thorough, open and transparent the story continuing to develop. we'll be back as we get more >> you're going on vacation. >> i'm going on vacation, two weeks. i'll be watching, though, for sure >> thanks everybody for watching "power lunch." >> "closing bell" starts right now. happy friday, everyone it's time for "the closing bell." i'm wilfred frost at the new york stock exchange. we have a tech wreck on our hands. we'll spin forward and preview apple who report next week i'm julia boorstin in los angeles. reports of sexual misconduct allegations. the stock taking the news. i'll have more on the fall out coming up. in washington, d.c. with the real estate makeover forget the old boring for sale sign i'll show you a new hi-tech smart sign that could disrupt

the industry but could also cause controversy coming up. i'm sara eisen in for kelly evans. amazon showing another strong quarter. "the closing bell" starts right now. what is that song? >> i don't know. >> anyway, good afternoon and welcome to "the closing bell," an action packed afternoon for a friday with some very divergent market moves as well, and we'll get to all of those stories in a moment tech, dragging down the sector there's innasdaq for you down 1.6%. that's over a percent decline for the week as a whole. >> a brutal one for faang and so many people who own those

stocks in the meantime big story of the day, gdp coming in at 4.1% our steve liesman joins us now to break down all the details. >> yeah, 4.1 was the number forecast by the cnbc rapid update so a good win there, and the first quarter also revised up to 2.2% so you didn't really get too much of a bump in the first quarter. the 4.1 is the second quarter number and president trump very quickly announced took a victory lap on the south lawn >> these numbers are very, very sustainable. this isn't a one time shot i happy to think we're going to do extraordinarily well in our next report next quarter i think it's going to be outstanding. >> let's break down the current numbers and see what we can tell at all of the future we did get a big bump in exports. some people think that was the result of purchases by foreigners trying to get out

ahead of u.s. tariffs. business investment was strong and consumer was strong as well. and a strong number in defense spending housing the real laggard in the economy. reading across from left to right, consumer adding doing his or her part, trade up 1%, business investment almost a full percentage point. inventory, that could come back and help us out in the third quarter. i checked with the white house and the way they calculated the president was correct when they did the average of the first two numbers, compared it with prior full year data with that method, it would be, folk wheres, the best year for gdp growth since 2005 but we have to sustain this very strong rate growth we've had these first two quarters >> steve, as you've summed up

throughout the day, you do think it's fair for the president to be taking a victory lap and patting himself on the back and enjoying this day. >> he's absolutely correct for taking a victory lap because first of all people would blame him if it were negative. but how many laps one ought to take i think it's more probable it's prudent to think of the u.s. economy maybe running at a 3% rate, not 4% you do have additional government spending to come. i think probably the effects of the tax cuts are probably limited so far because my sense is the biggest part of the business investment may be from oil and gas which is more tied to the oil price than it is tax rate so you could have additional parts of that to come. and as i said it earlier that inventory turn around could help the third quarter. so far i'm seeing 3% growth. keep your eye on wednesday we'll get the first vehicle sales number, the first data of

the third quarter. the gdp, the economy watch never stops, guys. >> okay, steve, great stuff. steve liesman back at hq let's discuss this further gordon, i'll start with you. quite divergent performance in the markets this week. do you find it the likes of s&p are up as a whole or worried the nasdaq is down >> wn of tone of the things we'n are -- i guess we're impressed with everything that's happening here today the trend, the risk is still to the upside and as far as we see it on the floor, you've just got to be mindful of quick announcements, quick turn around and individual

equities >> individual equities like facebook down 17% for the week, twitter down for the week. >> what we're really seeing this earning season is a big change in leadership. the biggest change in leadership we're seeing so far is those companies that have earnings versus those that have a lot of fluff and expectations the only exception to that is amazon which continues to get a pass in terms of delivering profitability. >> do you double down on alphabet >> so i'm a value guy, which finds me in an unusual situation in recommending google's parent alphabet i do think alphabet is worth owning it's a much more mature company and look what's happened with a lot of regulatory brouhaha

facebook has got itself caught up in. >> rick santelli, how are you guys digesting that gdp report in chicago >> there was a time where the short end was outpacing the long end by a quicker pace. all in all i think there was too much euphoria, pull forward on the goodwill of today's number today's number was good. it's just we were looking for super good and i think there was a bit of disappointment. on the week rates are up i'll be still surprised if we don't get much closer to 3%. a lot of important central banks getting together a chock-full data week, employment reports listen, i think steady eddy is the best way to grow the u.s. economy, sustainable improvement that goes up at a nice clip

without big ups and big swings and big downs. and i think that is the type of data we're receiving i'm optimistic but i'mul also e realest. >> you still have to spot where i think you have to jump in the snake's belly. but i think the big issue you have to look at now is sustainable gdp. one of the things you have to be mindful of is this deficit we're going to start seeing building or infrastructure before, we've got to start to see the shovel meet the road and then people will see this is going to turn out to be positive for the american people. >> that's going to boost the deficit even more. >> we're going to get some of this spending to go into something productive for the

