>> the stock is up 3%. just about pushing back $110 thank you very much. thanks all to you for watching what has been a very busy hour very big day of breaking news as well that does it for us. power lunch picks up that story now. >> what they are signaling for stocks and the economy and what you can do to protect your portfolio. 36 hours more than a million deals and billions at stake. amazon set to kick off prime day in two hours.

s&p 100 did manage to hit a four-month high earlier. the nasdaq 100 also hitting new all-time intraday highs. commodities on the move. gold falling to a one-year low oil is sinking crude falling to its lowest levels since late june and trading below its 50 day moving average.

>> that meeting not attended by any of their aides then they held a bilateral meeting, and then a press conference in which the president was offered the opportunity by a reporter to denounce russian meddling in the 2016 presidential election that exchange is going to get a lot of attention and here's what the president said >> would you now tell president putin would you denounce what happened in 2016 and warn him never to do it again >> dan coats came to me and they said they think it's russia. i have president putin he just said it's not russia i will say this. i don't see any reason why it would be.

snoo what we saw from the president today has been consistent with what the president has been saying and tweeting publicly. dploo president putin also

taking aim at kremlin critic bill browder and his associates for allegedly making money and contributing it to hillary clinton. president putin suggested if russia cooperates with the u.s. and its investigations, america should cooperate with russia and help them prosecute their foes the officers of law enforcement and intelligence service of the united states whom we believe we have something to do with illegal actions on the territory of russia. and we have to request the presence of our law enforcement. for instance, we can bring up mr. browder in this particular case >> joijs firning us first on c northbound, hermitage capital management i bet you're not surprised to

hear sclad mere putin refer toy directly >> it's not the first time and the last time sflo named after my murdered lawyer sergei. he was murdered after uncovering a $230 million russian corruption scandal some of that $230 million went to vladimir putin himself. putin feels personally exposed and potentially at risk of having his assets seized in the west, and so every chance he gets he tries to get foreign countries to come after me this is just one of many of his attempts >> he levelled an accusation at you that you funneled and helped funnel lots of money to hillary clinton. did you? >> i did not i did not. i'm not a u.s. citizen i don't live in the united states i've been living in britain for 29 years i don't -- i make no campaign contributions. so that is not true.

i should also point out that vladimir putin and his regime have accused me of serial killing of being a cia mi6 agent and about 1,000 other things, and so they just kind of -- he is kind of unhinged in these accusations. >> you said before, bill, that this is not the first time that president putin has mentioned you had -- has called you out.

>> there's a lot of people around the world, governments, people who are looking after me. >> what do you think when you see an american president on foreign soil standing next to the president of the russian federation basically embracing or at least not distancing himself from mr. putin's denials of involvement in an american election >> well, the whole thing confuses me. i have been watching trump and his public statements, and this type of stuff which i find awful and unpleasant, and at the same time trump completely surrounds himself with people like pompeo, jim mattis, nikki haley and others who are completely clear-eyed about what a criminal and monster vladimir putin is. none -- it kind of doesn't make sense. i would almost describe it as schizophrenic because u.s.

policy towards russia is actually quite tough the sanctions are tough. u.s. is supplying military equipment to ukraine, which is tough, and various other things. it's all very confusing. it's not clear what trump could actually do because the apparatus doesn't agree with him. >> the sanctions that have been put in place against seven olagarks, 12 companies, 17 government officials, they are the strongest thus far a lot of people would argue it's because of congress and not because of the president, but, indeed, he has foreign policy hawks all around him who are very, very tough on russia back on melissa's question about your safety. with the poisonings that we've seen now in london, which the u.k. blames also on the russian government, are you spending less time there? >> i don't really comment on where i spend my time or i don't, but what i can say is that if the russians want to poison me using military grade chemical weapons, it's pretty much nothing i can do, and they could do it here they could do it -- they could do it there. they could do it anywhere.

it's -- there's no -- there's no clarity about how you prevent yourself -- you protect yourself from a terrorist government sponsored terrorist attack using chemical weapons i take lots of precautions and so far i've survived it's been eight and a half years since my lawyer sergei was murdered, and i'm still here, and it's my hope that i'll still be here eight and a half years and 20 years from now. >> in return for the united states opening its law enforcement aus piss into the investigation of you what do you think of that?

>> it will never come to fruition the russians will never allow real investigators to come and speak to those people, and the u.s. authorities will never allow russian investigators to come here. it's just not going to happen. it's like there was an agreement that russia and america would join a cyber security task force to fight election meddling that never came to fruition, and this one won't either. >> when you heard putin's response, didn't you think it was almost in jest that the whole thing was offered. when he says, sure, we'll have them, and then we'll start to do -- oh, you want to do that? then we'll do this to make it clear that, of course, it's never going to happen. >> and that's how putin operates he is a very clever man. he has been at this game for a long time. he was a kgb officer and the head of the kgb before that. you know, he has been thinking about this summit for months and months and months and looking at every different nuance and potential weakness of trump and he is playing trump and the united states like a fiddle

right now. >> yet, the president -- our president called it a -- mr. putin has a very interesting idea, i believe is what he -- how he characterized that exchange >> offer >> what will happen afterwards is he will sit down with his -- with his administration and they'll say, you know, that's not how things work, mr. president. >> i'm sure he has had that conversation plenty of times, bill i don't know if you saw the body language between the two when president putin made that exchange offer, but you saw president trump there basically nodding in a very big way to that.

>> yerm anne would be more reliant on russian gas is not a good idea. trump was right to point it out. now, that doesn't mean that we shouldn't -- i mean, the -- all of our military -- all military commitments of nato should be held exactly as they are, but it's not unreasonable, and i know a lot of other politicians in european countries that agree with me and agree with trump that germany shouldn't be coming more reliant on russian gas. >> yet, we don't hear it from them very often. right? the whole discussion for the last week is everybody is aghast at what the president said to the leader of germany without seeming to acknowledge what is very inconsistent position on her part >> well, you know, everybody is relying or reacting to one soundbyte or two sound bytes, but in that particular case, putting aside part zblan politics or anything, germany should not be allowing russia to get its claws and its leverage into german affairs, because the

next thing that will happen is german politicians will say, oh, we can't be tough on russia because they'll turn off the gas. they shouldn't put themselves in that position. >> what did putin want out of this meeting he called it twice used the word negotiation, this negotiation. president trump never referred to it as a negotiating a meeting, engagement, et cetera what do you think that means, and what did putin ultimately hope for >> well, i think putin got 90% of what he wanted just by the whole thing happening. i mean, just understand that putin is a guy who is running a country with an economy the size of the state of new york with a military budget 90% less than the united states's military budget, and he has been put on an equal footing to the most powerful man in the free world, and he came an hour late to the meeting. for putin just the fact -- just the optics that he had this important meeting is all that he really needed. whatever agreements or non-agreements or whispers or nudges, that's all bonus, but the fact that he had a summit with the most important man of the free world, when he comes from such a second tier country

