would get 193 million if you won the california lotto. >> glakso smith cline is spending $300 million to mine the data that comes from the 23 and me dna tests. >> i have contributed to that. >> good for you. >> thank you for watching power. it is time for "the closing bell". we have two big news makers joining us live on set. with them we will discuss brexit, trade with china, trade with the eu, the u.s. economy and the dollar. >> a massive day for earnings after the bell results from facebook, ford, visa, qualcomm and more. we will have the muver movers.

a jam packed hour starts right now. ♪ >> big show ahead. welcome to "the closing bell." first let's check in on the markets. the dow is up around about six basis points. it was down as much as 128 points at the low of the session. boeing, one of the biggest losers in the dow today. >> so many earnings to get to. let's get to phil lebeau for more on why that stock is falling with boeing. >> for boeing this is one of the days where they beat the street on the top and bottom line and yet the stock is moving lower in part because of what the company had to say with some of its defense margins and whether or not people were looking for greater guidance. 2 q estimates did beat the street but the defense margins were trimmed a little bit. they also announced that they are taking a $426million charg

for the tanker program. for boeing they have raised their guidance. there is demand out there right now but this is a company that perhaps didn't give investors enough positive guidance. there were plenty of questions about the trade tensions and tariffs but for the most part the company said little about how the tensions might be impacting the company. there is a different story when you look at the auto industry. you are definitely seeing the impact of trade tensions pushing up raw material costs, the reason why you saw shares of general motors moving lower as the company cut its full year guidance. fiat chrysler talking about tariffs in china having an impact on its product lines. here is the cfo talking about what they are noticing when it comes to costs such as steel and aluminum. >> in the short term we continue to monitor and evaluate the situation.

as you can imagine this is a pretty complex set of dynamics. >> and we are not done with the auto earnings. coming up after the closing bell we will hear from ford and then we will talk first on cnbc with the cfo of ford. a very busy day and the commentary is really what everybody is focussed on especially when it comes to costs related to raw materials. >> absolutely. we also want to switch and ask you about the devastating news surrounding the death of the form former chrysler ceo. >> he was a giant within the industry. he was a very aggressive competitor for all of the other auto makers, but they respected him and he had a huge impact on

the industry and a huge impact on business. we have heard from a number of auto executives today. now we are hearing from people outside of the auto industry. justin trudeau issuing a statement saying sergio was a friend and a visionary in the corporate world. tim cook, ceo of apple said sad to hear of the unexpected passing of sergio marchionne and john krafcik, ceo of waymo said he was a determined leader with a clear vision. our thoughts are with his family and friends. it is a tough day for fiat chrysler and a tough day for the auto industry overall. >> as we all remember sergio marchionne. thank you very much, phil lebeau. let's turn to washington where president trump is meeting with e.u. president to talk trade.

>> earlier today we got a brief glimpse of the two leaders in the oval office where from juncker's side we heard a lot of talk about cooling of tensions. from president trump we heard talk of the need for resperocity, potential for a fair deal and potential win/win outcome for the u.s. and the eu. >> over the years the united states has been losing hundreds of billions of dollars with the european union. we just want it to be a level playing field for our farmers, manufacturers and everybody. we also want a big beneficiary to be the european union. >> reporter: following that brief meeting the president and the e.u. had an expanded bilateral meeting representing the u.s. according to the pool

present in the room, steven mnuchin. we know for weeks administration officials have been pointing to this very day and this very meeting as a potential watershed moment in trade relations between the u.s. and the eu amid harsh talk and retaliation from both sides. as of today everyone was saying expectations were very low. i ran into the head of the council of economic advisers. he declined to comment but i know from a source familiar we reported that the white house's trade team was urging the president to communicate a message of lower trade barriers, zero tariffs across the board. that was the message that he wanted to go into today's meeting with. we will see if the white house provides us any information on what happened today.

we know that we are expected to get a conversation with the european commission president this afternoon and we'll see how hedecides to incapsulate today's developments. >> thank you very much for that. coming up in just a few moments we will ask tony blair about america's trade policy with europe. let's talk about the markets with our closing bell exchange. steve grasso is here and rick santelli with us from the cme group in chicago. steve, with the threat of auto tariffs hanging in the balance, is this going to be a market mover to see what comes out of this meeting >> i think that is the major market mover today. we saw the market having the same effect as yesterday where you saw a bid in treasuries and sell pressure in the equity market. and the softer we see trump on trade -- we heard a lot of congressional headlines, as well.

you might be getting grid lock from the president's own party. republicans are running capitol hill. they are running the oval office. but if lamar alexander decides to be a road block for the president that could be a win for the markets. >> you are talking about the proposal. >> the market has been afraid of trade. if that happens then the market can run a little bit further, maybe a little faster. that is why we saw key technical levels being taken today. >> how optimistic are you? gdp coming on friday. do you think that is a late cycle print or are we still going to have a few years to run? >> people fret that this is the end of the economic cycle, that it must die if for no other reason than sheer chronological age. we disagree. there are a couple of reasons for that observation. leading economic indicators are rising. in fact, recessions typically set in five years after they

make a new all-time high. that high they got back to precrisis levels just about a year and a half ago suggesting that there is still more room for the economy to grow. recessions set in five years after the fed begins a tightening cycle. they are only two years into the cycle. here is just one interesting data point of interest rates of fed and the policy. normally, prior to a recession the real fed funds rate tends to be close to 400 basis points. we know the fed funds rate right now is about two percent. inflation is running between 2% and 3%. the real fed funds rate is between minus 50 and 100 basis points. the fed has not come close to normalizing monetary policy let alone overshoot it. that leads us to believe that we have a few more years left in the cycle. >> sort of still in easy mode. rick santelli, the two year

yield reaches another multi year high. >> the ten year yield went the other way a little bit. really the proactive force to the flattening since the bout of steepening has been the short end. and when you contemplate that we are looking at important numbers on friday with respect to gdp, e.c.b. tomorrow with a press conference, the curve can get wiggly. we did have a stellar five year note option today which was a bit surprising to me. maybe investors think this is pretty much the peak and maybe they are looking at the long end running into resistance right around the level of 3%. as for the e.c.b. i wouldn't look for major changes. everybody is getting a bit nervous whether ecb or the bank of japan they are definitely running behind the schedule. they should be normalizing. they probably are late in that. even our fed was late. finally i think everybody especially after steve brought

up what is going on with regard to lamar alexander the canadian dollar having a good session. looks like it will close at the best level since 13th of june. if congress thinks that they need more input into this they can do it. it would be strange for mcdonald's to say nobody makes a good hamburger anymore. i would be very surprised if they get the legislation through before trump is done with some type of deal. >> we'll see what happens. thank you for weighing in. still ahead on the show, former treasury lew joins us. >> coming up after this break, former u.k. prime minister here to talk trade, brexit and more. we are back in a couple minutes.

