going down it means a little more disruption in the markets and maybe because of the currency. that is why i wonder if it is a risk off. it could be a buying opportunity. i would point out i believe it was half a billion dollars that go over. >> i'm sorry. it was a lot of money. >> listen, i have been away for a while.
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you can tell by the tan. i appreciate mike correcting me on live tv. >> what just happened in the match? i hear a lot of groenzans. >> congrats, good for you. >> thank you very much. >> sarah is riveted by that. >> i have no idea what you are talking about. >> be sure to catch all of fast money in about 27 minutes or so. peter chernin will weigh in on the war over sky. media moguls for the annual gathering with major potential deals on the table. julia boorstin has the highlights of the day ahead of the interview.
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>> mic trouble. we'll try to get it fixed and take you back to julia. >> i was going to say faber reported that comcast was likely to come back with another bid, as well. the saga is not by any means over. >> ahead of the sky deadline on friday. that is the place where this sort of stuff goes down minute by minute. >> and a lot of them are there including rupert murdoch. we will talk about oprah winfrey because she is getting involved with another food company. find out what the latest venture is when we come back.
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welcome back to closing bell. julia boorstin out in sun valley, idaho where the media moguls are gathering and the deal speculation is on. >> that's right. and the two deals that are most in focus are fox and sky particularly sky with rupert murdoch upping the bid for the remainder of sky just this morning. comcast ryan roberts is also here and sources tell us that
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comcast will quickly counter the higher offer for sky that fox made. when we caught rupert murdoch heading into the conference we asked him if he is willing to engage in a bidding war. >> how high are you willing to go for sky >> we'll see. >> another company potentially in play is group on. ceo would not comment on reports that he is interested in buying groupon but did say the ownership benefits a wide range of companies and praised the potential. >> i think groupon is a great company with a great leader. i think it is a very interesting market with a lot of potential. i think that groupon will do well no matter what situation they are in.
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>> in addition jeff bezos is here amid buzz that amazon could buy a media company. another potential deal makerr t companies including charter communications. right now many of the moguls are out biking or hiking, but many are also behind closed doors having deal talks. >> i love the rivuove the arrivf the backpacks. >> summer camp for billionaires. so who else are you watching we showed the shot of jeff bezos. everyone is wondering if any of the big new fang stocks could be suitors for old media companies at some point or is that just going to continue to be speculation for a while? >> i think that this is really the year where more than ever
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people are wondering if apple and amazon would be in the market to buy a media company. when you are looking at what they are doing amazon is the one everyone is really talking about. look at the scale of prime video offering. although they have done a good job acquiring content, developing content they seem to be serious especially as they do things like bid for nfl rights. so they seem to be serious about the content game and think what would happen if they were interested in buying a cbs or discovery communications. i have to mention that sherry redstone is here. she is locked in a legal battle with the ceo of cbs. there has been talk that either of the companies would be acquisition targets. we haven't seen the two of them speaking yet. surprise, surprise. >> incredible time to be there given all of the news flow in the space you covered.
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great stuff. >> thank you. indymac wasn't the first bank to fail in the financial crisis. when it did it was the biggest. a look at what happened and whether it could happen again coming up. twitter continues to clean up its fraudulent accounts. those details are next in today's take away. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts on select hotels right until the day you leave. ♪ add-on advantage. discounted hotel rates when you add on to your trip. only when you book with expedia.
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time now for the take away. if you are not real you are out.
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twitter cracking down on fake accounts and bots. millions have been suspended in an effort to lesson the flow. more than 70 million accounts in may and june and the pace has continued. what impact will this have besides fewer followers. >> they say an average of four followers may fall away. >> i was looking to see if there was a change. >> you don't want to see it really start to crash. i think there is one way to look saying twitter wants to stay on top to try to have integrity. i think one of the big things hanging over the whole space is just exactly how real the interactions are, the advertisers have to have some sense of whether this is genuine engagement or not. plus the abuse type things that twitter tries to stay on top of. >> incredible run.
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>> just one look. that's all it will take for guests to check in at marriott hotels in china working with alibaba group to test facial recognition check in. if the tests work the plan calls for global rollout. >> i think it is okay. clearly they have issues at some locations where there are long check in lines. they did say you have to put your impt d. on a reader where you see office buildings and it takes your picture. it seems like that. >> it seems like it will create a lot of privacy concerns. >> there is a secondary piece of it especially in china where everything is a database. i don't know if marriott would be doing anything like that. i feel like it is one of the things a lot of people would be willing to make trade. >> nobody wants -- >> spits out the room keys. >> it is good and bad for
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obvious reasons. the founders of true food witchen are hoping lightning in the form of oprah winfrey will strike twice. weight watchers stock is up more than 50% and flying high since the investment. now the one-time talk show queen is putting a significant amount of money into true food kitchen. the chain has 23 locations in ten states and says it will use the cash infusion to expand. hard to tell the oprah effect without a public stock. >> it's very small at this point. maybe they can accelerate the rollout. do we know about this? >> i don't know much. >> that would be the thing that i would wonder about. if it is similar to a lot of other new formats maybe this would be the thing that allows it to stand out. >> i'm sure that they would get an uptick in business.
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everything oprah touches turns to gold. >> it's not just kind of an indulgence. weight watchers i think is up 1,000% or more. >> we know about the book club. any book she mentions -- >> sells like crazy and any person on her show becomes a celebrity. >> it has been ten years since the failure of indymac. our jane wells is in pasadena with a look back. >> reporter: it was such a scary time but ten years ago that was indymac headquarters. a lot has changed. i'm olr,de the tree is bigger, but can it happen again?