with so little influence other than negative influence is a big win for vladimir putin >> bill, thank you for joining us today >> thank you >> bill browder, who was referred to very directly by vladimir putin in his press conference today with donald trump, president of the united states >> we will get reaction to mr. browder first on cnbc interview after the break. plus, more analysis on that news conference between president trump and russia's president putin. "power lunch" returns in a moment intelligence? in crossing harsh terrain... or breaking new ground? this is the time to get an exceptional offer on the mercedes of your midsummer dreams at the mercedes-benz summer event, going on now. receive up to a $1,250 summer event bonus on select suvs. mercedes-benz. the best or nothing. it's pretty amazing out there. the world is full of more possibilities than ever before.

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>> you just heard noted kremlin critic bill browder give his take on being targeted by president vladimir putin it was the joint news conference where putin denied he was behind meddling in the u.s. election. he admitted he wanted trump to win, and trump, for his part, repeatedly said there was no collusion.

>> side with the law enforcement and intelligence communities against the word of vladimir putin and didn't do it. >> my most dangerous adversary >> alana, do you see it as ambassador burns does?

>> i do. i think this is the summit that putin has always been waiting for. this is not his first run around this block he has had multiple summits with u.s. presidents. certainly here he got i would say everything he wanted we didn't hear the u.s. president mention ukraine once. >> what was not said was the regime oosh or trans-atlantic uni unity. >> where ambassador burns does this put the u.s. foreign policy and diplomatic establishment, some of whom as mr. brouder pointed out are very hard hawks

on russia. when the president doesn't seem quite to be in that stance >> i think the most extraordinary aspect of this is if we had secretary mattis here or secretary pompeo or secretary bolton, these are three people who through their entire professional careers have been hawks on russia who want to stand up -- american values and american interest. you have to imagine there are a lot of divisions inside the administration right now the sanctions regime put in place by the u.s. government, congress, and the executive branch has probably been as tough as it's ever been. maybe tougher. >> well, that's right. we've seen this really strange phenomenon develop under this administration visa vi russia, where it seems like there's two track russia policy or a

complete kind of decoupling of russia policies. on the one hand, of course, you have the president who seems to have this afint for putin that we saw on very clear display today at the press conference. >> red lights are flashing bright and frequently that russia is planning continued interference in the upcoming u.s. elections in 2018 and 2020. >> isn't this within the realm of possibility, though, ambassador, that this is part of the negotiating tactic that trump lays out i mean, he had just come from the nato summit in which he basically chastised angela merkel for making an agreement with the russians to be dependent or more dependent on their energy

it's not lost on him that russia is a force out there to be reckoned with. >> i just don't agree. you know, the russians are going to judge donald trump on whether he is strong, whether he can defend american interests. american interests are clear on all the issues we talked about, and i fear -- i worked on russia for a long time in my career the russians are going to conclude that president trump is a pushover he is a weak president that he doesn't know his own mind and that he is not even connected to the government that he leads because everyone else below him at the cabinet level and below that cannot agree with what happened today. >> well, frankly, on syria there's lots of speculation there would be a deal that putin would offer president trump at the summit

putin had just met with the israeli prime minister and top advisors to the iranian supreme leader as well in moscow.

try to do something on an intermediate nuclear weapons if you are looking for a glimmer of hope, i thought there was maybe progress in both of those areas. >> i thought the impression that vladimir putin wants that more than the president does. president loves talking about how he wants to revitalize our nuclear weapons program, and, two, it's in our interest, right? putin can't afford. >> the market is holding steady today, but there are a hope of new concerns for investors to worry about. that's what happens with concerns you get concerned about it we'll go through that wall of worry brick by brick

power lunch is back in two hi i'm joan lunden.

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together we'll make the right choice. >> welcome back to power lunch earnings season is here. we have lots to talk about from the banks. bob pasani is at the new york stock exchange with the latest hey, bob >> hello, melissa. mixed day. 2-1 declining to advancing stocks very narrow trading range. only 10 tints points on the s&p. a little bit of a bounce from the banks. as we got decent numbers from bank of america. remember, it's been a crummy

year from the banks. all those guys, they're 10% below the highs that they hit back in january, early february. the guidance from bank of america, i think is interesting. not exciting long growth, low to mid single digits that's not anything to write about home the costs are rising q3 will benefit from the rate hike credit will remain strong. kind of things we've heard before assuring to know they still feel that way retail, mostly up. june retail sales were great may was revised upward as well we got nice moves up with all the retailers, american eagle, macy's, nordstrom all to the up side one weakness here is energy stocks oil below $70. we had the russian minister, the energy minister talking about pumping more oil, and that's hurting all of these stocks. remember, we had a sort of slow gradual ascent up as we move decisively over $70. right now wti, $67, and that's hurting the entire oil complex guys, back to you. >> got it. thanks very much, bob. steve liesman is here now. he will join us with the rapid update on the economy. >> from the retail sales and

business inventories first quarter coming in on track. the second -- first month coming on the prior month revised upward you know michelle, to get a median, you have to be solid in that it's not even an average it's a median. 4.3. i think it's the highest we've seen with a range of 3.7 to 5.2. the q3 forecast, which is interesting to me remaining strong it's at 3.1% the idea is not that we pop this quarter and give it back the in exquarter. still looking to the current quarter. here are some of the estimates out there. second quarter barclay's, 5-2 you know, they're not a chop shop out there they have serious folks. steven stanley, says 4.9 he will be upset because he was the high on the street to barclay's. got quite the wind under their sales, and their forecast,

atlanta fed 4.5. hfe, that's the bottom 3.7. what's happening jim o'sullivan, what's happening? the tax cuts seem to be having the affect on the ability of americans to spend consumer spending. extra money out there from government spending. plus, you have a robust economy. there may be also some pretrade stuff going on some pretariff stuff maybe inventory build. maybe extra buying ahead of the tariffs. we'll see what happened. maybe a little inventory give-back. i think the story here for me is that the underlying economy is strong, and maybe from a half to a full point higher than that 2% we had underlying before >> steve, thank you very much. steve liesman. >> trade wars, geopolitical drama. rising interest rates. the market keeps shrugging off the bad news the three big headlines today could be a sign that the wall of worry is forming around the market first double lines, jeffly gundlach says the flattening yield curve could be an impending sign blackrock reporting the etf in