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president trump meeting european union commission president in washington today. could this meeting make a difference we are joined by former uk prime minister tony blair. thank you for joining us. in this meeting today the president said that he hopes to work something out on a fair trade deal with europe. do you think that is likely to materialize in the near future if it does will it justify the tactics? >> it all depends whether the purpose of the tactics is to put the issue on the table and get a resolution or whether it signals more profound shift in policy towards economic nationalism. if it is the first i think it can be dealt with. if it is the second it will trigger a series of reactions that would be unfortunate. i'm hoping it is the first. there are real trade issues between the u.s. and the e.u.,

u.s. and china. these are things that are perfectly reasonable to want to work out. they have to be done in a way that doesn't end up causing a problem in the whole global trading system. >> does the president have a point that the e.u. is quite hard to negotiate with >> the e.u. will look after its interest in the way america will look after its interests. i think the key thing for me is whether you are adjusting the terms of trade in order that you deal with certain grievances that both sides might have about the practices of the other or whether you are embarking on a really new approach to the global trading system, that would really worry me. if that was the case then we were about to see a descent into a spiral downwards that would be a huge problem for the world economy. i don't think that is what the u.s. is trying to do and not what europe wants. let's give it a chance to work.

by the way, juncker has 30, 40 years experience dealing with the issues. >> i wonder if he has the backing of all leaders in the european union and what do you think about the tactic of imposing unilateral tariffs as a negotiating tool to drive better trade deals. is that going to work? >> people are going to ask whether that indicates that there will be a reasonable dialogue or not. the important thing to understand about europe is it is a huge market. it does immense amount of trade with america. he will have the full backing of the european union in taking reasonable but still tough stand. he will want to make sure he is representing european interests properly. >> let's talk about russia. many people wonder whether president trump is under

estimating russia and president putin. when president putin first came to power did president bush and you under estimate president putin? >> i don't think we under estimated him, but i think at that time when i first got to know president putin i think we very much hoped that we could create a cooperative atmosphere between the west and the change after the fall of the soviet union. for whatever reason that didn't materialize and today i think president putin regards himself very much in competition with the west. there are certain areas where we have to cooperate and fight against terrorism and there are other things that russia is doing where the west has to take a clearer principled stand. so i think the question is the west and the alliance of western nations and n.a.t.o. is an alliance of interest and an alliance of values. it is important that we are

clear that those values are going to be protected. whatever people say about the recent summit between president trump and president putin, if you look on the ground as was explained last week america has stepped up its defense commitments which is a good thing. again, leave aside whatever the talking is and focus on what the reality is. >> do you think the media criticism of the president's meeting in helsinki perhaps is overstated a little bit? >> i think it was bound to happen as a result of the way the meeting came out. in the end the thing for me that matters is to reassert the importance of n.a.t.o. and collective defense and to send a very clear signal to russia that we want a cooperative relationship. but there are certain clear rules that have got to be abided by. you have a situation still in the ukraine which is extremely difficult for the people there. >> on the topic of iran, clearly

the president has taken a very hard line. he has pulled out of the deal that was signed in july 2015 against the wishes of various allies. do you think that hard line on iran is fair, though >> i said i would have kept the deal in place but i do think a tough position -- this is iran and destabilizing tactics in the middle east is absolutely right. i'm in the middle east once or twice a month. my institute does a lot of work there particularly on the relationships with different countries in the middle east. you see the destabilizing impact of iran. in a way i prefer to see the nuclear issue as it were dealt with by the agreement and a real pushback against the other activities of iran. i think given where we are now it's important that we try and build as much unity between america and europe on the areas we can definitely agree with in

relation to iran which is activities around the region. >> let's switch focus back to the united kingdom. do you envy the prime minister's job at the moment? >> no. i think she has a tough job. i always say even when i am criticizing her policy that i accept it comes from a well intentioned place. i think she will find that the deal she wants to do now is a deal won't pass europe and won't actually pass the british people. i think it will be difficult for it to proceed on that basis. >> you have campaigned it would be good to have a second referendum. you said that loud and clear blizzard before. >> i think the steps to look at it are these. i don't think there is any brexit proposition that can come on majority house of commons. i think they will at a certain point or may well be stalemate. if there is stalemate then i think the only way you can

resolve this is not to rerun the last referendum but in a sense to go back to the british people and say do you want to go forward on this basis or would you want to stay i think one other element of that is that europe itself is looking at reforms and changes that needs to make. immigration was the big driver of this brexit referendum in the uco u.k. this is a big question. so i still think it is possible and i think it is more likely now than it was a few months ago that you will get a benign circumstance where there isn't really a brexit that works that will command a majority and europe itself also recognizes that there are changes that needs to make which are changes very much in line with the sentiment that gave rise to brexit. >> i am curious how you would

characterize president trump and prime minister may's relationship. president trump says it is the highest level of special. do you see it that way >> you know, i was prime minister for ten years and i had a close relationship with president clinton and president bush. i hope they get on really well. it is in the interest of the two countries that they do. it is not my job to criticize your president or criticize her. i hope the relationship is special because it should be because these are two countries. we have a lot of in common. >> we have a special relationship. >> i won't go into that right now. i don't know what that says about their relationship, either. >> friendships. >> going back to the idea of a second referendum very quickly, john major said on sunday that a second vote has democratic down sides but that it was morally

justified. what would you say to the people who were told it was a once in a lifetime vote and voted for brexit, won the vote and still want brexit? would their democratic rights be bull dozed >> i don't think it will be bull dozed. we are not suggesting anything different happens without their consent. when you have large numbers of people who voted for brexit saying that this deal that the prime minister is putting forward which is kind of half in europe and half out of europe, when you get the people who supported brexit saying that is not what we meant by brexit, it is hard to argue that there is a mandate for that. 48% of the country voted to stay. it is clear there was division within that as to what it really means. if you are going to leave europe, leave but understand there will be significant economic pain. if you going to stay then stay.

i think this is what the prime minister will find is the problem with the proposal is that it doesn't satisfy the people that want to stay. it doesn't really satisfy the people who want to leave. >> my final question -- in the instance of a no deal, clean brexit does the u.k. still flourish long term either way? >> if we do a no deal absolute rupture with europe we can flourish but we have to do a lot of economic and social restructuring and my anxiety has always been that the people who want that vision for britain will pull us out of europe and never persuade the british people to do that economic and social restructuring. if you want that new vision for britain which is very different and implies a very different system in britain i think that is another reason why it is voted for by the people who are prepared to go for that type of

future. i suspect a lot of people in the labor voting might want brexit. >> i have to leave it there. thank you for joining us on the closing bell. the former british prime minister tony blair. we have 34 minutes left of trade. the markets up by 12 points. the s&p is up 0.4%. nasdaq leads the way. still ahead a huge day for earnings after the bell. facebook, ford, visa and more due to report. we'll preview some of those names and break down the numbers as soon as they come out. earlier we spoke with coca-cola ceo james quincy and asked whether coke will veha to raise prices for consumers because of tariffs. i'll tell you his answer when "closing bell" returns."