american worker. but the electorate, i believe they're getting frustrated by some of the activities they've seen from the administration a lot of this is being translated to the big companies with tax breaks. we've seen a lot of activity in tariffs. the gdp is going to be a number that will continue to grow if we can sustain the pall esas of a pro-growth president and administration >> andy, i know you're biased in this question because you're a value investor, but has the tide turned this week in some of the highest growth names in the market shifting towards more value or do you expect it to reverse and investors to buy the deep on the growth stocks as they have? >> this time it's going to be different because this is the turning point. the reason i think this is the turning point is because normally in the past dozen or so quarters if you see one of the faangs face plant. so far this quarter two of them,

and if you include this quarter, three. it's become a much harder environment. they're no longer getting a pass from investors and that means they have to actually create growth, real fundamental growth most importantly in profit not just in sales >> what's the value sector >> i'd say as a sector bet what i'd prefer is energy >> second best performing group of the week. wilfred, financials were the top. guys, thanks andy and gordon and rick santelli amazon stock, speaking of amazon marginally higher following yesterday's earnings report we broke hereafter the bell the online retailer posting the largest quarterly profit in the company's history, $2.5 billion. >> the explosive growth leaves many investors wondering what could derail the stock pria, if i start with you, your

take away from this earnings report and the fundamental risks outs there to the stock. >> so, the sec has hired a prominent critic of amazon ahead of anti-competition hearings they're having later this year, hearings to discuss how they should be enforcing comp tegz and anti-trust law the power of amazon is going to be continued to be questioned in washington >> do you agree, mark? can a case really be brought against amazon from an anti-trust basis >> well, all the indications from the folks that have looked at this situation have reached the inevitable conclusion that the answer is no it's a combination of the way the anti-trust laws are designed as well as they're enforced particularly with respect to this particular administration's policies so the short version is i'm of the opinion this does not pose a significant risk to amazon and some of the portfolio managers i spoke to today tend

to agree from that antidotal evidence >> clearly we've seen the eu act on google, specifically on their android operating system whether or not that's specifically on android for nu, it could perhaps be some other areas on the future. might the eu set a precedent the u.s. follows down the line interesting to hear senator warren this week sound along those lines. >> is there a risk that happens, yes. i think that situation is completely different one from amazon and its business model. amazon has achieved this market dominance through data dominance. it's really about how they use the trance action data that flows through this massive platform that they've created. not to unfairly compete and put consumers in a bad spot, which are what antitrust laws are designed to do >> just to be specific, every lawyer we have on and ask does

amazon have any really to were about anti-trust, no are you looking at the size of the online retail market, the overall retail market? what is it that leads you so quick quickly -- >> it's easy to look at those numbers, that roughly translates to 4.5% of the retail market at large, online and the other. it's about the anti-trust laws and what they're designed to do. they're really designed to protect consumers. >> because they love low prices. >> i don't know about you, sara, but when they increased the prime membership a couple of weekess ago i didn't think twice about it nor did anyone else i spoke to that's not the issue when we were in support from consumers and from the investor community as well and i think that's going to continue >> prya, what's your take,

whether that could be democrat success in the mid-terms or getting closer to 2020 >> everyone's seen the president's tweets, but aside from that a growing number of voices on the left have been voicing concern about amazon's size and its power what they're looking at is not just the company's size and power but do portions of of the business like amazon web services or the ability to charge membership fees allow amazon to actually cross subsidize its retail business giving it an advantage that perhaps competitors might not have there are voices on the left who say that's worth studying. and these voices could really grow louder if democrats retake congress in the mid-terms. >> thank you very much still to come, twitter's stock getting slammed in today's session just one day after facebook saw a record drop

we'll dive into the latest social media stumble coming up and up next cbs tanking as reports swirl of sexual misconduct by the long time ceo. implications for cbs and viacom. when my hot water heater failed, she was pregnant, in-laws were coming, a little bit of water, it really- it rocked our world. i had no idea the amount of damage that water could do. we called usaa. and they greeted me as they always do. sergeant baker, how are you? they were on it. it was unbelievable. having insurance is something everyone needs, but having usaa- now that's a privilege.