flows or the lowest levels since the second quarter of 2016. >> shannon, cio of boston private wealth mark, what do you think? are the worries -- all the markets in the world, the u.s. is the one that has held up. a lot of the other markets have not. >> we're probably at peak earnings we know the fed is going to continue to raise interest rates. it's largely on valuations that within our multi-asset

framework, we would prefer to look at opportunities outside of the u.s. we recognize what's happened here, but it's about looking forward and we just like opportunities elts where right now. >> shannon, how about you? >> i think it's important to being aknowledge the relative valuation and the attractiveness outside of the united states, but if you look at the fundamental economic data as steve just pointed out to us, we've got great strides in gdp that are here in the united states we've got still low unemployment wages are still below 3% year-over-year i think there's still a little bit of room to run in u.s. stocks you know, not at the -- not taking out that there are also opportunities outside of the united states. we still like it here in the u.s. particularly on the large cap side. >> as long as the rest of the market does all right, most of

the gains are fuelled by technology anyway. that's where we need to see the leadership when it comes to the earnings picture the rest of the market hasn't participated as much we've seen this before, and while we recognize that today's technology companies to your point, real companies, real earnings, changing our lives again, everything at a valuation and overall we're fine with technology it's just some of those fang names, so to speak, and it will be interesting to get a read-out of netflix very soon here. we think that they're overvalued, and you can get the same type of technology growth in china for a little bit less valuation. we recognize the importance of technology we just think everything at a price. when you look at what expectations are as steve pointed out, we could still get

more room to run here. do you buy technology that has been the market leader, or do you look elsewhere within the market >> i think we're very selective within technology. to the point -- i think there's differentiation amongst the technology names we're looking at things like, you know, the threat to advertising if we do get some -- in the economy there's going to be fang stocks that are particularly exposed to that i think from the perspective of juxtaposing this era versus the dot combubble. these are real companies, real earnings, and we think that there's still some opportunities within the sector. >> tha very much we appreciate your time today. >> thank you >> thank you so much >> big day for fang. netflix getting ready to report earnings after the bell on another cell call on the stock ahead of those results what investors need to know ahead of the numbers alzblon getting ready to kick off its prime day in about 90 minutes. the stock hitting a new all-time high ahead of it is that stock still a deal

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>> here's your cnbc news corrupt for this hour. european counsel president donald tusk urging them to work with europe to avoid trade wars and prevent conflict and chaos he was speaking in beijing at the opening of a summit between china and the european union >> we are all the fact that the architecture of the world is changing before and it is our common responsibility to make it a change for the better. >> sears has closed its final store in chicago ending its row dale legacy in that city the store in chicago's northwest side had opened 1938, 80 years ago. sears still has some open stores in the city suburbs, though. >> kensington palace has released another photo of prince louie in the arms of his mother, the duchess of came brick, to mark his christening

he was baptized in the cast on july 9th to say that is quite a cute picture. that's a cnbc news update. i'll send it back to you guys. bank of america with its earnings this morning. citi, jp p morgan, wells fargo, they are all leading today let's get to the bond mark rick san tell yessy is tracking the action at the cme. rick if you look at what's going on in a two-year note yield, which traded 260 plus earlier in the session, it continues its very slight almost weekly rise, and of course, we all know jay poul will be speaking, and i'm sure that's going to keep it pretty much pegged to these areas

finally, ten-year note yields, this could be the 18th session in a row we settle in the 280s we've had many long runs in the 29 0z as well. the long end has definitely been more ranges than any other part of the curve with few big retracements in terms of lower yields, and, finally, a july 1st start of boons also shows a pretty nice bounce off 29 as it's hovering right around 36, 37 its low is 29, and they had a roll-over of an auction that also aided by pushing it an extra several basis points michelle, back to you. another downgrade ahead of those numbers. about two and a half hours away from getting those numbers despite that, the stock moving higher right now should you buy ahead of the earnings, and with the stock more than doubling this year, how much higher can it go from here

>> just about two hours ago until netflix reports results, and the question is always about how many subscribers do they have julia borestein joining us now from los angeles >> well, we'll see whether netflix can keep up that subscriber growth after beating expectations the past four quarters netflix forecast, it would add 6.2 million subscribers. five million of those overseas topping or missing that number should send the stock moving now, just as important is the company's third quarter subscriber forecast. 41% to 3.9 billion now, netflix shares are up 108%

year-to-date as of right now magnet fliks more valuable by market cap than disney with that in mind, buckingham research downgrading netflix and lowering its price target saying international competitive intense si it increasing while pricing tower is limit in high growth and especially competitive middle income markets like india. the stock up more than 1 00% will it deliver another strong earnings report. the average move netflix, you know, after is either up or down 10%. we're going to see a wild move

here what's interesting in some of the downgrades, the ubs one in particular is that they expect actually netflix to beat the numbers, to beat consensus, but they're questioning the pipeline and continued engagement with the platform what do you see here that could possibly sink the stock, so to speak? >> well, you know, i think this quarter is going to be a litmus test in some residents as to whether netflix can continue the momentum we respect that you alluded to, there's going to be volatility either way the reason why we're opt mythsic right now keeping our buy recommendation, frankly i think some of that has to do with the momentum play. harder to justify from a fundamental perspective.

we think that could really, you know, push down the stock quite dramatically given some of the sentiment. i think the correct view is to kind of take a longer term picture here if you take that view, i think the international trajectory no reason why they shouldn't be adding north of 5 million ahead of next several periods to come. you think it will trade down if you think it will trade down, why not downgrade it like the other guys have done >> i don't necessarily think it will trade down. i think there's still a fair chance of a significant beat here, right? the real question is valuation at what price do you begin to believe that all of this is priced in. we think a fair amount is, which is why i kind of alluded to the momentum play here i don't knisley think it will

trade down i do think the risk of a down side move will become even more manifest given some of the bearish sentiment that has creeped into the shares. one is the pricing power their ability to keep racesing prices around the world, which seemds like a positive the other is their ability to keep spending and increasing their spending on content. some are saying they're going to spend $12 billion on content this year. that sounds like a big leap, a doubling, i think it is, over just what they spent last year >> the first question on the price, average asp average price has been fairly, you know, strong as we've seen the last few quarters they just come off a major rate increase thankfully that wasn't seemed to be any major impact. i think our moto means that the big price increase and high single to low double digit rate. especially on international

markets. many of which they're still in terms of their -- the rate cards. you know, to the other question on content spending, $12 billion number you threw out i think the spike considerably cash content spending is going to exceed 10 billion, potentially reaching 12. they've guided to eight million in terms of pnl impact as long as the triber growth is going to continue to exceed the content spending i think you're going to see underlying margin expansion. it's not out of the realm of possibility that you could see, you know, kind of 300 to 400 sustainable business points of margin expansion over the next several years. >> thank you so much for your time we'll discuss more don't move

