furthermore, as has been stated and we stated it previously on many occasions, no collusion yesterday we made significant progress for investing in some of the worst conflicts on earth. so when i met with president putin for about two and a half hours we talked about numerous things and among those things are the problems that you see in the middle east where they're very much involved, we're very much involved i entered the negotiations with president putin from a position of tremendous strength our economy is moving and our military is being funded $700 billion this year, $716 billion next year. it will be more powerful as a military than we've ever had before president putin and i addressed a range of issues starting with the civil war in syria and need for humanitarian aid and help

for people in syria. we also spoke of iran and the nato, the nuclear ambitions and the destabilizing activity taking place in iran as most of you know we ended the iran deal, which was one of the worst deals anyone could imagine. and that's had a major impact on iran and it's substantially weakened iran. and we hope at some point iran will-call us and we'll maybe make a new deal or maybe we won't. but iran is not the same country it was five months ago, that i can tell you they're no longer looking so much to the mediterranean and the entire middle east they've got some big problems they can solve probably much easier if they deal with us. but we'll see what happens but we did discuss iran. we discussed israel and the security of israel and president putin is very much involved now with us in a

discussion with netanyahu on working something out with surrounding syria and specifically with regards to the security and long-term security of israel. a major topic of discussion was north korea and the need for it to remove its nuclear weapons. russia has assured us of its support. president putin says he agrees with me 100%, and they'll do whatever they have to do to try and make it happen discussions are ongoing. they're going very, very well. we have no rush for speed. the sanctions are remaining, the hostages are back. there have been no tests there have been no rockets going up for a period of nine months and i think the relationships are very good, so we'll see how that goes. we have no time limit. we have no speed limit we're just going through the process, but the relationships are very good. president putin is going to be

involved in the sense that he is with us, he would like to see that happen. perhaps the most important issue we've discussed at our meeting prior to the press conference was the reduction of nuclear weapons throughout the world the united states and russia, 90% as i said, and we can have a big impact but nuclear weapons is i think the greatest threat of our world today. and they're a great nuclear power, we're a great nukclear power. we have to do something about nuclear. so that was a matter we discussed in actually great detail, and president putin agrees with me the matters we discussed are profound in their importance and have the potential to save millions of lives. i understand that many disagreements between our countries, but i also understand the dialogue and when you think about a dialogue with russia or

a dialogue with other countries, but dialogue with russia in this case, well, we've had such poor relationships for so many years dialogue is an important thing and it's a very good thing so if we get along with them, great. if we don't get along with them, well we won't get along with them but i think we have a good chance of having some positive things i thought that the meeting that i had with president putin was really strong. i think that they were willing to do things that, frankly, i wasn't sure they would be willing to do. and we'll be having future meetings, and we'll see whether or not that comes to fruition. but we had a very, very good meeting. so i just wanted to clear up i have the strongest respect for our intelligence agencies headed by my people we have great people, whether it's gena or dan coats or any of them we have tremendous people,

tremendous talent within the agencies i think they're being guided properly, and we all want the same thing we want success for our country. so with that we're going to start a meeting now on tax reductions we're going to be putting in a bill kevin brady is with us, and i might ask kevin to say a couple of words about that. kevin, could you give a brief discussion of what we'll be talking about? >> the president in the white house, the main talking point just there and he said he does in fact have full support in the american intelligence agencies, that he does accept those intelligence agency's conclusions that russia did meddle in the election but they didn't impact the election result and therefore, really changing the message from the helsinki press conference not tweaking it but almost changing it in entirety.

>> clearly the white house is in damage control for what has been fierce blow back from members of his own party and of course around the world to his press conference says he made a mistake in speaking, said would instead of wouldn't let's go straight to kayla for how this will go down on capitol hill. >> the president speaking for 20 minutes on camera using notes to clarify those comments he made speaking from the podium next to russia's president vladimir putin yesterday, despite his multiple tweets since then and two sit down interviews, it took more than 24 hours for the president to make that correction where he said that president putin said it's not russia, and i don't see any reason why it would be correcting that to why it wouldn't be. that change would essentially seem to affirm the findings of the u.s. intelligence community that then came out and basically

themselves were in damage control. the director of national intelligence dan coats issuing a statement, a rare rebuke of the president and the white house to boost morale of the intelligence community after the president's comments that he made in helsinki yesterday importantly, the president did say that his administration would work aggressively to repel any efforts by russia to interfere in any future elections. that coming after the special counsel on friday found that russia in addition to hacking democratic servers and employees also attempted to hack state boards of elections as well and is setting their sights on potentially the mid-terms coming up later this year finally, he said he has full faith and confidence in the intelligence agency. he said he has the strongest respect for his leaders that he has put in place, specifically calling out director coats by name as well as the cia director

gena h gena, and we will see whether that is enough to shore up the reports of the intelligence community. >> are they going to do anything or come out and condemn what the president said >> it's unclear what they could do there have been calls in the past for potential safe guards to be put in place by capitol hill and by lawmakers for the special counsel nvestigation, for deputy attorney general rod rosenstein we learned in the house few days house conservatives specifically were potentially considering a campaign to possibly impeach rosenstein there are certain safe guards they could put in place for those institutions but they can't change the president's mind on what he believes about russia and whether he believes what the intelligence community has found. a lot of them are moving to put safe guards in place on trade. we heard the senate finance chair and the senate majority leader today issue their support for those potential moves.

so we will see whether they choose those avenues to re-establish alliances with trading partners like europe and like canada and mexico even as they see the president be extremely contentious in his discussions with institutions like nato for instance >> we'll see how they react to this one netflix big story today, gaining back some of the ground today after weaker than expected subscriber numbers crushed the stock remember yesterday and into the morning let's stend it over to julia boorstin it w . >> it was down more than 14% today. weaker than expected subscriber growth in the second quarter and a disappointing projection from the third quarter earnings growth the long-term outlook is

unchanged and subscriber viewing is growing take a listen. >> the fundamentals have never been stronger. our viewing is setting year over year records with shows we have coming so we're feeling very strong about the business >> some analysts and investors do see this dip as a buying opportunity. saying we view netflix's long-term outlook positively given the upside case we believe exists for the company's domestic and international opportunities. but we counted at least five analysts lowering their price targets on the heels of this report deutsche bank downgrading netflix today. saying it could mark an end to the accelerating international net add trend it's kpikted in the past consecutive quarters. in light of competition ahead, hastings saying they're doing

everything they can to create the best content and user-friendly platform guys, back over to you >> julia, thank you very much for those decent recovery in share prices as well >> we were saying they could have a different forecast. >> it is pathetic that everyone's still dialing in. >> and clearly they made the case to investors who believe this is sort of a temporary blip >> hey, steve. >> hi, wilf. fed chairman powell, and he gave a solid out look for the usga econo u.s. economy saying the job outlook was strong