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xfinity xfi, simple, easy, awesome. we've got over 40 minutes left of trade. the dow down 0.3%. and the nasdaq down a full 1.5%. the nasdaq in negative territory for a week it'll be the second week in a row of declines for the tech heavy index. >> take a look at boston beer falling pretty heavy right now the brewer reported revenues in line and eps missing on gross margin issue and also talking about raising the price of beer for san adams. >> shares of cbs tanking today on an expected report on details

of sexual misconduct from les moonves. >> cbs shares down 6% ahead of that expected article from the new yorker cbs issuing a statement saying it takes all allegations of personal misconduct seriously and an independent director is committed to investigating the claim, review the finding and take the appropriate action. they go onto say, quote, the timing of this report comes in the midst of the company's legal dispute. the cbs management team has the full support of the independent board members. along with that team we will continue to focus on trading value for our shareholders sheri redstone who runs national amusement just issuing a response through her national representatives saying, quote, the malicious insinuation that ms. redstone is now behind the allegations of inappropriate allegations is false is

self-serving this back and forth speaking to the legal battle going on between moonves who is suing sheri redstone and her national amusement. cbs suing them to dilute national amusement's controlling stake and national amusement sued back saying it didn't have the right to do so notably viacom shares are moving higher on this move. if the claims turn out to have merit then they would expect moonves to step down, an analyst said the analyst warning viacom shareholders, the business would be somewhat shattering with several other key executives likely leaving all of this back and forth, the

stock down over 6%, viacom up. guys, back over to you >> do stay with us we're going to discuss this more joining us is matt from the hollywood reporter the hollywood reporter is the one who broke the news we're expecting this article from new yorker matt, does that mean you've read this article in full already >> i am not. i'm familiar with the claims made in the article. but the reporting we have is the article is coming today and it will include allegations from several women against les moonves. >> what is your take on what's this would mean if these allegations materialize? what would this mean for the stock? is this poor timing for the future of les moonves to be called into question >> absolutely. not only is he one of the last old school hollywood moguls, he is perhaps the most closely

identified ceo with his company of all media companies he is cbs and cbs is les moonves. for there to be change at that company, if he leaves or demoted or whatever happens, that would be gigantic for cbs. and just the timing of this happening in the middle of the fight of his life with sheri redstone over the future of cbs and whether the company could be combined with viacom, it could not have come at a worst time. >> it really is the tuof a hollywood movie that might be produced of cbs with shares down 6% >> and this whole trajectory remember there's that legal battle over control of some of national amusement sheri redstone's father, and now we have this legal battle it's interesting seeing the analyst's reaction to this we just got another report out saying the key man risk is

particularly high for cbs given that the investment case of cbs is tightly linked to mr. moonves skills since the company split about 12 and a half years ago cbs has outperformed during that period where viacom has sunk. viacom has underperformed in the market dramatically. he's considered a prize ceo here from an investor's point of view >> julia, the timing we absolutely get all the comments you brought us earlier from sheri redstone, but the timing is extraordinary given cbs has already been under such scrutiny, the shar lei rose

investigation that came out six or so months after that. the timing of this particular release is intriguing. >> well, i think that's what sheri redstone is responding to. shooem she wants to make sure she's not seen as the source of this he talked openly about the whole times up me too movement, i guess times up hadn't happened yet, but me too and everyone educating and sort of thinking of this me too movement as a watershed moment so he certainly talked about these issues at his own company they fired charlie rose so right now we're in the midst of this legal battle and we'll see how it all pans out. >> i matt, i think one of the reasons of the stock plunge is the credibility of someone like ronan farrow at this point reporting on this. this is story i'm sure would take months to report and vet

and go through who knows how many sources he spoke to, but that's part of the story here >> yeah, and one thing to note, i know cbs, thahave been insinuating there's some connection here with what's going on with sheri redstone but my understanding is these allegations and story has been in the works for months. and even in industry circles there has been buzz about whether there's going to be a story about les moonves since almost right after the harvey weinstein allegations first came out last october there was an article "the washington post" about the culture of cbs news with charlie rose and some when that article came out were surprised there wasn't more in there about moonves himself, and now it looks like this is the story that drops next >> thank you for joining us. 35 minutes to go before the closing bell we are looking at the dow now

lower by 80 points s&p down 0.7%. it's really the tech heavy nasdaq getting hit 1.5%. brutal week for social media stocks we'll dive into the numbers behind twitter sell-offs specifically next. and joining us to discuss the housing market ♪

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welcome back to "closing bell." 31 minutes left of trade we are down 100 points or so on the dow. let's have a look at some individual stocks. first up twitter shares sinking some 20% as after the company reported quarterly results the social media declined in a month of active users and weak guidance clearly those like facebook getting hit hard that said the average monthly user down 1 million from the prior quarter. but of that there was a 3 million decline from them purging those fake accounts. so actually a slight increase of the organic users. so i'm surprised by the scale of this move overall given that, but i can understand it given the week we've had and facebook setting the tone >> you compared it to facebook,

and the social media companies are getting more responsible and addressing some of the societal concerns they've fueled. and the stock, facebook addressing some of its privacy concerns, the scandal around cambridge analytica. expenses are climbing where and it's bringing down those revenue estimates. it's a similar idea. >> absolutely similar ideas in the way it did want effect the subscription based companies i thought they would actually increase their average users let's move onto expedia. shares are climbing higher today on 13% increase on bookings from last year. the ceo of expedia was on squawk on the street this morning we asked him about what drove a strong quarter >> the important thing is this quarter we saw healthy room night growth, but we were much more disciplined in the way we