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that's right every day prime day is bigger. and in year six hours longer than in 2017 with 17 countries participating, four more than last year. plus deals at whole foods stores and amazon.com this time more than a million deals in total compared to hundreds of thousands in 2017. core site research predicts 3.4 billion spent on amazon prime day. up from 2.3 billion dlaft last year last friem day was the biggest day ever at the time four months lart amazesen said cyber machined set the record. it still pales in comparison to black friday prime day brings in a fraction of the sales single i day brings to alibaba in china. and it's not just amaze willingen benefitting. nearly 40% of american plan to shop on other retailers siting this sunday. up 8.4 percentage points

and adobe says retailers with a billion dollars in sale or more saw alan online sales increase an average of 35%. >> helps everybody. >> exactly because of all the competing deals. >> if it's 36 hours shouldn't it be prime day and a half. >> i guess it is. >> amazon share hitting all time high 83% in the past two 12 months. how much higher from here. >> simeon segal good to have you here. >> guys. >> nobody doubts the success of this day for them. what does it mean for the stock? i mean it's been on a rampage just like we have seen with netflix. >> everyone day well be sitting here a year from now talking about increasing numbers they are changing the landscape. i don't know what black friday looked like the firps time it was instituted bup it grows and becomes something. to your point about black friday and a half on prime day and a half we don't call it black friday and a half this is a november event

at this point what's interesting about amazon is they've been digging a moat and rarnd retail and now getting broader at the same time. in terms of where it's going it depends on what year you are willing to pay for and at this point right now, it creeps higher. zbloop could they make real head wind in incorporating whole foods into prime day this time around. >> what's interesting on the one hand they grow the third party and about the marketplace. on the other hand if you look at today prime day doesn't start until the count downsays and yet there is amazesen related deals going on with their products and whole foods has been issuing deals sometime now at the same time they grow in marketplace amazon is making us further and further dependent on their own ecosystem. and that gets you into whole foods. because then you get the $10 credit back at amazesen. at the same time you see 10% off if you use the credit card the ecosystem is really interesting and growing. and there is no sign that's stopping. >> how important are private label amazon brands going to be in that company's future

>> increasingly so and what that does is it gives you sales but also margin. >> right. >> we need margin to reinvest for gna to continue digging the moat but in addition to the actual product and sale itself be the importance and dependens that we have is the key is the because amazon is all about tech and sass locking us in to need them later. at the end of the did you give away the ecodevice if that inspiring future purchases, that works. >> like razor and razor blades. >> up 83% in a year, buy it here. >> buy it here we like it it's going to keep going. and the reality is it creeps we have talked about this a lot of my other retail names we talk about under coverage trading at multiples that seem astronomical relative to what they've done in the past but you think about it we have likened nike to amazon and that if you are the largest player and can spend the most then the reality is people are willing to spend the most on you and on shares amazon is the ultimate version of that. >> simeon, thank you so much

from nourma. >> tariffs trade and taxes who is getting hurt by the president trump policies and who gets a boost? the president coming down hard on the drug industry for raising prices but they are moving higher, much higher take meat off the menu sound like crazy. but one taking it meat free taking every employee with it. second hour of power lunch continues after the break.

i'm michelle caruso cabrera and here is the power lurchl men ewe. trump meets putin .the anticipated summit between the two leaders over appear lawmakers weighing in lots of congressional members on both sides are not happy with the president. we'll have the rivet straight ahead. unhealthy pattern. despite rhetoric from capitol hill drug prices rise. why isn't is the industry bowing to the pressure and who is the biggest culprit? and sky high expectations netflix set to report earnings after the bell with stock un105% this year are they living up to the numbers wrb justify the rally or is it time to sell in power lunch starts right now

and well, everybody to power lunch. i'm tireman mathen glads you could join us. the dow the only index higher and it by a double 0 appear at 2503 see what eek out gain it would be the third straight day if it does the dow is up. but the s&p 500 down labts so is nasdaq and the russell 2000 down about .% appear energy and health care the lange ards within the dow, joon-pyo rg on sisco leading, the cater pillar and chevron mop higher on strong earning with wells fargo up on upgrade and arkenic on reports of interest from private equity firms. >> i'm melissa lee here is what else is happening. retail sales rightsing a .5% in june boostered by gasoline and

retail boostered 3.5 from the previously recorded gain of. david faber reporting that our parent company is highly unlikely to counterfor fox's assets comcast will instead focus on bidding for uk broadcaster sky. and sources telling cnbc that goldman sachs will name david sol man as the new ceo he is currently the president company president and. >> let's get to the stick big story of president trump holding a summit with russian president vladimir putin amon javers is live in helsinki, finland with the details of the meeting where it take place. amon >> jae, michelle it was a news conference for the ages in helsinki, finland with vladimir putin and donald trump making a number of statements intensely scrutinized in coming days the first was vladimir putin who was asked whether or not he supported donald trump back during the 2016 election here is what he said >> did you direct any of your

officials to help him do that? >> yes, i did. yes, i did because he talked about bringing the u.s. relationship back to normal >> vladimir putin there saying yes i did. yes, i did when asked if he supported donald trump and if he directed any of his officials to help in that effort. now, separately, putin said that there is no evidence of collusion between the russian government and the trump campaign or president trump himself. and president trump for his part was offered the opportunity by a reporter to denounce russian involvement in the 2016 election he didn't take the opportunity instead he wanted to see the d era dnc server he wanted to know why the democratic national committee never turned over the server to the fbi. passing up the opportunity to criticize putin on the 0u6r election i received a memg from the white house official saying the president was entirely

consistent with everything he has said publicly and operatively and that the negative reaction here coming from the press is just the press going nuts as expected so i think the white house initial mri here is going to say that the press is overreacting here and some of the comments from members of the congress that we see are an overreaction based on the press kenchs rowe coverage we see how that communication strategy holds up in the coming hours michelle. >> amon javers in helsinki for us, amon just mentioned the reaction from congressional leaders they are all weighing in on the news conference tail la is in d.c. with some of thorps. >> the reaction was swift and critical from both sides of the aisle following that press conference but most notifiably from high ranking republicans criticizing the president for ee give indicating on the source of interference in the 2016 election and the role russia played on that as previously put forth by u.s. officials house speaker paul ryan releasing a statement reiterating much of what he said on friday following the indictment by the grand jury