>> i think gradually raising rates is the way for us to extend this expansion. nothing hurts working families and people at the margin of the labor markets more than a recession. >> powell also said that wages were not rising fast enough yet to cause an inflation concern, the kind of dovish comment there. and the ultimate effects will be hard to gauge in the fiscal policy, but overall he said that the tax cuts have had a positive impact on the economy. though he tried to steer clear of director comment on the trade controversy because it's politics he did offer something of a generic warning. >> in general countries that have remained open to trade that haven't erected barriers including tariffs have grown faster, had higher productivity, and companies going in a more protectionist direction have

done worse i think the empirical result >> he held out hope that better trade agreements could come from the current process. we'll do it all again tomorrow, sara, where the chairman goes to the house. >> looking forward to it day two of powell's testimony. joining our closing bell exchange today mark travis, keith blitz, and rick santelli as always. also new intraday highs for some of the other faang names does that stand out? does that help the overall market >> well, certainly doesn't hurt it so we need faang to remain strong this has actually been a broad-based rebounding rally we've been experiencing. when you look at the new york stock e change decline -- now if

you take a look at not only the nasdaq but broadly across the dow, broadly across the s&p, the russell is back to approaching its all-time intraday high and with the setback of january 26, this is the movement of a lot of names underneath it it is true we need the faang stocks to remain strong. tech is supposed to be one of the best performers in this quarter's earnings season. but i think investors need to bear in mind that there's a lot of money pouring into u.s. equities >> mark, your take on the powell testimony. it helped the market, didn't it? >> well, i think he has an un unenviable job yeah, i think he's right, that

people that are hurt at the margin are in a recession. so if he drives us off a cliff into the a recession it's not going to help people at the margin so far it's been pretty gradual, but the spread is getting tither between the 2 and the 10 >> yeah, i'm not sure what to make, rick, of what powell said specifically about the yield curve. as far as the rest of the economy i think senator corker said it well he said watching the fed is sort of boring right now because they're sort of on auto pilot. there is that question, though, about the yield curve. >> you know, i've said it a 100 times that the yield curves is what's in investor's minds i get it but anybody who really thinks that this flattening yield curve is some magic indicator when our central bank has so much inventory of long dated treasuries to me makes yezero

sense. jay powell could have any he wants. right now they are raising rates and they're not looking at long rates shooting up because of their inventory, which over time is going to be let out so over time they've actually been able to manage this, and maybe every signal's backwards maybe that might be the indicator of a recession i just don't see it, and i think logic will prevail >> keith, overall when we look at the markets today given that goldman sachs, of course which was a big gainer yesterday has helped the dow over a 100. and goldman sachs down all day, netflix down most of the day significantly as well. could we have had a worse outcome for the border markets >> i think so. we walked in this morning and then you layer on the inadequate

earnings report i should say about netflix and goldman sachs and also the president's unfortunate comments he had yesterday and whatever else is going on with the trade wars and again i think it speak tuesday the rezilansiliency of t we have in the equity markets. pension funds are pouring in year to date on treasury bonds right now because they still get the tax benefit of doing that. also when it comes to an inversion of the yield curve, it takes many months on average, some where in the neighborhood of 11 to 13 months >> 11 to 13 months for a recession would still be pretty worrying still to come here on "the closing bell," a new era is dawning at goldman sachs as the investment banker officially names david solomon as the next

ceo. we'll discuss what it means for the future of the bank and later amazon's prime day sale getting off to a rocky start. we'll find out how customers are reacting to the glitches and what it means for the company's bottom line. and of course we want to hear from you you can reach out to the show on twitter, on facebook or send us an e-mail. "closing bell" back after a break. ♪

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and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. welcome back to "the closing bell." we are high by 76 points on the dow. charles schwab, though, up higher than that and revenue highlighted record trading in the first half of the year up 3.7%. >> another big story in your world today, wilfred gold man sax announcing its long time ceo will be stepping down from the helm at the end of september handing the reigns over to current co-coo david solomon. he was the co during that race joining me now is kate kelly

from "the new york times." originally reported the story over the weekend what can you tell us about the transition that's going to take place in the next few months that you've learned? >> so there'll be some overlap, sara of two and a half months or so before david officially becomes ceo and then a few months before david takes on both jobs. right now it seems to be business as usual. they had an annual quarterly director's meeting where they unveiled this transition and both of them spoke briefly and then they went through earnings, not those two personally, but the company went through earnings they've had business unit meetings i think david is speaking to interns tomorrow morning so obviously we're going to see some power shifts probably some new initiatives over time and also existing initiatives to perhaps strengthen because david

is a believer in them. but i think right now it's surprisingly quiet because this whole thing was pretty much telegraphed. >> kate, what do you think of the likely future strategy at goldman sachs? because david solomon as an investment banking background. do you think the morale of the traders is lower perhaps at the moment given all this transition >> i think it is probably relatively low, wilf and that may be less because of the transition and what's going on in the guts of the business i was looking at some of the numbers, and it shows that goldman sachs has dramatically performed all the major banks just in percentage terms by a big margin this year is off to a more promising start. but a combination of especially more banking regulations after dodd/frank and changes in the environment and changes in the

customer base, issues in the hedge fund world, which i know you guys will be talking about tomorrow but all of these things have conspired to make their trading business uniquely challenged so it's been a difficult run on the other hand, though, the firm historically has swung from people with a trading background to leadership with people with a banking background he wore a couple of different hats over the years ending with treasury secretary and now david solomon we're back to the banking business >> and it's interesting that gary cohn left along the way who do we keep our eye on? david made the point earlier that solomon's already in his 60s. wilfred, who are you watching as who he might promote. >> which might also give an indication perhaps of which way the banks are going to go. and i'm keen to get kate's take

on this. but these are the four candidates that stand out based on conversation i've had with sources who could be promoted by david to be the next president and coo. john is a cohead of the investment bank, martin has a trading background and technology background. i'd say waldron is probably the front-runner a lot of people are talking about. kate, i don't know what your take is on that of who you think david solomon is likely to promote in due course. >> i'm hearing the same, wilf. from what i understand they have such a close mind share and such a collaborative style that a lot of people think waldron is a shoe in. and if there were going to be a sole president it would be him however, and this could be just water cooler chatter at the