spent our sales and marketing and that delivered better than expected profits on the bottom line >> even in the face of tougher competition from the hotels themselves which are going more aggressive, going more direct to get you to book, expedia showed out a blown out report >> the number of hotels advertising, you will get the best price if you book direct. kind of begs disbelief expedia is doing so well we've got a cnbc news update hey, sue >> here's what's happening at this hour, everyone. that raging wildfire in northern california is now threatening 5,000 buildings. a cal fire spokesperson reporting the blaze is just 3% contained. it has destroyed 65 structures so far the blaze is burning about 200 miles north of sacramento. it has killed two people including a firefighter. overseas divers are searching for wildfire victims off grease's coast near athens

no word on how many people are still missing. others believe that arson caused that deadly blaze. a judge sentencing former new york assembly speaker sheldon silver to seven years in prison for corruption. the 74-year-old was once albany's most powerful democratic silver was speaker for 21 years. and the longest total lunar eclipse this century, take a look at that, is under way but it's only visible in the eastern hemisphere the total eclipse is expected to last an hour and 43 minutes. you are up-to-date that's the new update this hour. i will send it back downtown to you guys >> that last eclipse, when was it like six months ago i thought it was a real disappointment real disappointment. it was over quickly. >> depending on where you were >> because we didn't have the best 100% view i was on the roof in new york. >> you have all sorts of issues

with that. >> i thought the hype was overdone anyway -- >> i don't think that's a popular opinion. >> i know, but i tell the truth, sara anyway, we must move on. real estate signs are getting a makeover more on the new and slightly controversial revamp >> well, the real estate sign has always been the most visible, most effective and most mundane marketing tool in all of real estate. but now compass a fast growing real estate kid on the block is disrupting the sign. you may see this interactive sign-in your neighborhood. it lights up when you come within a 20 foot radius. if you have the compass app on your phone it'll sends you a notification with the company. the technology and the sign can manage open houses, digital lock boxes, even connect with ways for directions with all that hi-tech and high

cost you've got to wonder if these new signs might not get stolen >> we don't believe that the signs will be stolen we really believe that in human nature, so to speak, but of course there'll be protective measures with insurance. >> insurance some say the sign is cleary a disrupter. but we think it's going to disrupt the neighbors especially in the middle of the night and you know teenagers are going to be messing with it, but it's a cool idea. if you want to see more of it, more on cnbc.com one company already disrupting the housing market is ellie mae. it looks like they came in pretty well. the stock is a little bit lower. talk about what you saw in the quarter that drove your company and the overall housing market

>> yeah, you know, we saw great uptick in our customers in terms of pick up share, so really picking up loan volume and really driving more efishiancy for our customers so driving real value and revenue per loan. so we outperformed we grew 20% and definitely outperformed on the bottom line. even with a market that is trying to break out. it's still not breaking out yet, but we are outperforming >> jonathan, rates obviously have raisin over the last 12 months or so is that starting to impact consumers? >> you know, rates are slowly rising it's actually interesting. there's been ainab number of th that seem to be happening. we've been in a place where demand has been quite high for a while and inventory has been low. so we've seen prices continue to go up. i think we're finally seeing a

bit of relief in prices starting to cool off and inventory starting to rise and what we may be seeing is a move from a seller's market to more of a buyer's market as we go forward over the next couple of quarters. >> you know, we've been talking about this great gdp report all day, 4.1% growth, but the housing part of it did not look too hot with residential investment can you go into that >> yeah, again i think what's hold things back has been inventory. i mean, we've got a market where the economy is looking good. you know, the labor market is solid. the dynamic is we actually have the demand and the demand is increasing from especially the millennial population, but the market has been tight with inventory. and as that's driven prices up interest rates haven't helped the situation, but we may be

starting to see a shift as we move forward for us as ellie mae, this is market that's interesting because what the market is trying to do is create a better consumer experience and find more margin in this competitive market so we're able to come in and really provide technology to help them deal with this, you know, challenging tight market >> jonathan, thank you very much for joining us jonathan of ellie mae. we've got 22 minutes left of trade, and we are down sharply this afternoon particularly for the dow and the nasdaq soon ahead the president's tariff agenda could soon kick your wallet. signaling possible pain for consumers. and later the fast money crew will be here to tell us how they are playing apple ahead of its big earnings report next