we are awaiting an event at the rose garden with president trump. we will bring it to you as soon as it begins, keeping our eye on the white house. let's do stocks to watch in the meantime. my stock is coca-cola which is moving on an earnings beat this morning. on "squawk on the street" we talked about inflation and tariffs. they get hit by aluminum costs and h >> the general cost inputs, the tariffs on the metals is one of many factors that cause us to go out in the middle of the ear.

it was the right thing to do for the business for the long term. i'm sure the customers are passing those prices on through. there is some pressure in the system. we are passing it through. of course, we are focussed on how we adapt, how do we do it in an intelligent way so we have the right packaging price options for consumers. >> we saw this in the juice results. i would note two things, number one, they didn't change their guidance and reported a very strong quarter which showed that the business and operations are doing very well and is not hurting them as much as a general motors where you have a globally connected supply chain and much higher costs for steel. >> i think there was a budweiser. the ceos mention this. the other side is this is an

excuse for them to push through a bit of a price hike and blame it on the politics. it is strange relative to autos. >> time now for a news update. >> president trump delaying his proposed meeting with russian president putin until the beginning of 2019. john bolten citing robert mueller's probe as the reason why. congressional republicans were not too happy about having the meeting right before the mid term elections. the american pastor who has been behind bars in turkey was released from prison today. andrew brunson has worked in turkey for more than 20 years. a court of appeals has approved a class action settlement in which remington arms agreed to replace the trigger mechanisms in millions of guns. critics of that settlement claim

the company deliberately down played the alleged risk in order to reduce the number of claims. hershey park is getting hit hard. flood waters rushed through forcing the park to temporarily shut down. workers say the water is several feet deep in some areas. no word on when the park will reopen. that is the news update this hour. sarah, i will send it downtown to you guys. >> thank you. sue herera. a little less than 30 minutes to go before the closing bell. let's look at how the major averages are doing. really the tug of war that we have seen in the markets but broadly higher. there it is. the dow is flat right now. boei nasdaq is up ahead of the facebook reports. russell 2000 under performing again. we'll get to a full preview of

other key items to watch. former treasury secretary jack lew is here live from the new york stock exchange. we will ask about the criticism of the fed. we are awaiting a news event at the white housroe se garden with the president. don't go anywhere. back in a couple minutes. plans. of ous it comes with a ton of entertainment options. great, can you sign for this? yeah. hey, uh.. what's in that one? that's a shark. new and only with at&t, you can get unlimited data, 30+ channels of live tv, and your choice of things like hbo or amazon music. more for your thing. that's our thing. visit att dot com.

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we are awaiting an event at the rose garden at the white house with president trump and european commission president. we will bring you there live as soon as it begins, trade talks between the two underway. gdp is due out on friday. joining us now to discuss is former treasury secretary jack lew. welcome to the closing bell. let's talk about that. if it is a full handle on the number would you congratulate the president on it? >> i always root for the american economy. i think getting a three handle is a good thing and a four handle is better. i think that the trajectory we are on is a dangerous one and i don't think the print on friday whichever way it goes changes

that. i think we are running a great risk of seeing it late in the cycle, a combination of forces driving inflation up and speeding up the end of the cycle. i'm not so sure what i'm focussed on is friday's report, the trade policies, deficit being driven up. these are things late in the cycle that give me concern. i'm less focussed on friday than i am on where we are going in medium and long term. >> i remember in april when we spoke you said that president trump is making the fed chair's job hard because he is stimulating the economy so late in the cycle. i can only imagine what you think now that he is outwardly criticizing. >> in addition to the deficits since you and i last spoke the trade policies are inflationary policies. when you put tariffs on goods it drives up the prices of inputs into production and drives up the prices of finished consumer

goods. there will be signals of inflation that may or may not be what they look like because of the combination of policy. i think that creates a very difficult environment. i continue to have a lot of confidence in the fed and jay powell as chair. i don't envy the job they have. >> clearly if we get a four percent figure then the potential down sides haven't taken effect yet. do you hope you are wrong on this and it all proves to be a very sensible set of policies? >> i don't think you would see the down sides this quickly. we have an economy that is full employment. at the late cycle full employment moment we have thrown trillions of dollars of stimulus into the economy. that will burn off over time. i wouldn't sit here and predict that the economy is going to take a turn in the next month or two. there is enough kerosene on the fire to burn for a while. when it burns off there is going

to be a problem because of policies that have been in place. >> when you consider the president's overall tactics on trade which i think are designed to win him support among working-class voters, do you regret some of the communication you had around the likes of tpp? were they actually focussed on similar objectives all be it framed in a globalest way? >> i think the policies we were pursuing were designed to open markets to american investments and to make it necessary for all of our trading partners to abide by high standards. that would protect the people that are looking for help. we obviously didn't communicate it as well as we might have because that wasn't the understanding the public had. i think the fact that we with drew from tpp will hurt the people that right now need help, the most rapidly growing part of the economy was asia.

we took a step away and letting others carve up the business with us in the back seat. that is not good for american workers. i think our policy was right. i can't challenge the notion that we didn't communicate it well because clearly that wasn't understood by the people we were trying to help. >> put another way some of the criticisms would be why did he stand up to china on some of the unfair trade practices and forced ventures? >> of course, we did. we spent eight years pushing back very hard on china, on intellectual property theft, foreign exchange rate policies and markets closed to u.s. products or investments. we made a lot of progress in a lot of those areas. if you look at the way the issues have been framed up the mistake the administration is making i think is joining the issue over the kind of measure of what is the trade balance

today. they should be focussing on these issues and making progress on them. i don't see them mabing progress on them. >> if things with china continue to elevate into a full blown trade war, where do you stand on who has the best ammunition between the u.s. and china to outlast the other one? >> i hope we don't have to find out the answer to that question. full blown trade war doesn't serve the interest of either economies and the global economy. you look at the geopolitical risk of a full blown trade war. right now we are at risk of being in a trade war with china, with europe, canada, mexico, our best friends in the world and our biggest challenges in the world. that's not a good place for the united states to be. >> hold on for one second. we have breaking news on trade. we will come back to you in just a moment. what is that breaking news >> it appears the meeting between the u.s. and european union has borne some fruit on averting a potential trade war between at least the u.s. and

europe. the dow jones is running attributable to a european official, the president of the united states has secured certain concessions from europe including europe agreeing to import more u.s. soybeans, agreeing to work on importing more u.s. natural gas as well as agreeing to align regulatory standards on medical products. here is the most interesting one. the e.u. citing a european union official agreeing to lower industrial tariffs. there is no mention in the headlines of automobiles or cars specifically but that had been the industry that the president was focussed most squarely on. dow jones reporting that europe has agreed to lower certain industrial tariffs. perhaps we will find out at the last minute statement that we are expecting from president trump and president juncker to

provide more detail on what this framework looks like. >> thank you very much for that. we look forward to that press conference. fantastic to have you here with us to react. what is your reaction? >> i will wait until i see the details of whatever was discussed and agreed to. i hope that the progress being described there happens. you look at areas like agriculture. agriculture exports are a huge part of the american economy. the policies of this administration are hurting the agricultural exports of this country. we just saw yesterday that the administration was having these emergency authorities to spend $12 billion to help farmers who were hurt by the tariffs. we shouldn't be creating problems that we have to solve. we are creating part of the problem right now. >> markets jumping on the news. you are seeing the dow now up triple digits. this would avoid auto tariffs. >> i certainly hope that is the case. i am in a little bad position to