moment, i don't think any final decisions have been made but the chatter seems to we focusing on the idea of co-presidents once again that's a model that has worked for them historically. so maybe waldron another person. and i have heard a lot of talk about steven recently. it's a real area of emphasis for lloyd, for david solomon as well i think we're going to see a push there and of course steve sherr is the president of goldman sachs and runs that at a senior level. >> lode said to you, he's looking forward to quote, unrestrained tweeting. does that begin in october or imminently >> my guess that'll start like first of the year because after all he's still the ceo and still the chairman and arguably a chairman should be even more

restrained i should give a hat tip to our colleague, he's the one that got those comments and they were quite funny. there's also great stuff on twitter if you haven't seen it one of my favorites was probably josh brown saying he's looking forward to david solomon's earnings beats which is a reference to his part time hobby as a dj. i think we're going to have fun ebantering with this going forward. >> kate, great stuff kate kelly there from "the new york times." and lloyd is always of course making the jokes and i know this morning when he announced it in that managing directors meeting he came in at a normal meeting and the room was absolutely packed so he addressed the group and said, oh, i see a lot of you are very interested in our q2 earnings more so than ever before which got a big laugh.

>> and it'll play out on twitter. >> exactly >> we're going to talk to william on this who has some interesting background still ahead, though, j and zwrrks, and. >> we hit the streets of new york and stran to find out how amazon customers are reacting to that prime day glitch. >> i'm thinking about canceling my prime subscription actually if there are problems like that it might be enough to tip me over to cancel >> don't go anywhere back in a couple of minutes. because you've made sure this sensor and this machine are integrated. atta, boy. & yes, some people assign genders to machines. & with edge-to-edge intelligence, you'll know your customers love this color, & don't love this one. never getting grape again.

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welcome back to "the closing bell." we are near the highs of the day, up 74 points on the dow facebook is considering moving its cloud storage from the platform to google shares of dropbox trading down 1.6% the thing i was surprised reading this article is how spread out facebook's kind of climbed, the use of technology platforms is you'd think they'd sign-up with one, but they've got dropbox, the cloud, microsoft 365, apparently and they're considering moving back to google to use google for

everything >> talk about companies winning today j&j is the biggest gainer in the dow the company says it was pharma sales that went strong and carried the gains. and it really was because j&j started the tale of two companies. it's also a big consumer products business, and like the rest of that industry flat sales, not particularly good i also as you might not be surprised to hear about the baby products line, worldwide revenue down 7.7% in the u.s. baby products down 21% they are rolling outa new line in august which they're preparing for. but i thought that was surprising given i'm a big buyer of j&j products. >> their nappies are not available on amazon prime day. >> no deals on the nappies >> and i think the fast money

traders were keen to some of that as well anyway, no deals not many deals available with that glitch. we'll discuss that later as well time now for a cnbc news update, though >> here's what's happening right now. senate minority leader chuck schumer is calling for immediate hearings with secretary of state mike pompeo and other top officials. he wants to learn more about president trump's private meeting with russian president vladimir putin >> the reason, president trump, that you're being so criticized when you accept putin's word is that putin is a trained liar he lies brazenly, shamelessly, repeatedly about big things and small. >> a judge announced former chicago police officer jason van dykes trial will begin, and he

was captured on video shooting mcdonald 16 times in october 2016 they spoke with mandela's oldest granddaughter. that's the cnbc news update at this hour. >> thank you very much for that. yesterday amazon experienced major website issues alt the start of its prime day sales event. courtney reagan joins us now with an update how the second day of prime day is going. >> 36 hours total, but those widespread outages happened and caused frustration for shoppers for quite a while. catch point actually said the disruption happened for some users from the start even to

10:00 p.m. shoppers got errors or dog messages, search was a problem those are just among the reported issues. they do appear to be resolved now. and even with the outages amazon says the first ten hours of prime day were faster year over year than the first ten hours last year. so far best sellers include the fire tv stick with the alexa voice remote, fire 7 tablet with alexa, instapot. according to its analysis of amazon sellers, the marketplace sales have increased 89% in the first 12 hours of prime day with orders up 69%. that compares to first 12 hours of prime day in 2017 this is good amount of those sales. and feed advisor says the

marketplace sellers did actually see sales fall about 5% in the 4:00 p.m. hour yesterday compared to that second same hour of prime day last year. so that does coincide with at least part of that outage. >> it's good to get so much granular data. we wanted to see how amazon customers were reacting to the prime day glitch we hit the streets of new york, san francisco and l.a. to find out. watch. >> it's really frustrating especially because they promoted it a lot there were a lot of good deals especially the instapat and earn fortunately i wasn't able to get any shopping done. >> i work in tech and stuff goes down that's my life and now it's everyone's life, too >> it was disappointing and i didn't have time to go through pages and pages and do searches again so i didn't buy it >> i actually wasn't aware there were crashes or glitches actually >> if there's problems like that

probably might be enough to tip me over to cancel. >> i don't think in amazon's case they're going to have an issue because they're such a big behemoth in the room >> i'm an amazon investor. i do a lot of shopping on amazon it frightens me that a company with the magnitude that amazon has would have glitches like this in their biggest days of the year >> the third to last guy there was a little harsh, cancel all subscriptions and never use it again. >> it is strange, though, for amazon to gear up for this kind of year, it's so massive to have of all things a tech glitch. >> that point is very relevant, and they run their own cloud, so you wonder if it has implications for the quality of that but that aside, everyone has glitches it runs for 36 hours

>> and stock by the way is an intraday record and jeff bazos is the richest man on the planet >> and there are other questions and we will come to that later on the showch am. a pretty solid rally across the board. dow is going for a fourth day of gains. s&p, nasdaq, russell 2000 all higher as well tech is particularly strong. still ahead on the show on the heels of that big netflix subscriber miss the company could now be facing a massive new competitor we'll speak to the reporter from the information who just broke a story about wal-mart and its new hollywood ambitions. and after the bell we'll have earnings. the numbers you need to watch in those reports coming up. don't go anywhere. "closing bell" is back in a couple of minutes.

welcome back to "the closing bell." we've got about 19 minutes left to the close it's been a positive session we certainly improved and we are

right near the highs of the day. the nasdaq is up 0.3%. wal-mart is reportedly planning to launch a new video service to streaming giants netflix and amazon we'll talk about that coming up. and don't forget tomorrow cnbc and institutional invest will be hosting the annual alpha conference with a great line up of speakers throughout the day including steve bannon we'll be right back. or to carry on a legacy? its show of strength... or its sign of 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.