in the mueller probe of 12 russian intelligence officers by ryan today saying there is no question that russia interfered in our election. and continues attempts to undernine democracy here and around the world that is just a finding of the intelligence community but also the house committee on intelligence senate foreign relations chair bob corker said he was saddened by the way the president approached the press drns and the things that he said during that press conference and his refusal to defend the u.s. intelligence community and the work it has done and the findings it has put forth. he said that the u.s. in this case appeared to be a pushover >> they definitely interfered in our elections. that's not debatable and, again, i just don't know what it is about the president that continues to deny that that occurred sometimes the president cares more about how a leader treats him personally than forcefully

geing out there and pushing -- pushing against things that we know have harmed our nation. >> by comparisons, corker said that russia came away with a lot, that putin seemed to secure the approval of the free -- leader of the free world and that he was probably off having caviar at that moment. >> >> thank you very much. for more reaction with the summit with president trump and president putin we've lease julian o and leon aaron directors of russian studies at the. >> who graduated from columbia. >> congratulations i didn't leon welcome. welcome to both of you leon let me just start with you what did you think of the press conference and what -- what do you think the potential outcomes here are do you see some positives amid all the criticism the president seems to be getting? >> you know, i felt as i was

watching this press conference and i was simultaneously in two biased ears. bun bioatmosphere is the strategic u.s. russian relations in that bioatmosphere we could exhail and i could explain why the other one, only a few feet away was the domestic political biosphere where we could choke and it's obvious why because -- because president trump i think did something totally unexpected and really unusual. he essentially washed domesticic dirty linen in front -- not only substantial audience but really with the enemy i mean, this is how russia perceives itself i'm not saying anything had you. >> when he reserved to the hillary clinton and the server and all that stuff. >> correct correct. this totally unprecedented but returning to the first one, i think all those land mines

that i've spoken -- i think to your colleagues even this morning, you know, concessions on ukraine, syria, sanctions, the idea that -- that russia could help us in any way, that it looks to me for now has not happened and i could go point by point and i think in that sense we could exhail. >> we will exhail whie while you gather your thoughts and elise you nodded in part you probably agree in part and might dissent in part. >> clearly this summit was a win for putin going in it didn't even. >>s just to be on the same place and stage. >> just to be in the same place it justifies putin's policies. >> of course, correct. >> his aggressive and assertive policies it faces the specter of russia ngs internationally but also it's a win cosmetic domestic even though russia is authoritiarian state he needs constant ideas about how to

increase popular support. >> do you think president trump should not have held the meeting? >> well that's an interesting question i don't think he he should have held the meeting now given the indictments handed down. but there is a broughter question whether the u.s. should engage in general. and i think the u.s. should. i think actually there is some movement for example on certain issues like syria. >> here is the thing we watched obama we washld the reset button poorly done by hillary clinton and the george w. bush saying he could see into the soul of the putin. and we retroy this and don't seem to get anywhere. >> russia has a difficult partner for the past many years. but i wouldn't try to then conclude that russia can never change i mean, there is life for russia after putin. and there are many constituents within the russia and the foreign policy establishment that also want engagement. so i think we shouldn't sort of

put russia in the same category and the soviet union and enemy. >> to michelle's point we have seen so many different u.s. presidents engage with vladimir putin over the years and decades but nothing seems to work when it comes to that youing the u.s. russia relationship. was it so terrible for the president to do something completely different in approaching when it comes to this meeting with vladimir putin? are we better off right now? are we better off having had the meeting with putin today versus not having it. >> well, i mean i totally agree with elissa that putin going in already won. because for him as for the soviet leaders -- and putin is a great soviet patriot he is not a russian patriot he is a soviet patriot. being on the same platform with the american president has always been a huge domestic boost. now, we have not had a meeting until now since medevedev obama

since washington in 2010 i think we, yes, we talked to soviet leaders as was correctly pointed out. a russia as bad as it is today is not the totalarian soviet union. so i think there probably was a potential benefit to the meeting. and as i said i think we could exhail in a sense that you know, i've written about in -- and i said, so long as -- as there is nothing that oozes out of that black box and so long as -- as no harm is done, i believe that it- dsh is looks to me like it was a meeting that may lead to something positive again. >> and you, elise senator lindsey graham tweeted out if it were me i would check the soccer ball for listening devices and never allow it in the white house. i don't think that's a bad suggestion. >> yeah, but you know, this is a

perennial problem we have by dancing with dictators and authoritiarians. remember the long spoon you have to have when you sit down with the devil. the problem i think with president trump is that he -- he took just a tiny desert spoon to that and the optics of it were awful. >> you know, elise, aaron says that today's russia is not the to thatarian soviet union. but what is it. >> what it is is a country pursuing its own interests as well as a country that is governed in large part by swb o somebody who is happy to dispense finances in order to keep business out of politics and maintain legislate macy and power i'm speaking about putin be, the which he governs. >> psychologically it seems to be a country that wants to reattain previous glory and that can be dangerous. >> that's absolutely true and it is dangerous we see the danger. yurn is very aware of the danger today. >> thank you lady and gentleman. >> thank you. >> good to have youen.

>> thank you. >> here what's coming up our new trade policies forcing companies to raise prices and delay investments. the latest numbers ahead despite washington rhetoric drug prices continuing to rise pops is the culprit and why isn't the d.c. pressure working? and batter up new rules in youth baseball hasatnt pies across the country up in arms we tell you why all that and more on power lunch ahead. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.

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tariffs trade, taxes and trump how companies are being affected and what they're doing about it. steeft leishman has what the business community is saying >> tyler i want to fif you the details on the national association for business economics recent outlook and it's very strong current and very strong looking into the future. let's look into the future here. the next three months. we are looking at the net rising which is those saying it's going down mines us those saying going down sales plus 14 to 60% in the outlook for sales three months jobs up restraining. cap exup stro strok. prices also going up so a whiff of inflation in this report as well as wage costs. 62% saying net rising wages and that's plus 5. and now what is the- what are the effects of the look first at tax cuts 9% say more hiring

10% say more investment. 65% say no change. hold on to those numbers for a second because we are doing a little push me pull you remember the kids story. haerp are the trade effects on the next delayed hiring, 5%. delayed investment 10% raising prices 6%. so here what we have been talking about a long time. the tax cuts give igt and the trade takes away one more thing is fafrpgt. we are talking about this which is what are businesses doing in response to a tight job market 36% say no trouble hiring. 30% are raised pay 9% have lowered stad sttd for the job. 24 are training internally and 23% say they are either using machineses or doing other labor saving options that are possible to reduce the nighttime for labor altogether so a lot of businesses involved in some -- some method here or strategy to get around the tight job market. >> all right, receive thank you very much.