respond. i think avoiding auto tariffs would be a bad thing. auto tariffs would hurt the american economy. >> if this was true this would be certainly a win for the administration and it would show the world that these tough trade tactics are working, the idea of short term pain for long term gain is certainly not the way you guys went about it. >> i beg to differ. if you look at the role the united states has played in the world for the last 70 years, in the last few months we have seen more damage to u.s. leadership in the world than i could have imagined in a short period of time. the moral leadership of the united states is one of the most important things we have to strengthen us economically and geopolitically. if the world doesn't look at the u.s. as a north star we haven't won. >> in terms of the overall economy, though, things are still strong. the rhetoric may be very negative in the short term but if it yields these results before the economy turns down,

after the fact would that be something you would say would have been worth while or not >> i think that the economy is approaching the tenth year of growth. i don't think i need to remind you the first seven years we were part of an administration i was proud to participate in. it is a good thing we have a long period of growth. we have to be careful not to put today's results up as the only goal. the goal isn't just to do well today. it's to do well today, tomorrow, next month, next year. if we weaken the united states' ability to stay where we are i think we have to take a longview. i don't see the current economic policies being good for the u.s. in the medium and long term. >> it is certainly good to have you here and get your thoughts on the breaking news and everything else. >> former treasury secretary of the united states. we do have 15 minutes to go before the closing bell. things have lifted on those headlines. we have nearly every industry

group in the s&p higher. tech is in the lead. everyone is higher except for telecom. >> we are awaiting the news conference at the white house rose garden. ill have that as soon as it begins. don't go anywhere. ayak confiden. kayak searches hundreds of travel and airline sites to find the best flight for me. so i'm more than confident. how's your family? kayak. search one and done.

welcome back. we are awaiting an event at the rose garden with president trump and the european commission president. we will bring you there live when it begins. also, we are following the dow jones headlines. the president has secured concessions to avoid a trade war including to import more soybeans and lower industrial tariffs. it has given the market a jump up about 150 points. >> in the meantime both investors in the medical community are closely following bio genas we await data on an experimental alzheimer's drug. megan terrell is here with more. >> the results from a clinical trial. we learned earlier this month

the trial was successful after 18 months. it was particularly unexpected because a look at the data hadn't shown success in meeting the study's goal. that rocketed shares higher and they have continued to decline since. what we learn at 4:30 today just how well the drug works. keep an eye on it. >> we certainly will. we are coming to you for the expert on it later in the show when the results come out. ten minutes left of trade here. markets nicely higher following the news the dow jones reported that the president secured some form of concession from the e.u. on trade. we are up 190 points now on the dow. >> it shows you what kind of uncertainty there was about specifically the auto tariffs. >> investors will need to watch facebook and we will break down the key things to focus on. that is coming next. we are awaiting that news conference from the white house. there is the shot of the rose garden. president trump and eu

commission president. we'll take you there live when we come back. tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online.

awaiting president trump and european commission president in the rose garden at the white

house. they have been having trade discussions and we have the dow jones report that the eu has agreed to trade concessions including more soybeans, potentially lowering tariffs on industrial items. it is rocket fuel for the market right now. >> so we await the precise details from the two men that just discussed it due any minute in the rose garden. >> after the bell we will get results from facebook. >> and julia boorstin joins us now with the key numbers we need to focus on when the result comes out. >> investors are looking for any sign of impact from the scandal on facebook's advertising or user engagement. one key metric and indication of whether facebook can continue to make more money from consumers is average revenue per user. analysts projecting $5.95. total revenues projected to grow 43% while earnings per share are

expected to grow 30%. we will have to watch whether growing investments for security eat into that earnings number. those results will be after the bell. >> thank you very much for that. five minutes left in trade. we are nicely higher. we will be back in a few minutes with the closing count down. that knows the weather down to the square block. this is a diamond tracked on a blockchain - protected against fraud, theft and trafficking. this is a financial transaction secure from hacks and threats others can't see. this is a patient's medical history made secure - while still available to their doctor at their fingertips. this is an asteroid live-streamed to millions of viewers from 220 miles above earth. this is ai trained by experts in 20 industries. your industry. hello. this is not the cloud you know.

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welcome back to "the closing bell." we are waiting for the press conference in the rose garden of the white house between president trump and e.u. commission president. we are expecting him to confirm the details of some concessions on trade from the e.u. to the u.s. that is what has given the market a big jump. here is the s&p up about 0.9% as we approach the close. the big jump just about 15 minutes ago on the news of that potential trade concession gave us about a 0.7% jump across the board for the dow which was flat and is up. the nasdaq is up over one percent. quick look at the dollar index because the dollar reacted, as well. the dollar is down a little bit off the news as you might expect. the dollar goes up in trade war fare and down a little bit as you can see towards the end of the day. i will bring in bob pisani because it has played out in trade related expectations.

industrials up 1.3%. tech has been up all day but is up significantly 1.5. you have energy doing well up 0.8%. >> industrials that popped the most there and that is not surprising. we had ford up. we had general motors up overall. so what is trade concessions worth? i think more importantly we will get back record highs. 2872 is the old high. we move 23 points today. we are within shouting distance of the historic highs of the s&p 500, mid cap and on the russell 2000 again. all of these have movedup here so it's not just the nasdaq 100. >> we will be focussing on facebook coming any minute. >> that is very important.

overall watch for the industrials and materials tomorrow. >> we have ten seconds left as trade is still up 160 points on the dow. a full percent for the s&p. ringing the bell. it's limestone at the nasdaq. we are 170 points on the dow. >> and welcome to "the closing bell." let's take a look at how we are finishing off the day on wall street. very late in the 3:00 p.m. hour of trade a big rally on those dow jones headlines that europeans have made concessions on trade to the united states in those talks with president trump. we will learn more when we go live to the rose garden. the dow finishing higher. s&p climbing almost a full

percent. the nasdaq climbing more than 1%. there is your live shot of the white house where we await president trump. when they speak we will go there. it will be a crazy hour for returnings, as well. julia boorstin is covering facebook. john fortt will have numbers. contessa brewer will bring us results from las vegas. megan terrell all over gilliad. joining the panel today we have -- >> you are not covering earnings. >> i feel a little left out. >> which ones do you want today? >> i just feel a little left out. >> of course, you do. michael santoli, courtney gibson

here. biggest winner in the dow today turned out to be microsoft while verizon was the biggest loser. northrop grumman the biggest loser. >> it was interesting the market was sort of sneaky strong throughout the afternoon. when you got the headlines it was risk on but pressed. i don't think it is because anyone knowathize -- knows the details. the fear the markets had that the president just wanted an aggressive posture and he thought that was a winning issue for him. if it is about concessions and declaring some kind of victory which may or may not have effect on the trade deficit that is a net positive. >> how much more upside is there