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today may be amazon prime day but the digital giant is being targeted once again by brick and mortar rival wal-mart. this time in an unexpected arena. jessica joins us now with more on her scoop here that wal-mart wants to get into the streaming game jessica, what did you find out >> so wal-mart executives have been having discussions for some time about whether or not to get into the content business. they see what amazon is doing. they see how they're using video to attract users of prime which has been successful yesterday aside. and they're looking out what can we do in those regards

>> and already they do something in the space, that is right? >> they own vudu, and that's an on demand service. it hasn't been wildly popular, frankly. this would be more like you think with netflix, a subscription service it remains to be seen what kind of content would be on it if they decide to go through with it >> would this be stand alone like the netflix service or something like amazon does, if you pay a monthly subscription to collect certain retail items you get video thrown in. >> i think they look at how -- could they use it to drive purchase in other areas or bundle it with purchasing of some sort. i'm sure those are all things

they're looking at >> how much it would cost i think is a major question mark, and also feels kind of late to get into the this business >> it's expensive, right you've seen netflix and apple now getting into it spending billions of dollars on content is there an opportunity for middle america and our customers being served by the likes of amazon video and net flicts? so i think they're wrestling with those kinds of questions. and it's going to be cheaper, right? they're going to offer something less than $8 a month there could be a free ad supported mauld supported model they're looking at >> jessica, thank you very much. >> the other question is whether they're going to let investors continue on this spending binge. part of the worry about around that flip card acquisition they're clearly in investment

mode to compete with amazon. amazon gets more of a free pass to make these kind of investments in the long-term >> but also from the wal-mart perspective cheaper shore $8, and it's not like make-or-break. meantime we've got good news on google hey, josh. >> some news here on google. it appears that the google cloud platform is now experiencing some issues including with its app engine which powers snap chat and spotify also looks like the google cloud networking is also down. that would seem to effect some domains that are hosted there like drudge. we reached out to google we'll bring you their response if and when we get it. guys, back to you. >> okay, josh thanks very much >> lots of glitches. >> more to discuss, meantime we are gearing up to some big

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welcome back to "the closing bell." nine minutes until the close dow is up 54, so we're off to sessions high at this point, but firmly higher across the board fourth day in a row. nasdaq the big winner as technology has rebounded intraday highs for a lot of the faang names. and two year yield shooting up now at a new high. the dollar up against the japanese yen helped in part by powell >> full surprise, though, that dollar strength didn't derail equities equities rallied today a strong day for the dollar, a strong day for equities. contessa brewer is watching csx. >> investors are focused on oil prices today and how wellianited will be able to tackle the higher fuel expense over the quarter. deutsche bank says every 1% move

in jet fuel impacts the 20% earnings per share and wall street is also looking on update to replace the chief financial officer who abruptly leaved in mid-may for other opportunities. it is expected to come in around $7.2 billion >> lesly, thank you. now to contessa. what are investors watching for today? >> investors will be looking for deficiency and leaner operating ratios this quarter analysts are looking for it to come in at 61.9%. and long-term csx is planning for that to be 60% or better and also fuel costs and whether csx and able to pass those costs onto customers or whether they're forced to eat those prices and the railroads three biggest segments are chemical, auto

motive and agricultural and food products these tariffs could effect food and chemical shipment products guys, thanks very much we look forward to the numbers after the bell up next we come back the closing count down >> and then after the bell pharma companies may soon be turning to a new method to address high drug prices pay for performance, we would explain how that would work on "closing bell.

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welcome back to "the closing bell." just a couple minutes left of trade. let's talk with two of the big earnings stories of the day because they've slightly dictated what the broader markets have done. goldman sachs was done as much of a couple of percents on the lows, but only down 0.5% and the same it true of netflix down about 14% late in the after hours but finishing about 14.5%. and chairman powell's comments which have soothed the market and encouraged a little bit of a rally in the intraday. let's look at the rallies.

and you can see at the moment we've just come off the highs but still in the green for all three indices. one of the other take-aways from chairman powell's comments was for a much stronger dollar most notably against the pound. across the board the dollar is high and it hasn't derailed the stock market >> not at all. i thought powell gave a great performance simply by talking about the numbers, a little bit above, a little bit below. and by and large while a lot of the congress people gave political statements, powell stayed away from that and said generally less tariffs is good down 14%, and what's it now, down 5%. and you know why that's happening because the people who don't want to sell, the big momentum people look at it and say, you know what, this has

astonishing earnings growth. that's better than any faang name out there, and that's why netflix outperforms. that's why net flex was up 100%. but hastings wasn't that worried and everybody else also says we're still going to have big growth and that's what was really important here netflix and amazon have big growth, 60% this year in 2018 and 2019 and the other faang names are okay but not as much netflix and amazon huge outperformers this year apple, okay, not so much but it doesn't have the growth prospects. >> also another factor today compared to yesterday wti fell sharply. the stock there has allowed the likes of the commodity sectors materials to out perform >> still all about tech. and we do have new highs than most of the other faang names. amazon, facebook, google new

highs. microsoft new highs as well. s&p highest levels since the end of january right now we talked about the nasdaq historic highs as well >> there goes the bell ringing knoll and the nasdaq, the fresh air fund back to you, sara. welcome to "the closing bell." i'm sara eisen in for kelly evans. wilfred will be joining us in just a moment. an up day here dow closing higher by 0.25%. and nasdaq and technology strong all day. we saw big break outs for some of the faang names facebook, amazon, google, and even netflix came off of those

lows russell 2000 ending up 0.5%. and we've got too big names irn reported earnings after hours today. rail company csx and united holdings we'll get them to you as they cross. joining us on the panel today we have as always mike santelli -- well, he was off yesterday >> welcome back. >> cnbc market commentator and also the chief investment strategist scott, the biggest winner in the dow today was johnson & johnson while united health was the biggest loser. mike, as far as technology that really was the stand out especially those big cap faang