>> pleasure. >> the do you and s&p 500 best month since january. will the big earnings push push prices or will outside fours. >> let's bring in our guests founder and president of icahn adviserers craig i start with you because something caught in my eye in the notes from producer processes. tech stocks are still priced below our estimates of fair value. what is fair value in and what's did it allow the tech stocks to do in terms of how much higher they could go? >> well, at akahn we are value investors we never use peen brings to book we compute intringic value. the which we do value tech stocks are underpriced on average. that makes fair value grow and prices are just trying to catch up to value. >> so did you i have us the example? some would point to some of the fang stocks for instance, craig, i just pull that out because any

contributed most of the gains for the s&p 500 year to date in general, are they not yet fairly valued? are they below the fair value estimates? >> only one is overpriced in our view the rest as you said our view is they are under priced. but even in smaller names, our system is is loved semi conductor and semi conductor equipment the last couple years and still do. >> all right randy where do you stand on the technology especially as we await one of the big fang napgs reporting earnings after the bell and that could be a market determine nant in terms of trade the next day netflix. >> certainly we like technology. the fang stocks have been fantastic. but everybody knows that so what i'm kind of looking at is if you already own fang or if you're already in an index, that way you own fang what are you going to buy next? and so we are looking at names that are in the retail space, like dick's sporting goods, or

in new tech, smaller cans like a d the ocu sign something like that or if finish tech, paypal, a big well-known company backup but nonetheless doing well and having a great, you know, runway ahead of it i'm stumg you own fang you should continue to own fang and definitely doesn't give up on netflix they have not disappointed yet i really don't expect them to disappoint so. >> you railroad not concerned about the downgrades from the last couple of days in a lot of analyst looked at the tremendous run. i mean it's the nvidia of the year. >> it's tremendous it is. >> and how do you expect the expectations built into such a run? >> you know, that's what they said last quarter appear the quarter before that. and the quarter before that. they keep on beetding it and boat going and you know, until they fail, to bet it, i'm going to hang in there with those names and you know as your other guest

said these are reasonably priced they're not overpriced this is not 1999 however, i do disagree on the semi conductors. i'm a little worried about the semi conductor space traditionally the semi conductor space is an early cycle kind of buy point. and they ran up a lot in the last couple of years and they've really done next to nothing this year. >> got it thank you, gentleman randy warren and craig callahan. >> thank you. >> senator john mccain about the trump putin news conference. tail la back with the tetzlaff taelts. >> michelle a lengthy condemns from senator campaign about the president's meeting today and the press conference he said the press conference in helsinki was one of the most disgraceful performances by an american president in memory the np native appear false equivalence and sympathy for auto kratz is difficult to calculate but it's clear the

helsinki summit was a tragic mistake. president trumped not only unable to unwilling to stand up to putin he and putin seemed to speak from the same script as the conscious deferred a tyrant against the fair questions of a free press and to grant putin an uncontested platform to spew propaganda and lies to the world. senator mccain adding his choice do a chor us of criticism from capitol hill and the republican party following today's event. certainly that one is going to land hard within -- with many republicans michelle. >> all right thanks very much kayla in d.c. >> and hitting the bricks. tesla stock hitting the lowest level in six weeks process as ceo elon musk gets into hot water following a slough of tweets the trade on the stock is next plus the bill is due, the story of one company that's already paid out $3 million in tariffs atnduse of new laws. th a more ahead on power lunch. (siren wailing) (barry murrey) when you have a really traumatic injury,

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welcome back to power lunch. i'm sara eisen and this is trading nation today looking at tesla sinking over 3% lower. elon musk stirring controversy

over the weekend in a series of tweepts tweets coming under fire for politic willing donations as well pl tesla shares fast approaching bear market territory down more than 20% from the high. airy waldeck with oppenheimer and with the hightower advisers. airy you are looking at the chart but as far as elon muchk goes and stirring up controversy on twitter, this was a big one calling the british cave diver in thald a pedophile. >> yeah, it's down but that's how it trades it's a volatile stock. i think more important for us is that there is really no identifiable trend here to have much conviction in either direction. looking at the share price be it's largely trade oscillated around the 200 day moving average for much of the year for us that's range bound behavior and the one liner is we see more attractive opportunities elsewhere. but to talk some levels we see

support at 275, resistance at 360. that's a pretty wide trading range on top of that as well >> michael, fundamentally, as far as investors are concerned, is this just a distraction his twitter behavior or does it show that as a ceo he is distracted as a critical time for tesla and production. >> that's a great point. we have been bearish on the company for a while we stick with that stance there is so much headline risk apprehend them can't meet production burning through cash and you can sense the frustration of the ceo by this recent tweet i mean, i think that's unlike who he is. these folks are superinnovative what would change my mind on the company refocus on fundamentals. get back to what you did to build this company start meeting the delivery declines and start you know making people want to buy the stock again. but until they do that, until they turn it around we are sticking around with the bearish stance on the company. let's refocus and fundamental maybe we change our mind >> all right

two bears on tesla guys thank you. >> for more trading napgs go to the website or of course follow on twitter power lunch back in just two minutes. >> announcer: and now the trading nation stats of the day and a word from our sponsor. a double top is a chart forms that suggests a uptrend maying ready to reverse sometimes the m formation because the pattern looks like an mp it is two wellefed din peaks at the same pris they see the lowest low as a bearish signal

i'm morgan brennan and here is the cnbc news update. president trump during the joint press conference with russian president putin once against criticized the investigation into russian meddling in the 2016 u.s. presidential election. >> i think that the -- the probe is a disaster for our country. i think it's kept us apart

it's kept us separated there was no collusion at all pch everybody knows it >> as amazon gears up for prime day special, which will begin in about half an hour rival target count wers online deals. those that will spend more than $100 tomorrow will get a free six-month membership for shame-day delivery that service is normally $99 a year and a new study reveals 40% of eczema patients consider themselves in fair or poor health and more than a quarter feel feel dissatisfied with life. the most common complaint, itching. they say the disease was a burden on their lives. a notable study given the fact that this is a disease with no cure that's a cnbc news update at this hour. send it back to you. >> thank you morgan. well market closing for the day. let's go to jack question danglis. hey michelle. >> oil prices taking a hit down 4% wti tropic under 70. brent closer to 70 when just last week we talked about brent