on this particular issue so far most people seem to suggest that we didn't set up that much on trade fears. does it mean we got a bit of a jump today >> i don't know if the jump is necessarily driven by the trade fears. i think the risk on button was pushed a little bit simply because nothing bad came out. so i think the fact that those trade fears because you never know what is going to come out, ooirng that allowed folks to jump back into what is going on with earnings today and all week. >> can you take it a step further and say that the market potentially was a little uncertain about the prospect of auto tariffs which would hurt the e.u. very badly especially during the economy. i think we want to -- >> we have an earnings alert on

gi gi gilliad. >> the revenue coming in at $5.65 billion versus estimates of $5.21 billion. also, some major news with the ceo. john millgon unexpectedly stepping down after a 28-year career with the company. it doesn't appear they have appointed a successor. they say he will step down from the board of directors at the end of the year and will step down at the time a new ceo joins the company. we are trying to get more information on this and will bring it to you as soon as we get it. you do see a beat on both the top and bottom lines. they are 191 adjusted thmpt ceo surprise will be the news. we will bring it when we get it. >> we'll get back to you with the results expected later. gilead up. health care was pretty strong today.

>> i don't know that it will be a sector wide catalyst. it is a good number. i would say it is up 20%. stock went straight down for three years then it got this huge bid once we did have that clarity on the buyback. it is not clear that the results will be the thing that moves it. the ceo news is something we have to -- >> what is your view on gilead specifically >> it is very product specific. they have two big products. there are a lot of people nervous that johnson & johnson will be coming in with new products particularly in hiv. you have to be careful with these companies with very focussed products. this does not speak to broader

health care trends. this is about gilead and the results were bad for three years. they had a nice pop recently. >> we have another earnings report. it is on quaalcomm. john fortt has it for us. >> these numbers are a significant beat. revenue came in at $5.6 billion versus expectations of around 5.2 billi$5.2 billion. nongap e.p.s. at 1.01 c$1.01. also, the guide relatively decent. the guide is for a range of 5.1 to $5.9 billion in revenue. the mid point there, of course, 5.5 billion. the street was looking for the quarter that we are currently in, 5.469. so the mid point of the guidance is right about where expectations were and maybe higher. this is a big beat on the top

and bottom lines for the fiscal third quarter. back to you. >> john, thank you very much for that. also, 30 billion buyback there. people were expecting 2230. a nice jump in the stock. >> it has been an under performer. it is obviously the value name. i wonder if it could spread a little bit. >> let's go straight to facebook. julia boorstin with those results. >> we see facebook shares falling pretty dramatically after hours now down about 9.5%. the company reporting revenue that fell light of expectations. revenue had been projected to be 13.36 billion. q 2 revenue coming in at 13.23 billion. and its earnings per share better than expected at $1.74. analysts have been expecting it at $1.72. the daily active users also lighter than expectations.

monthly active users 2.23 billion for the quarter. it was expected to be 2.25 billion. daily active users 1.47 billion is lighter than the 1.49 billion expected. we are still seeing the same ratio of daily active to monthly active users. 66% check facebook daily. that is in line. because of the slightly lighter daily and monthly active users we are seeing average revenue two cents better than expected. mark zuckerburg, his quote in the release saying our community and business continue to grow quickly. we are committed to investing to keep people safe and secure and to keep building meaningful new ways to help people connect. in terms of the investment that they are making we see that expenditures were 3.46 billion. that is a little bit heavier than the 3.5 billion expected. head count is now 30,275, an

increase of 47% year over year. of course, the company continues to invest in more people to help address the issues like election integrity. the stock is now down over 9%. >> mike, this is so surprising, the decline. a little bit light on the monthly active users. 1.47 versus consensus 1.49. >> the stock was not anywhere near an on target type number. >> you are talking about basically an as expected quarter. the company has no great incentive to blow out the numbers. they don't want to be seen as profiting effo profitingle profiting effortlessly through the period. that being said, the stock is up from 152 to 217.

>> it's still up roughly ten percent for each. it is not up 11% and 12%. they are still growing double digits. >> they are absolutely still growing double digits. you look at where the stock is going. they are hitting all time highs. this is an opportunity with the stock down almost ten percent today if you had a chance and you had it you are picking up facebook. it has helped to drive this tech sector and help to drive the market more broadly speaking. it is a name you definitely aren't selling out of. on dips like this you pick up. >> do you seeanything here >> nothing that goes beyond just that. there is nothing in the numbers that is going to say the story has changed somehow with the drop down to 199 you are giving up less than three weeks of gains. you are back to are you were. >> revenue still up over 40%.

the monthly and daily active users up ten percent. is this a buying opportunity down ten percent >> no. i wish i could have said this before this came out. the stocks are priced for perfection. they will start to see talk to any young person you know and they will tell you they are spending less time on facebook than they used to spend. this stock is up something like 23% year to date. it is priced to perfection whereas the industrial companies have been crushed with the trade chatter. right now we are going to get a reversal. we will start to see high growth names that have been up 23%, 30% this year and give it back and industrials have been beaten up. >> you feel like you will chime in there. >> i will say arial is an incredible client. i will tell you facebook as a platform facebook.com maybe is going down.

>> we have amazon down about a percent. google down a percent. does that sound right to you >> i don't think it is necessary that you have collateral damage off of facebook. again, it is not giving you any information about the strength of digital advertising demand. a 47% jump in head count is tremendous for a company of this scale. it's not going to stop. you are not going to kind of dissuede people from that idea that margins over time might not be as great as they have been. >> this is the impact of the scandals. we have another earnings alert. this one on visa. >> visa reporting earnings that came in stronger than expected. earnings really being held by visa direct. revenue came in higher than

expected at $5.24 billion. the stock is dropping because payments volume up 11% in the third quarter. that is lower than what wall street had anticipated. visa shares did hit an all time high in today's trade. if you look at the year to date performance it is trailing mastercard in the credit card processing sector. visa shares down about a third of a percent. the conference call starts at 5 p.m. mastercard does report earnings tomorrow. mastercard last week announced that it has secured a crypto currency patent. we will look for any type of color or commentary from visa on tonight's call on whether it is trying to make a similar move. we will leave it there. back to you. >> thank you for that. it's not too significant. >> it's not very significant at all. this is one of the stories that is almost automatic in terms of just the whole sector is growing and participating in the flow of

mobile payments and general plastic. so i don't know if there was much of an edge. >> it is at a 52-week high. maybe it ran up a little bit in advance of the earnings possibly. >> so 30 multiple stock. very expensive growth stock. everyone agrees it is great but it is proving what >> i can bring you the numbers now if you would like. >> are you sure you didn't want to give it away. >> earnings per share, the snack maker 56 cents per share. that was better than the 54 sencents that analysts were expecting. revenue pretty much in line. in terms of the organic revenue growth it looks like it was better than expected. and importantly they are improving their four year outlook targeting the high range