names. >> kind of passed the test you had netflix which was one of the two best performing tech names all year down 5%, at one point down double digits. it seemed as if once it became apparent in the morning that wasn't going to spread into this selling opportunity for all these other stocks, tech held up well and in the broader market you had this kind of grounding rally. the market seems to do enough rotating to call a win on a day it was otherwise pretty quiet. and not and lot of catalysts >> do you also think it's justified for the rest of faang to be up today despite netflix >> it'll look more or less like a warning shot across the bow, not the end of the line certainly. you know, it's funny i heard bob just a few minutes ago say how much the earnings

had grown at netflix the earnings have grown if you -- if you spread the cost of the content out over ten years instead of three years they're negative free cash flow is growing very fast and their burn is growing very fast. in all the traditional things you learn about common stock selection and analysis, getting people what they want, which is growth of numbers before everything it matters. >> we do talk a lot about faang, mark, but there were others, even finances were up for a second day in a row. so is that a positive sign >> i think so, sara. you see kind of an indication here of a rotation that actually

has been underway now somewhat subtly for a couple of weeks where that defensive trade seems to be fading somewhat and allowing the immersion of the cyclical areas to sort of usurp that defensive posturing and perhaps catch a bid. and of course what's going to happen is going to be the discussion on trade, which has kind of gone to back burner at the moment, which could undermine this procyclical stance the market seems to be positioning for at the moment. but in the meantime i think it's a forward signal >> mike, banks up now. obviously a big rally yesterday. how important was it to see that given friday's decline after the first couple of banks reported earn sngz. >> the banks were under sold as a group. if a sector like that does not respond by responding pretty well when they're already oversold you have to think a little more worrisome is going

on i do think it shows the way this market is reaching for sectors that have under performed to keep itself afloat >> contessa brewer has the numbers. >> the earnings have come in on the earnings per share at $1.01 vers versus 80 cents estimated. wait until i share with you, i told you about a bit how investors were focusing here on a leaner, meaner efficient operating system they were hoping to come in at 60.9% operating ratio. instead they've come in are you ready for this, 58.6% as their operating ratio. an incredible beat here. long-term, sara, they were looking for an operating ratio of 60%, a big beat in the

short-term >> we will have to see, contessa, if that is sustainable beat on the operating performance. very big beat there on the eps line bill, let's come to you on that. what's the sort of driver behind this, do you think for csx >> well, remember most of the early reports on what the gdp is going to be in the second quarter of this year in the united states are somewhere between, what, 4.2% and 5% so to think that someone that's hauling stuff around the country on their rail lines is getting a big benefit from that is, i don't think that's very much of a stretch at all just a quick thought back to the point about the utilities and the rates and the staples. if you look back 28 years those three groups considered to be the things you own when you're scared are the smallest percentage of the s&p they've been anytime in the last 28 years. and that alone should scare you

a little bit >> why just the outsized impact of the technology stocks? >> look, most of the money is the thing -- look, we just saw a stock drop 15% overnight that's one of the most popular securities in the stock market the most popular securities are the most aggressive things you can own right now. and the least popular are the most conservative things you can own. so that just tells you what the -- that doesn't tell you when it just tells you what is incredibly popular and what is incredibly out of favor. >> mark, what are you looking at in those csx numbers >> they had been hit periodically with some trade fears, the rails in general. and also csx not really considered its core and nafta play the question is can they execute this whole efficiency plan under the new leadership and at least

for this quarter looks okay. >> and what do they say what the trade impact is going to be? what's the factor in guidance and commentary is going to be so key with the rails >> if anything some of the color you're getting is this idea because of the fear of tariffs you're seeing front loading of shipments and some goods >> we even heard yesterday from mike in the international business they're not seeing the impact yet >> and it's the psyches, not the economics, but they're monitoring it and uncertainty is not great. >> let's talk more about jerome powell, of course the chair of the federal reserve giving an optimistic view of the current economic environment and taking a clear stance on where the fed stands on rate hikes >> i think gradually raising rates is the way for us to extend this expansion. nothing hurts working families and people at the margin of the labor markets more than a

recession. >> let's discuss what this all means. mike, clearly the comments today were taken well by the market. i mean we were talking about this dichotomy earlier was the dollar strengthened, the rates went up. >> it definitely did not derail things i think just the general message of the economy is in a good place. it'll take some kind of shot from the outside to change that story. with a little bit of a twinge, if you really wanted to read into it, potential flexibility down the road. this idea even though he wouldn't answer the questions about the flattening of the yield curve, this idea he's going to use the long end of the curve as to some kind of a signal where the neutral rate is, i think you could argue perhaps there's some wiggle room but gradual increases 1 per quarter i think is what the market is comfortable with >> away i read it the risk was

it's going to be a little hawkish going in inflation is rising, it's finally at the fed's target. growth is doing quite well we might even see a 4% on the growth number in the second quarter. so he could have suggested interest rate hikes were coming more fast. he didn't do that. is that what the market reacted to >> i think so most definitely. and i think the operative phrase among the other things he commented on as it pertains to him saying they're going to likely continue to gradually raise interest rates was two words, for now which was to i think impose on the markets a view that perhaps while that is their intent they're not going to be dogmatic about it in the event they see any kind of economic disruption around trade and tariffs or something else helps to undermine the curve economic cap in the u.s. economy that they're prepared to pull back from that in the event there were some economic conditions that leads to what it

was mr. powell spoke of, which was worsening labor conditions for middle america >> and guys, by the way, i will just say that i thought j. powell did a terrific job skirting all politics. there were many questions from senators on both sides on wages. is it better under obama, better under trump, on trade, on tax law, and he just went straight for the economic answers and did not go near the politics >> and lautof terms to suggest he's trying to mend the relationships more broadly and spend time there and be on-side with them. >> he didn't even have a contentious back and forth with elizabeth warren >> he started with a slightly aggressive tone. >> she always does we've got to move on because i want to get your take on this one. new report says wal-mart may launch a streaming video service to compete with amazon prime

it may price at $8 compare today the $9 monthly charge from amazon prime which includes streaming from digital content announcing a five-year cloud and intelligence deal with microsoft as it kmeecompetes with amazon they're pulling out all the stops to get on top of amazon. >> trying to create a virtual crime package on some level. i do think it's interesting what it says about consumption, though we're a mature economy right now. everyone has enough stuff. and eyeballs is where you have to compete in terms of if gauging the customer who knows if wal-mart goes ahead with this and truly becomes a developer of original content. but they feel it has to be something more on low prices than the stuff that's available everywhere else. >> we know wal-mart has to take on amazon in various forms is this particular form sensible or crazy

>> well, charlie monger says competition is the enemy of competence and somebody asked him what do you mean by that, and he said well if you're 5'3" don't try out for the nba. the principle wal-mart family are wealthier beyond their dreams so as the manager of the company they've got the goahead to fight this front the way they need to. you're fighting this battle not necessarily to win in that particular arena but to force your main competitor to fight on more and more fronts and that's what this is about. >> it'll be interesting to see how it all plays out >> okay, guys, we'll have to leave it all there for this afternoon. thank you very much to bill snead and mark

goldman sachs has been dramatically underperforming the financial sector over the past year up next we'll discuss the change for the investment giant plus investors often want ceos to be paid for their performance. now there's a push to have drug prices actually determined by their performance. we'll have the details coming up >> and we want to hear from you. you can reach out to twitter, facebook or send us an e-mail. don't go anywhere. into booking a hotel.ldn'd with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia. add-on advantage. with tough food, your dentures may slip and fall. new fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry. fixodent and forget it.