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we have a news alert on the federal housing finance agency and diana has the details. >> reporter: an fhfa staffer has

charged melvin watt of inappropriate behavior against her. mel watt is scheduled to finish his tenure there on january of next year. he's been in congress for 20 years before coming to the fhfa. he put out this statement moments ago. however, i am confident that the investigation currently in progress will confirm that i have not done anything contrary to law i will have no further comment while this investigation is in progress no comments from the alleger nor from the folks who are doing the investigation. but again fhfa director mel watt accused of inappropriate behavior with a staffer. back to you. >> okay, diana, thank you for those headlines. we've got 18 1/2 minutes left

before -- >> 19. >> 18 1/2, actually. i've got to make sure i was actually spot on now 18 and 50 seconds. still to come some companies are determining how to pay for the cost of tariffs and consumers won't be happy the details coming up. and apple's been up 17% over the last three months. tech giant reported earnings next tuesday we'll have the preview and how to trade those results coming up no. schwab, again? index investing for that low? that's three times less than fidelity... ...and four times less than vanguard. what's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade,

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the trump administration already slapping tariffs on $50 billion worth of chinese goods and its threatened to implement another $200 billion worth of goods. but many companies are taking it in stride. eric joins us now to explain what we've been hearing on the conference call. >> we've actually gotten already 40% of s&p companies that are reported so far in july. they've mentioned the tariffs on the earnings cause because of the current tariffs and those bigger amounts like the $200 billion that's being threatened down the road. one theme, though, trat sticks out, a lot of companies they don't seem to be that worried publicly about the tariff and price hikes that go with it because they're planning to pass those costs onto their

customers. this includes household names like whirlpool, 3m, for parent company of napa auto parts the company says it expects to be able to pass along any increases to their kucustomers. grangers, very similar expecting supply inflation but confident in its ability to pass on price increasings stanley black and decker, you get the theme here, they're saying it's to transfer costs onto their users and it also says it's something the company believes is a response in the short and medium term. this could be just to play publicly saying to their investors we're not concerned but privately in the boardrooms it's a different story >> eric and wilfred, we talked to james quincy the ceo of coca-cola this week.

he also talked about pricing that tax hike and shrinking bottles to pass on i guess you get to find out earlier in the season who's got pricing power. and what industries have to absorb it and take on the bottom line because they're already suffering. >> exactly that's what's going to make for an interesting economic experience we're going to really find out which companies have that pricing power and which don't. >> it hasn't negatively impacted gdp for this quarter and if the president gets some rhetoric before the tariffs come into effect in a big way on new sectors and the like then we might never have an imact overall. >> and i think that's the bet of the market a bit of shoort-term pain here for a bit of long gain you see it in the auto makers.

13 minutes to go 12 1/2 >> 12:20 >> before the closing bell >> i have to correct you >> nasdaq getting hit the hardest. although the russell 2000 small caps getting hit hard as well. >> and guess who's bk,ac david dos s joins us with his market theme of the week. across web a? 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. you might or joints.hing for your heart... but do you take something for your brain. with an ingredient originally discovered in jellyfish,

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xfinity xfi, simple, easy, awesome. welcome back nine minutes left to go in the session. joining us now with his market acronym of the week david doss welcome back >> i was listening to you earlier in the show and i said these two are the kendrick lamar of anchors he won the pulitzer prize of writing and you guys say it with such smoothness. we've got to go with reset there's been eight things by my count that have been reset lately number one don't forget pharmaceutical prices. the president says you've got it roll back your pharma prices second it's the prices for your

netflix, for your twitter. you guys just talked about that. thirdly interest rates, number five trade, six tariffs, cross border mergers especially those involving china, and last even the date of the putin-trump next meeting in washington has been reset. so reset is the -- >> so that's the overall think but think about the individual letters. >> "r" is for record down nasdaq 7932, down 2% this week. however, that's one of the reasons why we're going to get more defensive number two, the year over year returnings defensive are that their peak this quarter. from here on out they're going to start to diminish in terms of their absolute growth year over year the "s" is small and midcap krsh which had done very well because they're somewhat perceived to be insulated from currency and trade wars and so forth.

the next "e" is europe, europe is basically flat for the europe and the currency is down 3% against the u.s. dollar. the "t" is turn defensive, and that's the message today you want to basically reduce in tech, reduce the small cap they have been the huercuelies this year holding the market up. its largest consumer household products company yields 8.2% the coke and beverage companies yield -- year over year profits

decreasing, hercules market. >> more positive tone on tariffs because it's been all over the place. europe, basically i think we're going to maybe we've been -- the japan, europe treaty tariff i think has basically led us to reverse, and that's a positive but reset is going on all over the place, and you need to reset your portfolio the party's not over, but it's quite late and there's not much left on the smorgasbord. >> david doss the earnest hemmingway >> i was going to say the drake strategist >> up next we'll be back with the closing count down don't go anywhere. entertainment options.f great, can you sign for this? yeah. hey, uh.. what's in that one? that's a shark.