of their stated revenue growth to high end of 1% to 2% growth. in the package food business people will take it especially for a company that is so exposed internationally. 80% of their sales come from outside the u.s. that is where some of the problems have hurt companies like the stronger dollar, higher input costs. the share price reflects the results. >> how does it relate to pepsico. >> freeto lay has also been growing a little bit better. what i would say is that within packaged food snacking is a sweet spot, pun intended. salty and sweet is working and growing faster. part of it is growth at convenience stores and the way we eat smaller meals. that is clearly -- when it was separated she wanted to be what was thought to be the high growth snacking business. >> they had made the case that

snacking is just less conducive to private label competition. >> hard to compete. and same with orioeoreos. >> i think that sums it up. it is less than inflation. i wonder whether it is constant currency. if you figure in currency i bet you can get stronger than that. it is not very impressive to me. the whole space has been trouble. people are really looking for growth and have made big acquisitions and overpaid for the acquisitions. the space just doesn't look very exciting to me. >> i will say, though, when we talk about this a lot the space has been punished lately because as interest rates rise the ten year around three percent, these stocks are less attractive than they have been in recent years. for them to show operationally like a coke did today that they are not lowering guidance on the

challenging environments shows that the underlying business is doing a little bit better. >> the reason the yields have such an effect is that they were really being valued only for the dividends. it wasn't like it is a cheap stock and has a 3.5% yield. it is not that cheap but has a 4% yield. a lot of the valueuation premium has come out. >> it's the international growth versus the domestic growth. they also have a new ceo. we have another earnings report. it is ford. phil lebeau has the numbers for us. >> the third of the big three reporting earnings and for the third time today we have an auto maker that is lowering guidance for full year earnings. ford falling shy of estimates earning 27 cents a share, 4 cents shy of the estimate on the street. revenue slightly better than expected. the guidance is the news here. they are lowering the guidance from earning this year between

145 and 170 a share moving it to a range of between 1.30 and 1.50 so dropping it by 11%. a couple of factors here, one of them being they will try to reposition themselves in china where they have missalicated the type of vehicles they are trying to sell there. they are doing the same in europe where they lost $73 million. ford will be lowering its guidance and they are going to be postponing an analyst meeting that was scheduled for september where they were going to lay out their plans for the future in terms of how they are making progress in restructuring the company. they are not doing that although they have identified another $11 billion that potentially could be saved as they restructure the company over the next three to five years. one reason that they are not doing it because the policy environment is too uncertain. thanks very much for that. let's get back to the rose garden. the president is coming out along side the president of the

european commission. that breaking news that boosted markets coming about a half an hour ago. >> i appreciate all of our great senators and so many of our representatives for being here. senator john bozeman, thank you. senator mike grapeo, senator steve danes, thank you. they are all here. senator cindy hyde smith. thank you very much. senator james langford. james, thank you, james. senator pat roberts. he loves those farms. he loves the farmers like i do. representative diane black. diane, thank you. representative kevin brady with our new tax bill.

how is it coming, kevin? good representative mike conway thank you, mike. representative dan newhouse. thank you, dan. representative christy -- i have to call her governor now. that was a great win. thank you, christy. representative david riekert. thank you. so we had a big day, very big. we met right here at the white house to launch a new phase in the relationship between the united states and the european union, a phase of close friendship, of strong trade relations in which both of us will win, of working better together for global security and prosperity and a fighting jointly against terrorism. the united states and the

european union together count for more than 830 million citizens and more than 50% of the global gdp, in other words, together we are more than 50% of trade. if we team up we can make our planet a better, more secure and more prosperous place. already today the united states and the european union have a $1 trillion bilateral trade relationship, the largest economic relationship anywhere in the world. we want to further strengthen this trade relationship to the benefit of all american and european citizens. this is why we agreed today first of all to work together towards zero tariffs, zero nontariff barriers and zero subsidies for the non-auto industrial goods. thank you.

thank you. thank you. we will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products as well as soybeans. soybeans is a big deal and the european union is going to start almost immediately to buy a lot of soybeans. they are a tremendous market, buy a lot of soybean from our farmers in the midwest. i thank you for that. this will open markets for farmers and workers, increase investment and lead to greater prosperity in both the united states and the european union. it will also make trade fairer and more reciprocal, my favorite word, reciprocal. secondly, we agreed to a strengthening of our strategic cooperation with respect to

energy. the european union wants to import more liquefied natural gas, lng, from the united states and they will be a very, very big buyer. we are going to make it much easier for them, but they are going to be a massive buyer of lng. so they will be able to diversify their energy supply which they want very much to do. we have plenty of it. thirdly, we agreed today to launch a close dialogue on standards in order to ease trade, reduce bureaucratic obstacles and slash costs dramatically. fourthly, we agree to join forces to protect american and european companies from -- we have never done like we are doing i can say from the standpoint of the united states -- we have never done this well but we are going to do a lot better after we do this deal and other deals that we are

currently working on. likewise, the european union is going to do better, stronger, bigger. we will therefore work closely together with like-minded partners to reform the wto and to address unfair trading practices including intellectual property theft, forced technology transfer, industrial subsidies, distortions created by state-owned enterprises and over capacity. we decided to set up immediately an executive working group of very intelligent people on both sides. it will be our closest advisers and will carry out this joint agenda. in addition it will identify short term measures to facilitate commercial exchanges and assess existing tariff measures and what we can do about that to the betterment of

both. while we are working on this we will not go against the spirit of this agreement unless either party terminates the negotiation. so we are starting the negotiation right now but we know very much where it is going. we also will resolve the steel and aluminum tariff issues. and we will resolve retaliatory tariffs. we have some tariffs that are retaliatory. that will get resolved as part of whatt ewe are doing. >> mr. president, ladies and gentlemen, when i was invited by the president to the white house i had one intention. i had the intention to make a deal today and we made a deal today. we have identified a number of areas on which to work together. we will work towards zero

tariffs on industrial goods, that was my main intention, to propose to come down to zero tariffs on industrial goods. we have decided to strengthen our cooperation on energy. we will build more terminals to import liquefied gas. we agreed to establish a dialogue on standards. as far as agriculture is concerned the european union can import more soybeans from the u.s. and it will be done. and we agreed to do better on the reform. this, of course, is on the understanding that as long as we are negotiatingunless one part would stop the negotiations we will hold off further tariffs and reassess existing tariffs on

steel and aluminum. this was a good, constructive meeting. thank you, donald. >> thank you very much. [ applause ] >> i just want to conclude by saying this was a very big day for free and fair trade, very big day indeed. thank you very much, everybody. thank you. >> the president in the rose garden with e.u. commission president. we are joined with live reaction. clear optimism. markets reacted that way. was this more a case of agreeing not to impose pending tariffs than actually a real free trade deal >> it was basically an agreement to keep this escalating trade fight at bay, to establish a

dialogue, to open more productive lines of communication and to work towards certain potentially achievable goals. the president mentioned lng. he mentioned soybeans and a bunch of different industries. interestinglyhe said the u.s. and e.u. will work together towards zero tariffs on nonauto industrial goods. remember, cars and tariffs on light trucks here in the u.s. and tariffs on cars in the e.u. were at the heart of much of this dispute. it appears that cars are not part of the end solution here. interestingly, though, when you think about what the u.s. is planning to offer europe in return the president did say that retaliation in the existing steel and aluminum tariffs on europe will get resolved as part of what we are doing. it was a clear departure by the president in describing europe as a close friend from the way he described europe last week when he described them as a foe.