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welcome back goldman sachs has made it official, the coo david solomon has been named to succeed as chairman of. >> what will the new leadership at the investment bank look like joining us now is author of money and power, how goldman sachs kale to rule the world bill, i love the way you write tell us a bit about these two men and how their leadership style might be completely different. >> you know, sara, as i think

you know lloyd was a great risk manager, probably one of the best in the business over the last ten years and, you know, david solomon is a lot of things. he's got a lot of experience investment banker, high yield junk bond salesman, underwriter. you know he's an investment banker through and through but he's also got his paws on the capital markets. he's not a trader like lloyd he's probably not a risk expert in management like lloyd goldman sachs is evolving into a commercial bank. the days of the great investment bank are probably over goldman sachs has been for ten years now a bank holding company, and it's going to have to live by the rules of commercial banking and probably the skills that david solomon brings are exactly what's needed at this moment and that's for probably by he recommended him and why the

board of the directors went with him. >> before we talk about the future i want to talk about the past and lloyd i spoke to jeremy dimon earlier. and he said lloyd is a friend of mine and i congratulated him early this morning it mentioned there about lloyd's guiding goldman sachs through the financial crisis >> he did a fabulous job at goldman sachs. the stock price outperformed the stock index over that time goldman sachs performed tremendously during a financial crisis and goldman had among the best returns in the banking industry. having said that, it was not perfect. they didn't pivot until about two years ago. the last five years goldman has had worst in class trading results, and also goldman was slow to manage its external

reputation outside of its core clients. on balance he did a very strong job even if it wasn't perfect. the challenge for the incoming ceo is to continue the efficiency savings and to make sure they have the right talent in the right spots >> what about the level below, do they still have the best people at goldman sachs? do they still attract the best people throughout the company? >> i think they do, will i've said this a bunch of times, it's harder to get a job at goldman sachs than it is to get into harvard and stanford. so they still have their pick of the litter, so to speak. what i think is interesting is david solomon was head of investment before he left the goldman sachs in 1999.

these guys have a way of getting around, a way of landing on their feet, a way of succeeding. it is kind of interesting. and on the fix side pablo lven left pretty immediately, and of course they have a deep bench. they pride themselves on having the best and the brightest and training the best and the brightest. they'll find them and the question is, again, i think mike can probably speak to this better than i can is i think the days of risk taking and investment banking are over. they are morphing into a commercial bank. and that's why david solomon built the corporate loan book from $30 billion to $100

billion. he's talking about cash manageme management, old-fashioned commercial bank of products. and certainly would buy a balance sheet, too, if the fed would ever let them. >> they're not back to the profitably because of the financial crisis >> i think the question is this evolution as well managed as it has been, does goldman have a lesser edge in this new mix of business than it did obviously when it was more of just a trading engine investment banking, of course the franchise remains there. it's unmoving. however, investment management, which of course is kind of this stealth large business rivals investment banking in terms of revenue. it's kind of interesting that it's a different mix of businesses either that's more stable and worth more or is it away from goldman's core edge? >> the stock is underperformed but results the first half this year and the second quarter were

strong they exceeded on revenues, expenses and earnings. >> why's the stock down today, though >> we would have liked to heard from david solomon despite the financial out performance there's still some strategic questions that you're bringing up on the show. and while the cfo said there's nothing really changing too much, there's still the potential for some tweaking, some reallocation of capital but pull the lens back all decade long goldman has stream lined the infrastructure. now they're layering on the revenues at lower marginal costs. the incremental profit margin at goldman this quarter versus a year ago, 50%. that's incredible. i don't think people are looking at profit margins on banks like they should. that's the big picture and as long as david solomon gets the firm to work together and they can build best in class relationships with the top of the house of corporations to get more business at the bottom and

midpart of the house at corporations, then they can get more revenues. >> you think david solomon should do the move forward >> goldman is the only one at the ten largest banks, it would be nice to hear what is the strategy of the new ceo at goldman sachs. we think if he was the one to call today the stock would have ended higher >> thank you very much >> guys, thanks. >> if he's watching david should come on and answer some questions for us united earnings they're out. >> hey, wilf comfortable beat bayounited. you can see it's about $3.23 on an adjusted basis.

interestingly a lot of people were concerned that united wouldn't be able to handle some of the increase in fuel prices as we told you about earlier today. but it appeared based on these earnings they have been able to do so. excluding fuel they were indeed higher for the quarter up about 4.5% but clearly wall street by and large likes what they're seeing with united shares in the after hours trading. back over to you guise >> we'll see if it lists the whole group which has been beaten down so badly lately. be sure to watch oscar munoz tomorrow morning at 8:00 a.m. to talk about these results the stock performance lately for these airlines has been tough. >> it's a classic kind of later in the cycle i think obviously what we're

going to want to hear is their view on price competition. of course the outlook down the road for margins >> i would say so. not bad. coming up rebok is trying to revive itself emphasizing women in its new ad campaign we'll hear from the ceo in just a few minutes. >> coming up on "closing bell" i g get.

welcome back to "the closing bell." the market of rare fast super cars is red hot and the latest entry into the that field is being delivered today. and robert frank has all the details for us >> it is called the mclaren senna and today the first one was actually delivered to new york city to one of the nation's biggest car collectors michael tuc fux. >> absolutely awesome. after seeing the car, it's special. i love the car itself, i love the way it's going to perform and i love the color >> also incredibly fast. this is race car that's basically barely street legal. it's got 789 race power.