may hit 80 a big sea change here. the main reason for the move treasury secretary mnuchin saying some countries might get the waiver on the iranian crude. the goals to get the allies to zero but the white house acknowledging it may not be possible meantime supply issues in libya getting a bit better also the speak of the summer driving season behind us now so enough reason to turn the tide here. >> jackie thank you. drug prices continue to rise even with warnings from president trump. look at this headline in today's "wall street journal. am bee yn price rude awakening some drug makers boosting costs of products despite mounting pressures are the hikes sustainable? joining sus elliott wilbur p raymond james the analyst behind the study mentioned in journal thanks for joining us. >> good afternoon. >> when you look at what president trump did with pfizering the bully pulpit to get fiezer to roll back the price hikes for the month of

july, do you get the sense this is going to be tort is sort of a one off eye here and there or is it a real concerted effort that will result in actual legislation to keep drug prices down because the two are very different. process seems the drug industry could self-police and seep president trump off their backs but if it came to regulation that would be completely different. >> absolutely look it's hard to zpie the effectness of the president's tweet he basically stop the largest pharmaceutical company in the world in terms of kuging business as usual. it got the attention of every c suite executive in the industry. i would argue i think companies are thinking twice before sort of implementing price increases in the 8 to 9% range which have been on autopilot for many years. >> you know what this really underscored in terms of the president's tweet in targeting pfizer specifically the public is outraged every time you see the headlines it stirs up more public anger

tor forward the public farmtzle companies. why does pfizer? why the second price increase to the price to viagra in the course of a year when viagra is a drug that's generic already. >> absolutely. it makes no sense. it's simply bad decision making and terrible policy on their part the price of viagra increased nearly 25% annual rate over the last four years been off patent and highly generic they have less than 4% of the you know ternls of actual dollar generation they are gaining no benefit and taking all of the -- or getting -- receiving all the bad publicity. >> elliott my colleagues will not be surprised to hear me complaint about the following. we the subds the r & d for the rest of the world. the president spent soechl time beetding up the europeans about nato last week he could also weigh in he has said before the way other countries treat us

when it comes to drug pricing is completely wrong and any chance that we are ever going to see that budge, change in attitude by overseas players that maybe the they ought to pay for the r & d, the more you pay for it the more you get .. the more people's lives are changed. >> it's not easy to fix. that gap has existed for a long period of time but i certainly think that the one way that the u.s. could -- could attack that differential frankly is to essentially peg prices in the u.s. to some sort of reference bask of exu.s. countries say something like that cms wouldn't pay more than 150% of the average price of a particular you know, five-country basket. and that would essentially make pharmaceutical companies the bad guys and they would have to enforce you know more realistic pricing schemes on ex-u.s. -- engs husband purchases. >> that's an interesting idea. but would congress allow that to happen >> well with, look, injury the

pharmaceutical industry lost a tremendous amount of lobbying power over the years and you know, i can't see how that simply don't make economic sense. i'm not sure necessarily what the downside is of making such a move. >> you know it's interesting it's shrink price control. >> yeah, exactly. >> everybody is talking about, right. however elliott might clear this up your motivation is that eventsly it forces farmdsle companies to turn to the other countries and say okay the game is over. you got to start paying up. >> correct correct. >> okay. >> and i think one of the things that people fail to realize is that the pharmacy thele industry is very much addictsed to price inflation in terms of growth i mean pharmaceutical sales the last fif year have grown 4% annual only 1% of the growth is from new products. 8% has come from price inflation. as much as the companies wants to police themselves and perhaps you know lower the overall rate of increases, it's very difficult for them to generate sales growth without having the

benefit of price inflation. >> last point elliott should fl be a discount embedded in the valuations of big drug companies? and is the discount already embedded in the shares >> look, absolutely. i think that the president's tweet is probably going to be you know frngly sort of the final straw in terms of -- in terms of really reining in price inflation there is no reason every if a pharmaceutical company has to raise the price of every fraud 9.2 to 9.4% every year and i think we can be looking at an environment where you know that 9% list price inflation which translates into probably 5.5% or 6% raeltzed inflation could be closer to cpi levels. you are looking at essentially, 250 basis points of potential long-term growth contraction i don't think that's priced into the shares of large company pharma other large can cap biotech. >> thanks for joining us

coming up in the closing bell more on drug prices with the heads. company formally known as value yan. joe papa joins cnbc 3:00 p.m. >> netflix taking home the crown on stock market performance. stocks up 107% will tonight's earnings prove investors right? or is there a pause. >> alleged blackmail kicked out of his revolves op banned interview the latest on the drama at papa johns following the ouster of ceo john schnatter. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

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>> how does a small business that imports from overseas pay tare toifrs a country like turkey kayla has the story. >> tariffs on metal imports from allies have been in place for more than a month this point as talks linger on with no rfrmgs in sight and for many businesses time is money. the $10,000 tons of steel on this ship arrived from italy for frank bergeron his company metal parns can't enough from u.s. mills to steel. >> ild buy it all from domestic mill if i had the option the reality is the capacity isn't in place to meet it. >> the cost is going up. new tariffs mean this delivery

costs an extra $1.5 million a may delivery from turkey another $1.6 million. >> ufrmt with this cargo you see coming in i have to pay the tariff on it. >> they applied for the exclusion but hasn't heard become .commerce department fielded more than 30,000 request and approved 220 lawmaker aren't happy. >> you day you announced the tariffs you didn't did the homework about the exclusions that would be appropriate. >> jackie indian republican sees a silver lining. >> we were in a meeting secretary ross was there and he announced to some of my colleagues and myself that you know there was good news and the good news the good news was the treasury has received almost $1.0 billion in tariffs. the problem was that i pointed out that american money. that's from small business and my district. >> secretary ross told congress that by the end of the year enough u.s. steel should be back online to aleave some of the supply and cost issues hejust

couldn't say exactly when that would be guys. >> in the meantime, the small businesses keep waiting okay thanks kayla papa john's soap opera taking another twitch. john schnatter says he was blackmailed. we have the details. >> you can't make it up. right papa johns continuing to distance from john schnatter you announcing late last night a special committee was formed to evaluate the piz aifr chain's relationships with its founder they are directed the company to terminate the founder agreement with schnatter so that he will no longer appear in adds oar a brand spokesman and evicted him from his office at corporate headquarters in louisville and requested that schnatter cease all media appearances and not make any further statements about the business all of in comes after schnatter resigned as chairman of the booed board of the sfam same name sake last week. he sat down with wlky in louisville friday to tell his side of the story. isn't that righter claims he felt provoked into using the racial slur zburg a conference call in may he claim laundry