in terms of how much we can make out of the agreement made today i want to tell you what a european commission spokesperson just e-mailed me. she said all i can say is talks are ongoing. president juncker is working to avert new tariffs. it appears to be an agreement to keep talking. >> i think another big headline is that both president trump and president juncker said they agreed to reform the wto. there was a lot of speculation that president trump was looking to withdraw from that rules-based trading group. >> reporter: certainly. and that is especially meaningful because we have seen many trading partners of the u.s. choose to challenge much of the u.s. trade policy of late at the wto. so by both europe and the u.s. agreeing to essentially reform the wto perhaps that means that some of those legal battles at the wto will be dropped. it remains to be seen.

i want to stress how last minute the details came together. you heard the president name checking many republican lawmakers who were here at the white house for a meeting that was supposed to start at 4:00 p.m. on the agriculture package that was rolled out yesterday. president of the european commission was supposed to be down the street. that is not happening but they stay here and tried to hammer out the details of what they did just announce. >> thank you very much for that. all the details from washington. let's bring back in the panel. i guess it is a sense of it is not the bad news people feared. >> obviously, it is a change in posture. you have gone from very aggressive rhetoric to we are going to look for ways to come to actual substantive agreements. i don't think that investors necessarily needed tearing up existing trade deals and creating new ones and getting rid of tariffs as long as we

don't have the idea that we are looking for fights to pick in addition to the ones we already have. i think it is okay for now. not too much in the way of actual -- >> i wonder if it takes the auto tariffs off the table. >> it seems from what has been said that it was placed in the too hard pile. we are not going to be able to make a lot of head way on that so let's try to find some common ground on other areas. >> what is your take on this do you feel like that press conference has taken some of the wind out of the sails of the positivity we saw in the final 15 minutes of trade? >> i think it was a positive press conference. we are afraid of a significant trade war which would have been very, very bad for world gdp and growth. i thought the tone of the conference was very positive. secondly, steel and aluminum inflation has had a big negative impact on industrials on anybody that does basic manufacturing. so companies like stanley black

and decker or gm have been hurt already by high steel prices. i think this will be very positive for industrials tomorrow. >> i wonder if it takes some of the sting out of any further trade headlines we get, even with china. >> look, we have to take this day by day. i think we all know this at this juncture. i think the lack of additional rhetoric and the just kind of very reading from the script, wanting to be congenial and say we will work together was exactly what this market needed which was nothing, nothing bad and nothing bad -- >> you don't this can it is a show that president trump's tactics are actually working and we may get lower trade barriers for u.s. companies doing business abroad? >> i actually think it is a tactic that happens in business all the time. if you go out and want to buy a house you have what they want you to pay for it, what you want to pay and you don't go in with what you want to pay, you go

somewhere lower than that so maybe you come back in the middle. i think president trump has done exactly that in practically every negotiation. it is let me go extreme and maybe we end up in the middle. so it happens all the time. >> thank you very much courtney gibson. i have to leave it there, i'm afraid. thank you very much for being with us that very busy half an hour of this 4:00 p.m. hour of this show. the only thing to add on soybeans is something that was mentioned. >> they will buy like immediately they will start buying soybeans. >> agriculture will be the most contentious topic. that was a positive even if ottos wotto -- autos was excluded. we have big movers. we still have results to come from the likes of pay pal and las vegas sands. ♪

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moments after the company reported earnings, what were the headlines? >> top of the list that i wasn't expected, quaalcomm got a payment of a half a billion dollars from a licensee that is in dispute over licensing payments. it's not apple. that might help. they are also still in dispute with apple hoping to get payments eventually there. that was a benefit to them. we talked about this nxp deal that is due to terminate at midnight. and steve's expectations for that, he said what we expect is that it will be terminated. of course, there are hours left. he was already talking about, of course, what will happen in the event that that deal does not go through, the $30 billion buyback. talking about smart phones, talking about 5 g, he did say that the high and premium tiers

are continuing to do well for them particularly in china. that has average selling prices moving higher and that in the neighborhood of 5 g each of quaalco quaalco quaalcomm's customers higher end chips is building a 5 g device to launch in 2019 which again is a good sign for them with 5 g networks starting to launch. they expect more of that high end business. i asked him about prospects given that this deal did not go through. he said that is probably not our next path because we know we can drive value organically. we are doing what we said we were going to do he said if we didn't think we could get the nxp deal done. >> and the fact that it wouldn't get done is that a signal that the trade war with china is about a lot more than tariffs? >> yeah. i think we knew that. given that quaalcomm had been so

positive in their expectation that in the end they would get nxp, for them to talk about how they are not even thinking about it at this point you have to wonder how much is filtering through into the thinking of other large technology companies. it's not just china. broad caom tried to buy quaalcom and was backed by the u.s. government. >> thank you for bringing that for us. we have more now on facebook's numbers. let's get back to julia in l.a. >> if you look at the decline in the stock we are now digging into the slides that the company has published to understand what is dragging the decline. it is interesting looking at the declines in the daily active users in europe. the first time european daily active users declined. and in the u.s. and canada daily active users were flat between q

1 and q 2. the numbers are still massive. we are talking about 2.23 billion people who use facebook monthly. the flatness and declines are notable because they are so unusual. it speaks to the fact that there is likely an impact of gdpr regulations that went into effect and potential impact of the data privacy scandal. looking at those numbers it will be interesting to hear how much mark zuckerburg explained the flatness and the declines. it is interesting we are hearing from the analysts. we see the stock down 7.5%. >> i guess time will tell on that question. >> thank you. joining us for some reaction ross gerber owns facebook. what do you think is the biggest disappointment here?

>> i think we actually have said this and now it's being proven that social media use has peaked in the industrialized world and we are starting to see the declines. this is what facebook is going to have to deal with moving forward as people realize how creepy it is the amount of intrusive surveillance of its users. so we expect facebook to have to spend a lot more money. they will take in less money because they are limiting a lot of advertising that was very lucrative for them and will have slowing user growth moving forward. they have some challenges on the horizon. >> this fall in monthly and daily average users in europe is frankly pretty astonishing. do you think it is a one quarter effect given the negative headlines we saw or do you think this is a peak in the use of social media in the developed

world? >> i don't know that i would go quite as far as ross went but i'm definitely in line with him. this is certainly, europe is hitting a saturation point. we had issues and we know that the gdpr is crimping a little bit. i think it is more a function of everyone who wants to be on facebook is already on facebook. there is little room to grow at least on a user basis. what they really need to do is find a way to squeeze in more advead inventory. instagram is something they are pushing hard and doing instagram stories. the stock is down a lot largely because despite the miss it tends to be priced for a beat, if anything. the fact that it didn't quite do that is hurting it even more. it is still a growing product. >> mike, before we get too dramatic, they still had an 11% increase in daily average users and monthly average users.