0 to 60 in under 2.7 seconds very light mike was version cost around $1.3 million because he had a special paint job in hez own color and an exterior that was an extra $250,000. he started out selling used tires in newark, new jersey, way back when and eventually founded six companies and sold them all including sleek innovations, that's a mattress company. so he is known as the mattress king now, auto tariffs if they come about could add an extra $200,000 to this car so i asked michael if that would effect his future car habit? >> in my case it's not going to make a difference. but i'll tell you what, i think it's a mistake because a lot of people that are going to suffer because of that. because there are people that can't afford to pay more than they're paying for a car and

it's not going to go over well i think it's a mistake to do that >> he has about 140 cars, but he's about to sell 40 of them because he says he's running out of garage space. >> i can't believe they charge extra for paint when they're already charging $1 million. >> it's a one of a kind paint michael developed. he had a patent emerald green shoe, and he put it on the desk and said i want the car in this color and they gave it to him. it's a one of a kind shoe and car. >> robert, thank you very much for that amazing costs and statistics for that car let's take a look how we finished the day here on wall street the dow up by 0.2% 55 points. we just came off the highs for the last half-hour of trade. so the s&p up 0.4.

the nasdaq up 0.6%, and materials led the way higher >> nasdaq had a record high. let's get to some other stories today in our rapid recap >> the dow jones opened up by just about 5 points, much of that driven by what's going on in with netflix. >> netflix second quarter results sent the stock tumbling about 5% the this morning in after hours trading. >> goldman sachs, i bet you it's clean. this is the way it used to be. 598 and 466. >> the ceo going to replacing lloyd blank. fine >> many of the glitches have been solve as the day progressed with the promotion set to continue i will 3:00 a.m. tomorrow morning >> it was an appropriate monitoring policy. the job market will remain strong and inflation will stay

near 2% over the next several years. >> i would like to clarifygist in case it wasn't, in a key sentence in my remarks i said the word would instead of wouldn't the sentence should have been "i don't see any reason why i wouldn't or why it wouldn't be russia." >> time now for cnbc news update here's what's happening eight now the european union and japan sign a landmark deal that will eliminate nearly all tariffs on products they trade that pact signed in tokyo runs counter to president trump's moves to hike tariffs on imports from many u.s. trading partners. >> the impact of today's agreement goes far beyond our shores together we are making a silent disagreement, a statement about the future of fair trade we are showing that we are stronger and better off when we

work together. >> an iranian spokesman says there are grounds for nuclear cooperation between washington and tehran if the u.s. stops its hostile policy but adds it's unlikely it'll change. >> an alabama man got a new gift from his boss. when walters car broke down the night beforehood only one option to walk about six hours. about 20 miles in a police officer gave him a ride. the ceo of bellhops was so impressed with his dedication, he gave him his own car. that is awarding an employee for having some grit and what a guy, right? cnbc news update this hour we'll send it back to you, guys. >> i have to say, such a busy news day we slightly overlook the important of the eu trade

deal it is a huge show that the former way of the world, the former embracing of free trade and embracing organizations like the eu can work. >> and they're explicit in the first line of their press release. they said we are still unlike others moving forward against protectionism towards free trade. we believe in it, we're two of the biggest economies in the world. we got a news alert now on google, that outage they had >> just a quick update here on google its web site now showing all services available google did confirm there were some issues affecting some google cloud platform services including its platform engine with snap chat those issues now apparently resolved guys, back to you. >> josh, thank you very much for that josh lipton there in san

francisco. president trump is taking aim at rising drug prices and that criticism may prompt pharmaceutical companies and later we will have the latest on the brexit battle in the u.k. parliament and the outlook for a possible deal. so, my portfolio did pretty well last year. that's great. but the market was up nearly twice as much. that's a tough pill to swallow. exactly. so i started trading. but with everything out there, how do you know what to buy? well, i think my friend victor has just the thing for you. check this out, td ameritrade makes it easier to find the investments that might be right for you. like our etf comparison tool it lets you see how etfs measure up to one another. analyst ratings and past performance... nice. td ameritrade also offers access to coaches and a full education curriculum to help you improve your skills. that is cool. and if you still have any questions you can always chat with us on facebook or call our experienced service team, 24/7.

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health insurers could soon have new prices to pay for well performing drugs joining us now to explain how this is going to work. >> as the debate over drug prices continues some have suggested a different way for drug prices. the idea has been around for a while and it's only the last few years we've seen companies and insurers start to experiment with these programs. one example is amagaingen's repa and last year they struck a deal where they would give 100% refund on the drug for patients

who had a heart attack or stroke while taking it. another established a month the jury is till out whether these kind of arrangements save the system money they're still limited in zoep for now, and as some industry critics point out there are companies are unlikely to enter into deals that will make them a lot less money >> joining us now is fred hasan. fred, interesting this new model. is this something that can work in a free market no matter what or is it only in the face of growing political pressure on drug pricing >> i personally think it's really a free market mechanism because it's a win-win if you produce a good drug that helps patients then manufacturers would want that drug to get used by lots of patients and payers would want

patients to benefit. the big problem occurs a lot of times the drugs are getting used by patients when it may not be the right group of people. and the drug doesn't work and then people are not happy. so there's a tremendous incentive to target the patient population that will really respond to these special expensive drugs, and then it's a win-win for everybody. so i think it's a great trend that we are now using science to target narrower and narrower population where you get the best return on investment to use the drug because in the old days more than half the population was not benefitting from the drug that was being taken. >> what's the argument against it >> well, the argument against it in some ways is it does nothing to keep the original prices from being set very high. so it's a way of sort of getting payment for your drugs but also saying okay we're going to get the payment high, if it works we're going to pay you this much

money. if it works some argue it's still too high and fred opponents out some of the issues with the system of just implementing this, tracking patients for a long period of time and setting the right metrics for what determines success. >> yeah, so there are some practical problems i think it's been something that's been going on for a while. we had only 10% of the doctors on emrs, electronic medical records ten years ago. now 80% of the doctors are on emrs, 80% of the hospitals this is a time where you can measure value much better than before so that part is easier, but here are the key challenges number one, quality. how do you measure quality is it through the lens of the doctor or the lens of the hospital or the lens of the patient? more recently it's now become the lens of the patient, and that's something we all have the start to understand. for example, a chemotherapy might work great, might keep you