confidence service the agency he did the exercise with tried to blackmail him for $6 million to make all of this go away he also said he knew the media including forbes which broke the story would lie. we reached out to both forbes and laundry service for comments but haven't heard back yet regarding this blackmail schnatter told the local station, quote i am not for sale >> just so i understand, they were doing like a roll playing game you hire a a training company. >> because of the nfl comments. >> so we are going through the exercises and pretend we have a conference call and he claims that on that pretend conference call he was egged on into using the n word. >> he said he didn't want to do he wasn't comfortable but felt provoked into doing that one more interesting coined of damage control thing is the new ceo steve ritchie saying they are conducting listening sessions all around the country kind of taking a page out of the starbucks book after the incident in may. that's what the senior leadership did they went around around heard from the partners and employees papa johns is doing something similar here in the wake of all this. >> in the meantime, right, the name has been taken off

stadiums. >> that's right. >> people severed ties $6 million pail i'm not saying he pace them anything. but $6 million pales in compared paired compared to that he lost in sponsorship and market caps. >> he is on the logo on the branding they are moving -- they are removing him from that but he is so closely tied to the brand. >> if somebody demanded $6 million he should go to the fbi. >> he went to the local affiliate instead yes. >> thanks kate. >> thank you guys. >> look at the baseball bats look at them pretty similar, yeah there is one big difference it's a big one it's costing parents millions. >> millions? >> millions. >> what. >> we will expla nt per nch.inexonow

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ton is major league baseball's home run derby in my hometown of washington, d.c. the sluggers will be hitting them far and hard. very lard. it is far, hard, gone. a move to prevent little leaguers from doing the same is cold fronting parents millions of dollars and i know this personally eric. what's going on? and why is it costing so much. >> okay so like you said major league -- we are seeing a record

in home runs the opposite could happen in little league. home runs disappearing usa baseball made new rules for little league bats you can see the logo here if you zoom in. the reason is safety the old bats are too powerful there is the logo can move it? there we go. usa baseball, that's the logo. so the old bats they were too dangerous. kids were getting hit line drives >> the ball is coming off the bat too fast >> hitting you in the head the wooden bats not as easy to use, and the home runs are disappearing out of little league this logo, this bat, some of these bats can cost up to $400 if you want a good bat, $2 million in bat sales last year, that number going to be even higher this year

louisville slugger, that's made by wilson. they think the bat manufacturers want to get these in place so they can sell more bats, but they actually can't keep up with demand >> i had to buy pats for my son who's 12 in little league, and the new bats make less sound and the ball doesn't come off as fast and there was one controversy involving a company where one of the bats in profusion did not comply with the new rules and they had to do a recall and replace those bats >> the ghost x-30. >> you know that's what it is. >> this is my neighbor hayden's bat he let me borrow he can't use this, so he said you can borrow this for the show but i need my good bats because i have a game tonight. but if you bought one of these 30 inch ghost bats all of a

sudden in may they said it had been certified but it's no longer certified so you had to get a new one. so anyway all these bat rules are changing it's costing millions of dollars. you can use that >> thank you very much >> put it in your new son's hands soon . expect eggs very high, stockout performing big time this year. up 107% so far are they going to deliver, and if not what's next let's bring in benjamin, the analyst of morgan stanley. good to have you here. >> thanks for having me, michelle >> you even noticed some of your colleagues or competitors out there have downgraded this stock. they've gotten nervous the thing has run so far and they worry even if the numbers are good, they're not going to be good enough this afternoon. you're not tempted to do the same >> no, in many ways this company

and business has been underestimated consistently over the years. the stock was up a lot last year and the year before that when i look at this business the two things i try to point out to people who might be tempted, one this might be a record net adds year in the u.s. and it could exceed it why would that happen when it's already over 50% penetrated of broadband homes, the company is getting better they're getting better at programming, better at marketing. they're now benefitting from being distributed by comcast and others it's a big indicator for a global opportunity and the next point i make, there seems to be a myth they make money we think they've done a 50% growth margin in the usa so the path to profitability is

pretty clear >> what is that margin when it comes to national? >> if you think about the international opportunity, on one hand you'd say, well, people don't watch as much tv or pay as much for television outside the united states as they do here. that's true. but the level of value netflix is providing to these customers is really unprecedented to what they had available to them before netflix ended with about $6 million of -- if you're sitting n market outside the united states that has tis historically not have tv investment you're going to be sitting at a price point with incredible value. >> is it better for international or domestic sub? >> they're not far off the pay back is about the same they're about the same in the

u.s. versus international. >> they're borrowing money and spending the bears get very nervous how much they're spending. and if they can sustain it especially if interest rates ever start to rise >> look, spending capital in front of amortizing content is true for every company the numbers are bigger here, but the relationship between cap x and amortization is pretty similar across the board while it looks scary this is the same approach we see across for many years >> ahead of the numbers this afternoon, thanks for joining us >> thank you check please is next

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boom! mad skills. education to take your trading to the next level. only with td ameritrade. this story is really disturbing to me the we work diet is now completely meat free it will no longer serve meat at any employee events or allow employees to expense meals that contain meat addressed in an e-mail saying this is part of their effort to reduce the environmental footprint. he detailed how much water and how many animals the move would save >> it's not just red meat. it's all animals >> it's all animal protein >> and so when you submit your expenses you have to submit i guess the itemized receipt but what if it's a fancy dish and it's not clear it had any

meat in it >> it's totally ridiculous >> i would quit. >> have you been at a weworks. >> lots of ways to urge them to not eat meat if that's your point. during the pres conference between vladimir putin and president trump earlier today vladimir putin gave president trump a soccer ball which he then tossed to melania lindsey graham, a senator tweeting out the following saying he would check that soccer ball for surveillance devices, listening devices and never allow it in the white house. there's a very famous case, you know, where we actually had a listening device that the russians implanted in the u.s. embassy in moskow for many years that we didn't know about. there it is. >> that's a handball right there. i think graham is right. >> i wouldn't allow that >> or air force one for that matter

>> no way. >> the political fire storm is going to get big very, very much bigger than it has been notover the soccer ball but the optics and some of the statements in that press conference today >> all right, thanks for watching power lunch, everybody. >> "closing bell" starts right now. it's time for "the closing bell." i'm wilfred frost. banks are bouncing back today. coming up a live and exclusive here at the new york stock exchange the ceo of citigroup and the world watching as vladimir putin and donald trump hold a historic summit here. i'll have a full round up of the momentous meeting just ahead in los angeles, we're just one hour away from netflix earnings and with the stock up over 100% year to date the street has sky high expectations i'll tell you the most important number to watch. i'm kate roger