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so you can spend more time floating about on your inflatable swan. [ding] welcome back to "the closing bell." going to start by talking about the british pound. i wanted to talk about home. the british pound setting off as we get to the end of the week, why because michelle poured cold-water on theresa may's latest brexit plan nasdaq notably down 1.6%, the russell even more than that. dow and s&p a bit less but still

out performing facebook earlier in the week and we are down half a percent or a full percent for the week as a whole. down 1.5% today, heavily performing the tech sector tech towards the bottom of the packmism energy doing pretty well as have industrials as that tone on trade improved in the middle of the week why financials performed well we've seen yields tick up nicely going above the 2.8 handle on the ten-year it's up 2.896% a nice steady improvement in yields and of course the banks performing well. we'll talk to jamie dimon, one important market commentator >> i'm trying to figure out if there's -- the russell there on

the top line outperforming the s&p 500 for the last several days it's up nicely and also the faang names and more particularly value stocks, retail stocks and some of the bank stock and some of the oil stocks starting to do a little bit better than the rest of the faang growth names marathon has been up this week, lily, southwest air and some of these industrial names have all been up nicely on the week and what's been down on the week well, all of our classic market leadership, all 06 our technology names been a mess for twitter down 20%. facebook has been down, tesla has been it down all week. even former growth names, we've got some crummy home building numbers this week. the world has been a little topsy-turvy. it's a little early to say we're in a big, big trend switch but a lot of people are talking about those two things >> you also mentioned oil was up

2% in the week coming into today but energies performed well for the week nonetheless despite yields rising it's not done too much. >> although you're hearing commentary from a lot of the companies. >> there is the close, ringing the bell at the big board here is blackrock at the nasdaq opera. down 76 points on the dow at the close. sara, back to you. welcome to "the closing bell." i'm sara eisen in for kelly evans. wilfred frost rejoining us in just a moment. let's take a look how we're finishing up the day on wall street it was a down day and there dow closing lower. s&p 500 down 0.6%. but it was really the tech heavy nasdaq that got crushed at 1.5%. russell 2000 index down almost

2% for the week as a whole the nasdaq closing lower on the week the big news, the u.s. economy growing at its strongest pace in nearly four years. coming up we'll discuss whether today's numbers is one time sugar high that is set to come down next quarter or not let's get right to the markets jim lacamp and douglas leading this week was walgreens. corning and nielsen holdings lag. but that did not mean there weren't some other big losers to talk about in technology like facebook let's talk about what happened with the nasdaq and small caps really underperforming >> i think what you saw was the leadership we had in the last month. and the markets really look to

see what's going to be the next leg of growth, and that's what you're getting from some of the industrial companies so you're seeing that slow rotation company going on. >> when we consider the gdp was pretty impressive, when we consider there's been a better tone on trade in the last couple of days, is it worrying to see the sell-off we saw today? >> no, because when you look at what's selling off it's really what led and this is late july. late july through early october is usually when the market hits some trouble spots and when the market hits trouble spots they take money off the high alpha names the small caps have done well this year, and now you've got some earnings coming in. value has underperformed for several quarters now, a year and

a half or so while a lot of people have been calling for value to all of a sudden start outperforming growth i think it's too early to make that call out. >> in this entire bull market. >> it really has you've seen some rotation, really haven't seen some oriented active movement until 2017 you'd passive movement, passive am vesting that really led all the way through 2016 now you're seeing some of that money take a deep breath >> we've already alluded to the story of the week, faang falling apart and social media stocks falling sharply during the course of the week of course facebook was the first one, twitter the second. guys, let's touch on this. is this the end of the bull market for the facebook? >> facebook basically reset and thads, look, we are going to grow but at the same rate we're doing and we're spending money

it's not going to go anywhere in the next couple of quarters but it's a real fundmental business. there's plenty of opportunity elsewhere in the market, and i think that's where people are focusing >> so you're giving the option what do you do are you buying down some of the beaten down faang names or rotating elsewhere >> the beaten down faang names, i like google and i like facebook, but we are putting a lot of money into financials i think a lot of the building product stocks, they are being able to pass pricing on. some of these stocks trading down 20%, 30% because of trade war, because of inflation fears that's where i think the opportunity is going to be >> are we seeing subscription models are the way forward versus advertising models? >> i think what you're seeing is an inflection point here at some point you have to wonder had where is the growth going

moving forward it happened with the software companies, with the .com companies. and you wonder where the next leg in growth is going to come from and then you have the very, very choppy nature of a few of these stocks and a lot of investors are going to start shying away from them. if they're really well, strong and steady, you can buy it, set it and forget and not have to worry it's going to be a company that's going to be market issue more than anything else. now it's company news that's starting to drive these things, and it's disappointment. i think you have to be more careful. you can't look at these thingwise the same mind set and a reset in valuation >> and that raises the question about the overall market the narrative has been without the faang stocks the market would not be so mega