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indymac failed on this day ten years ago. jane wells has a look back at whether a collapse like that could ever happen again. >> reporter: >> well, scott, indymac had made too many risky mortgages and by 2008 it could no longer find investors to buy them. it wasn't the worst bank to fail that year and it was the biggest yet and by monday, july 14th, the line was long. it goes around the block behind me to get into the branch at the headquarters and the branches are open and the indymac website are open and customers are finding out when they're let in ten at a time, what happens when the big banks failed and they take over. >> is it all insured >> and we'll put it in another bank and that one might go belly up what are you going to do >> it was pretty agonizing. >> sheila baer was head of the
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fdic which took over indymac and ended up to cover deposits above $100,000 and it's now 250 grand. could it happen again? well, baer, says there's a lot of debt, quote, sloshing around the financial system and the mortgage side doesn't worry her. >> we have mortgage lending which we didn't have then. we have the cfpb which i hope will be continuing to operate and especially in the mortgage lending space. we needed mortgage lending standards and we didn't have them then. we have them now. >> her biggest regret is that she allowed the then overseer the office of thrift supervision to close the bank on a friday afternoon before the end of regular banking hours and that caused kind of a panic she regrets that, and wouldn't have done it if she could do it over the ots doesn't exist anymore. back to you. >> jane, thank you >> jane wells live in pasadena it seems like eons ago.
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>> it does. >> that all of this was going down >> that was when the cracks were opening up i was interested in the one interview, i'll put it in another bank and that one will probably fail, too and that was the psychology that it was in freefall one quick sidenote and i never made the connection until now, it was the exact same day that crude oil prices peaked $1.47 and change a year ago today. >> what are you reading into that >> oil fell apart as people liquidated almost everything into the lows of september. >> jane, what do you remember most about that period >> you could tell from the -- from looking back at the interviews that you were doing then i mean, they may be not the full-blown panic and the fact that nobody knew, you know, whether there are 100,000, $10,000 or whatever you had in that particular bank at that particular time was safe. >> well, it took a while for the fdic to convince everybody, look, you are insured and that's you and me the taxpayer to cover
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that, but here in california it hit nowhere worse than here. i had friends during that time that '08 and '09 it was terrible. two people on my block lost their homes because they were under water and had balloon payments people were losing their jobs. ten years later our homes are worth more than they were pre-peak and it's a whole lot harder to get a mortgage and things have changed. everyone i know who lost a job, got a job that by this time is now at least as good as the job they lost, but it was ugly >> that's good news, at least, but yes, very scary times. >> jane, thank you >> jane wells in pasadena. >> all right president trump's visit to the uk kicking off tomorrow. up next, we'll head back to w l willfred frost in london "closing bell" will be right back 6,000 feet above sea level. but how do you really know that the beans journeyed to the port of mombasa and across the pacific?
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let's bring back our dear friend wilfred frost in london our condolences. we feel bad. >> we do >> it really -- it really sucks, i have to say. it's more painful than one would think given that i'm a grown man and not as a hundred times as
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painful as it is for the players. i have to say they've done england proud and outperformed and such a young people. average age of 24 and in four years' time they'll be in their prime and they'll be back. a small condolence that it is right at this moment, but they'll be back. if there's one piece of advice i have for president trump is don't make fun of this result or of this team when he's in the country because it will go down very poorly indeed >> yeah. i -- i know i can sense the disappointment i know you're bummed, wilf, but what do you expect tomorrow for the uk >> you'll move past this moment and look ahead to things that are pretty important >> more important. >> listen, absolutely, and i am very excited about the next couple of days of coverage i always love coming back to the uk for the big stories and this is right up there with them. it's the head of state and meeting those two roles and
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meeting with the prime minister and meeting with her majesty the queen on friday afternoon, and of course, i met 11 of the last 12 presidents and this will be the 12th president she meet which is is a pretty extraordinary statistic and i am very excited about one of the interviews we have tomorrow which is the new foreign secretary who was introduced to president trump today by prime minister theresa may an extraordinary week it's been for british politics starting with the high-profile resignations and jeremy hunter is at the center of it all and his first interview for u.s. television tomorrow on "squawk alley. >> we were analyzing the body language of president trump with the different leaders, german chancellor merkel versus president macron of france versus the latter. she was one of the first leaders to ever visit trump at the white house, but since then there have
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been some tensions >> there have been some tensions and the question is how important is the personal relationship between two individual leaders implies the relationship between two countries and she was the first there, but i'd say in the president's eyes her star had fallen somewhat with macron and with merkel and may and we'll have to see how the next couple of days goes and it's a crucial point, and it's a crucial point for international relations whether the uk and the rest of europe or the uk with the u.s. and that will be an increasingly important bilateral relationship once brexit happens. a huge amount at stake in the next couple of days and the president will arrive here tomorrow afternoon our time around about late morning lunchtime. >> we'll see you tomorrow, will. big day for you and get everything out of your system. >> drown your sorrows. >> see you tomorrow.
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>> it was either going to be celebrate or commiserate >> for sure. for sure. >> see you tomorrow, wilfred >> all right so, we'll see if we can get back to the winning ways for the market are market. >> you're talking about the market >> soccer's gone we're talking stocks >> we'll see if it settles >> we watched that level 2800 that does it for "closing bell." "fast money" starts right now. >> fast money starts right now live from the new york stock exchange from new york city's times square i'm melissa lee. traders are karen seymour looking fresh and tan. america's fallen out of love with bitcoin say it ain't so, but as prices and interests plunge, one crypto bull says it could mark a bottom and he'll be here to explain and it's a media m and a frenzy in sun valley, idaho where the big wigs in the space are meeting. meet mogul peter chernin will be here wit

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