from dying but if the patient is miserable, that aspect has to be kept in mind as you look at value for drugs. the second big problem is our fragmented system in the u.s. you've got a lot of different silos, and they don't talk to each other, it's going to take another five years for all these to talk. the pharmacies to talk to the claim databases, to the doctor's databases, to the hospital databases. when all that happens you can then track the patient right from the beginning to the des charge to the real life use, and then you can really measure value in a much more meaningful way. because a lot of the diseases take five to ten years to be measured in terms of the outcomes >> thank you very much for joining us thank you very much as always. rebok launching a new campaign catering to women today with famous faces including

ariane grande. >> and oneeo c is calling out elon musk. he lays out his case coming up next

the digital divide is splitting this country. we have parents who are trying to get their kids

off of too much social media and computers, and then we have parents who would only hope their children have access. middle school is a really key transition point, right. the stakes start changing. students begin to really start thinking about their futures. what i like about verizon's approach is that it's not limited to just giving kids new tools, it's really about empowering educators to teach in different ways, and exposing kids to more active forms of learning. giving technology is not a total solution. teaching technology, now that is. loup venture's analyst

penning a strongly worded letter to tesla ceo elon musk so what led you to write this letter, and i notice that it sounds like you're a pretty big believer in elon musk and the stock, but you like many investors are nervous about some of the recent outbursts. >> exactly this wasn't my idea to write the letter, sara it really came from investors wanting their voice to be heard about this progression over the last six months. and before we get into the strong words, i think it is important to emphasize what are you just said, that these investors are supportive they're believers, they're shareholders, and they see musk as a visionary with an impressive track record, but that is starting to deteriorate or risks deteariation if something doesn't change and the way they talk about it is things have been brewing for the past several months, thinking about the march 18th

call, what happened with the exchange with the short sellers, the media, the confrontation with the saboteur, and just this last thing really crossed a line that was disturbing to investors. and they felt they wanted to get their message out there. so i'm basically bringing this message in the hopes that there is a change from musk because it's important >> gene, you say in the letter that you advised elon musk not to engage with short salers, not to make this a personal battle because that tends to be a battle ceos don't really win that type of battle. i'm wondering if you think it extends to what appears to be musk's constant desire to seem as if he's personally pushing the limits he always seems to want to be out there and portray himself as someone who's fighting these very difficult battles whether

it's with tesla her his other ventures so i guess where do you draw the line as musk as a person and visionary and his behavior >> i think it draws the line between the short salers that are off-limits the history is not on your side to fight that battle i think when it comes to media feeling misrepresented in certain reporting that goes on, i think that's a fair battle to fig fight. i think when it comes into getting into personal attacks like we saw this weekend it's clearly out of bounds. so he can still maintain his i'm fighting this for the tesla user, the employee, the investor you can still maintain that approach but have a slightly different focus to where that comes to is really unique vision to renewable energy. that needs to be kind of the central focus. by the way, it needs to start with something that is unlikely, which is an apology.

and i think that unlikely because obviously never dealt with the problems that he has. i don't know how hard it is for him to apologize, but to apologe and that is a good starting point. >> gene, thank you very much, and joining us, we appreciate it gene munster >> let us know how he responds and he's out there on the ether and we have breaking news on texas instruments joining us once again from san fran hey, josh. >> some big news here from texas instruments, brian crutcher has resigned as ceo and the board has named rich templeton, the company's chairman to reassume roles as president and ceo on what is an ongoing, indefinite basis and there were violations of code of conduct, and personal behavior that is not consistent with our ethics and core values

and they give us q2 numbers here, 4.two billion in revenues and that is adjusted eps of 1.37 and that would be a beat of 6 cents and full results coming on july 24th and texas instruments, brian kutcher resigning as ceo and the board naming rich templeton, the company's chairman as ceo. guys, back to you. >> that stock down 2.2 in the after market. >> the ceo of reebok is giving new life to the brand. we're back in a couple of minutes. highest in investor satisfaction with full service brokerage firms...again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab.

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reebok signing big stars and

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celebrating and empowering strong women joining us is reebok's president matt o'toole, thanks to see you. >> thank you for having us, sarah. >> so talk a little bit about the idea behind the campaign and how reebok is really trying to take ownership of the women's footwear market. >> well, one of the things that you need to know about reebok is we really got our start as a big, global brand by focusing on women and we were the first company to launch a women's-only women's shoe called the freestyle. we've always been about making her feel comfortable, woing out, sweating and so today, we're just emphasizing that point with a new damp camp that's really be with the be more massive and encouraging her through really powerful voices, to be active that can can be a gateway through a better life socially cognitively. >> your parent company adidas,

and nike went through a scandal this year, internally and it raised questions about the corporate culture, a bro culture that wasn't necessarily friendly toward promoting women have you capitalized on this as the footwear choice? you were positioning yourself for women? >> well, i think we have to look at this whole conversation as an opportunity for us, and certainly we take the idea of inclusion and diversity very seriously at reebok. and our goal during this is to make sure that we're doing everything to make our employees comfortable and safe in our environment and also to emphasize what i've been doing for many years and that is deliver a message that empowers her and allows her to take advantage of this opportunity. >> i want to ask you what your commitment is to soccer, reebok was everywhere across that, but we just had the world cup and almost nowhere to be seen. >> yeah. that's a great question.

a few years ago, we really redoubled our efforts and focused ourselves on our roots in fitness and for the last few years, and we've left behind a lot of the team sports categories to our brother brand adidas, and this focus is allowing us to really have a steady stream of new products that deliver against what our consumer is being looking for for their fitness needs. >> matt, you mentioned the long history of reebok has in catering and seen as a women's brand and do you worry at all that there's a risk in this campaign as seeming that you're engaging on what is now a very front and center kind of trendy approach to consumer marketing, even though you do have that legacy >> it's a very important point, though, the legacy of consistently speaking to her over the years, we had a tag line many years that life was not a spectator sport and the idea is that we're encouraging

people to move and it's not just the performance of e lead athlete and if you do move you'll have a whole kind of other benefits in terms of the rest of your life. >> we have to leave it there thank you very much for joining us and reebok's president and that does it >> i was just going to say, flashbacks to step aerobics. >> that does it for the closing bell and thank you for join us for "fast money" begins right now. >> "fast money" starts right now, live from a stormy nasdaq marketsite overlooking new york city's times square. i'm melissa les. your traders are tim seymour, and guy adami. tonight on fast it is bitcoin salvation. bitcoin finally breaking back above 7,000 for the first time in what feels like forever for loyal holders and raising bitcoin has one chart that shows the next stop is the moon and he'll be herto