also, the bull case on facebook is they have other levers to pull whether instagram or other acquisitions. >> even if usage intensity or number of people using is close to peaking, demand for digital advertising and to reach the eye balls is not -- pricing should adjust. it's not the end of growth. >> if in the next quarter or two we saw the same thing happen in the u.s. as has happened in europe would we see more than a ten percent? >> i think then the valuation gets penalized because you have to modify what the long term growth rate is. >> i think you really have to understand facebook is actually limiting a lot of ads from being placed. even ads when i try to boost the cnbc posts they won't do it because it is a media post. they are actually in a way hurting themselves in this process as they try to rectify

the wrong. so i think facebook -- it is a core holding for us, but we have lowered our position because of these things. it is still a core holding for us and they still have a lot of things potentially going for it. this is a transition from a fast growth, amazing social company to a very mature somewhat troubled tech company. >> another thing -- >> i was growioing to bring up count. 30,275 an increase of almost 50% from last year. >> and the costs went up by that much. when you are having content that you are having to police because of what has been happening with the scandals it just costs more. they need to face up to the fact that they are a media company and media is a difficult thing to edit and look at carefully. we should also look at their facebook watch program which is their version of like mimicking television. it is content they control and

video stuff that hopefully lures in big brand advertisers. it hasn't really taken off because they don't have a media strategy. that is where they could get more growth if they figure it out. >> i think that is a good point. as they have moved into more media intelligence -- i hear facebook is out there in l.a. looking at projects and stuff but we haven't seen any cohesive real strategy. we just don't think that that is effective when youtube is so good. >> lots of great points there. thank you both very much for joining us. let's get a check on earnings movers as we head to break. gilead sciences down two percent. ford is down 4.5%. visa shares popping up. and facebook just mentioned down a little more than seven percent off the lows of the session went

down 10%. >> we have new data from bio gen. we will break that down for you after the break. why did i want a crest 3d white smile?

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progression of alzheimer's was slowed by 30%. you are seeing thestock down six or seven percent as investors try to parse through the data and try to figure out how well the drug was working. the improvement was paired with clearance of amyloid plaque in the brain which is proof of the amyloid hypothesis saying clearing the brain plaques is associated with changing the course of the disease. you are seeing the stocks down as some may be disappointed in some details of the results. the lower doses may not have corresponded the way they were looking for. we are parsing through the data and will bring you more as we understand the stock reaction. the companies claiming victory and saying this looks like a good trial and will talk to regulators. i will direct you to sarepta, news just crossing that the gene therapy clinical trial has been

placed on an fda hold appearing to be because of a manufacturing issue. the stock had been down almost ten percent now down only about 3.8% on the news. we have seen a news. we have seen a lot of these gene therapy trials placed on clinical hold and make sure of the safety and in this case, it is a manufacturing thing and they are planning on starting a pivotal trial by the end of the year this year, guys both back over to you. >> just to go back to biogen and the headlines sound very positive and the stock moved down 6%. i guess it's important to remember that the first details of this study came out about a month ago, and it jumped 20% then so it's just paring back some general gains from this good news over the last month or so >> yeah. there was a huge gain for both biogen and isai and they gained $20 million in market value when they reported that the trial had worked because that was so

unexpected the stocks continued to rise into today so perhaps it's not so surprising even on what looks like a possibly positive headline they are giving back some gains now. >> isn't this a big step forward just for clients just for patients and health care in general, that we are able to find something to actually slow the progression of this disease >> it does look like it slows the progression of the disease what it appears that people are concerned about is the lower doses of the drug may not correspond in the way that people expected, and so there's just a little bit of confusion about the data right now as people parse through it and try to really understand how well the drug is actually working alzheimer's is incredibly complicated and these things can be confusing so that's probably why you're seeing the stock react the way it is. >> isai says these look like good data and they're prepared to talk to regulators about how to move forward. >> meg, thank you very much for that meg terrell at hq. up, in, earnings from paypal,

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>> earnings alert now on paypal, and the stock is lower aditi roy with the numbers. >> hi there, sara. coming in at 3.86 billion and that's a beat of 3.3 billion ets, the company missed on q3 revenue guidance and came in light there which could explain why shares are down a little less than 4% at the moment remember, paypal made four acquisitions into two total payment volume is $139 billion and that's a slight beat, or a

slight miss of estimates of 139.43 billion and that shows analysts how the future earnings growth can be and the company also announcing a $10 billion stock repurchase authorization back to you guys. >> aditi, thank you very much for that another earnings alert las vegas sands. contessa brewer has the details. >> hi, we're seeing the stock off after hours in part because there was a miss here on the revenues just -- not on the revenues and they beat the revenues just by 200% and we're seeing the earnings per share and a big miss coming in at 74 cents adjusted they're saying that singapore which is a big revenue factor for las vegas hand his lower rolling chip volume and win percentage in las vegas. they had a lower than expected table game hold and a lower operating income here and it decreased 2.4% year over year and sheldon adelson is on the call and he's talking about how

he thinks growth looks strong for the rest of the year >> all right shares down 2.4% contessa, thank you. >> ford is slumping after becoming the latest automaker to cut this outlook this afternoon and we'll round up the movers for you when we come right back. at&t provides edge-to-edge intelligence, covering virtually every part of your healthcare business. so that if she has a heart problem & the staff needs to know, they will & they'll drop everything can you take a look at her vitals? & share the data with other specialists yeah, i'm looking at them now. & they'll drop everything hey. & take care of this baby yeah, that procedure seems right. & that one too. at&t provides edge to edge intelligence. it can do so much for your business, the list goes on and on. that's the power of &. & when your patient's tests come back...

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>> welcome back. let's check in on the many headlines making news after hours. facebook shares falling sharply after the social media giant missed revenue forecast because of weaker than expected daily and monthly active users down 8% and of course, those numbers of users in europe apparently have peaked. >> lower. >> its third quarter revenue outlook did come in a little bit light and quickly take a look at ford here. it'sy loer, reporting weaker than expected profit and also full-year guidance and similar stories to gm on that front saying that the tariffs, the effect would shave off the line. >> if you look at the stocks, the auto cycle has basically ended right here and even though it's a cost story here >> the headline, does it imply for amazon or not? >> they reported so far and have

had a somewhat disappointed report and we'll see if amazon has been the lead dog for this market all year if you can tilt things one way or another, and i do think the trade is getting a little bit tired, the trades that we'll see in the short term matters. >> we'll have to leave it there. what a busy couple of hours and i'm sure the fumble continues. "fast money" begins right now. ♪ ♪ it is an earnings extravaganza, ford, visa, paypal, gilead, qualcomm and advanced microall in the session. reporters listening in on the conference calls bringing you instant reaction from wall street and of course, there's the big kahuna and that is facebook the stock getting crushed following the revenue and daily active user miss and the stock shedding $50 billion in market cap in just the last half hour and julian boorstin monitoring the call we'l