you really think the financials and energy stocks can do the heavy lifting? >> i think financials can do the lifting. i think industrials that have been beaten down almost 20% since of the beginning of the year can do some heavy lifting but there's some overhang. the big tariff issue is some overhang i think there's enough earnings in cash flow you don't have to be dependent on these high growth rate stocks >> if you look at areas like health care that have really underperformed, you're seeing really strong earnings numbers out of some of these companies i think the sell-off notwithstanding you're still going to have opportunity there, although a lot is going to depend moving forward on the direction of the dollar. a lot of this has been dollar driven whether it's energy, small caps versus large caps and if the dollar starts to give up its leadership a little bit, you may see a change in themes

back to things like emerging markets. >> meantime we should talk cbs because numbers turned sharply with respect to a story expected to come on the ceo >> farrow just tweeted a quick reminder that i don't comment on reporting i haven't published. if you're reading about my work from secondary sources you're often not getting the full or correct story especially in cases where parties have an interest in down-playing or otherwise spinning now cbs independent directors earlier today issuing a statement saying they take all allegations of personal misconduct seriously and independent directors have committed to investigating the claims, reviewing the findings and taking appropriate action. going onto say, quote, the timing of this report comes in the midst of the company's very

public legal dispute while that litigation process continues the cbs management team has the full support of independent board members. along with that team we'll continue to focus on trading value for our shareholders the legal dispute they're referring to is between moonvez and sheri redstone's national amusement. national amusement sued back saying cbs did not have the right to do so viacom shares moving higher today on the news about 4.5% redstone's representatives issuing a statement quote, the malicious insinuation is false and self-serving ms. redstones hopes the investigation of these allegations is thorough, open and transparent. if the claims turn out to have merit they expect moonves to be

forced to step down. also warning that viacom shareholders would not rate the successful premium right now we're awaiting that article from new yorker. >> the latest tweet from ronan farrow didn't suggest tomorrow, tonight? >> well, i heard earlier today that it was supposed to have already hit this morning and then i heard it was coming at 3:00 p.m. eastern, so who knows. >> julia, thank you very much. no doubt we'll stay in touch with julia the next couple of hours if it does come and hit the wires. guys, big move in the share price. how crucial is leslie moonez to cbs? >> is it too premature off a

story like this to make any moves? >> i'm glad you asked that question because i always tell investors if you're trying to guess the news on stories like this you might do really well, but you could get burned really quickly as well. this thing could play out any number of ways that's why you're seeing an extremely volatile stock here and for most investors that's too much volatility unless they know something we don't know >> we don't know anything about these accusations as things stand. believe it or not, we are now halfway through earnings season. bob joins us with a look to a the main trends we've seen so far. >> and we're just past the halfway point for earnings and several trends are already coming into focus. even with high profile misses earnings for the second quarter are higher than they are for the beginning.

earnings growth running about 22% and revenue up almost 9% those are tremendous numbers but several subtrends are already apparent number one, companies that are missing numbers largely because of higher costs are mostly exposed steel or aluminum. second, there's a split between those who can afford to raise prices in the face of higher costs and those who can't. like colgate who reported today. third, not all raise guidance is the same some companies provide ener marginally higher guidance the dollar is becoming more of an issue as well many companies with large overseas operations mention the dollar strengths as a potential headwind for earnings. also there's growing concerns that tech and social media profits are going to take a hit. from are regulatory costs we saw this particularly in europe. this was an issue for facebook,

alphabet, spotify and twitter today. bottom line the market is holding up well because we've got great revenue growth, number one. we've got tax cuts, and we've got no dramatic cuts so far to earnings for the rest of the year >> jim, i noticed you're nodding there as bob said the market's holding up well. couldn't you frame this the opposite way that despite good news on trade and things like that that the market's down for the week when you look at the nasdaq >> it's down for the week, but really if you analyze the market's return right now you'd end up with a normal market year and a plan to continue to raise rates, an unpredictable president and tariff wars that have accelerated already beyond what anybody thought they were going to do, a softening global economy, not the u.s. economy, but a softening global economy so i think it's kind of a rocky balboa market. it's taken a lot of hits and

it's hanging in pretty well. if you would have told everybody at the start of the year the market is where it is today, especially the russell, most people would have said i'll take that in a heartbeat. >> 21% growth rate so far halfway through the earnings season are you getting enough on the guidance that that is sustainable? >> no, it's definitely not sustainable. it looks like the gdp growth rate we saw today. there's no question 22% to what we be in the last couple of quarter as well, it's going to be due -- is the consumer going to step in, continue buying, are corporations going to continue buying back their stock? >> the tarifferize being mentioned. i guess we'll have to see whether that hits the investment >> and companies aren't really mentioning tariffs they're just mentioning higher

input costs. they've got to be careful how they frame it. >> they're all in companies that have been impacted by the tariffs and to bob pisani's point you're getting it all on guidance >> gents, thank you very much for joining us have a great weekend up next we'll discuss whether the economy can maintain that pace. and talk about a tweet storm, twitter shares plunging after a decline after a month of active users coming up we'll share the impact of that. >> "e osg ll" ckn thclinbeba ia couple of minutes. we have a question about your brokerage fees. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh and i was wondering if your brokerage offers some sort of guarantee?

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welcome back to "the closing bell." second quarter gdp numbers coming out today showing 4.1% growth for the quarter >> joining us now to discuss whether we could see a repeat performance for next quarter nice to see you guys so, joe, how much in this report is repeatable for the next

quarter? >> much of it, sara, because 4% was pay back for the seasonally weak q1. and growth this quarter should be pretty good based on the need to rebuild inventories, which is already being foreshadowed from the various purchasing managing series >> chris, what's your take particularly i think you said you were very attracted to the fact the consumer portion of this gdp growth was so strong. >> thank you for asking. and i just want to make sure i'm with mufg. it's always important i get my name out there get $100 in cash in an envelope every time we mention mufg >> that's right. it's a banner right under your face >> great you guys are so good consumer spending is strong. it's amazing we as economists as a whole hit the number because we underestimated the strength of consumer spending and if you look at consumer

services, very strong in such things as like health care spending and hotels, motels, food services. so i would agree that maybe growth could continue here at 3% i mean, don't forget trump so far has not -- we had a lot of revisions and trump has not made it back to obama's big year for growth back in 2014, 2.7%. growth last year under trump was 2.5% obama was 2.7% i think if we go 3.0% third quarter and fourth quarter we'll make it to 3.1% gdp growth for the entire year, 2018. >> you see 3.1% as a target, which would be the president's own call what he wanted to do. >> chris and are are on the same page on this

if productivity growth is running around 1.25%, 1.5%, simply companies trying to work efficiently so as to keep their margins in place without raising prices and job growth has been really stable 1.5% year on year you're looking at 3, you're actually slightly better than 3% for the full year. i see no reason why growth can't continue to stay at 3% my risk continues to be the fed. they'll see these numbers. chris made a good point about consumer spending. and if the trade stuff dissipates, which i spect it will, the trade becomes more emboldened with the hike and that would be a mistake. >> we spoke with steve liesman earlier about the president taking a victory lap is it fair he takes that victory lap when you consider what people expected when he took over, his critics on the campaign trail when he committed

to boosting growth would you say his performance thus far regardless of where we go from here has outdone expectations >> good news is good news, and i don't want to be the one to say whether he should or shouldn't take it. the fact is job unemployment is at a low another reason growth rate may persist at 3% or better, all the confidence measures especially on the business side jump post the election, and they haven't really given back any of their gains. they're still really elevated. >> well, we will see two optimists, thank you for joining us today >> said sara eisen of cnbc >> said baby i did not know you are a dirty dancing fan. up next, twitter is tanking after reporting a decline in active users

up next we're going to discuss whether this is red flag for the stock or a buying opportunity off a 20.5% slide. plus will apple be able to turn around the tech sector next week

take prilosec otc and take control of heartburn. so you don't have to stash antacids here... here... or, here. kick your antacid habit with prilosec otc. one pill a day, 24 hours, zero heartburn. check out shares of twitter. they closed on more than 20% today after posting earnings results this morning the company reported second quarter monthly active users fell by 1 million users from

last quarter to 335 million. twitter says that number could continue to fall a as the platform purges those fake accounts >> how are investors dealing with it in the short-term? robert luna is with us from sure invest wealth management thanks for joining us. this headline number because of the purge we saw the average monthly users fall, but the purge accounted for 3 million decline. should we be focus on the fact that organically they would have grown? >> i think when you look at what the stocks have down year to date i think the drop honestly was quite justified. and really when you're looking at what they're doing in terms of the purge our thesis is twitter cannot be a stand alone company. it needs to be part of a larger whole. and when 100% of your company

depends on the integrity of the data, the value of your consumer, they can't have these robots dominating their platform so this is something they had to do in the long-term. and bob iger said seven months ago they were in talks to acquire twitter but they backed off. this is something the company had to do to go forward. >> i want to bring in -- covers the stock and a $33 price target i don't suppose you're telling investors to step in and buy after today's big plunge >> not at all. we're actually lowering our price target to $30 after what we heard this morning. i think the company absolutely needs to do this they need to clean up their act. at the same time, though, they're going into an investment cycle that will last several quarters, maybe even longer. and this investment cycle is

going to creator margins for the foreseeable future and because of that it's very hard to get behind stock like this that said, there is an opportunity, but honestly if it hasn't happened i'm not sure exactly if anything is imminent right now. >> robert, who is a likely buyer of twitter and just how likely is that eventualality, are you just holding out for a possible take over? >> it is a small position since it's not a core holding. i did mention disney and i think with the sky deal possibly not going through, comcast making a $35 million bid, they could not revisit that maybe looking at twitter and when you look at what facebook did with whatsapp, they

paid $20 million for whatsapp. every time you see twitter get over $25 billion i think the stock gets stuck around this area i agree with the other guests, you're probably just marking time right here. there's probably better areas to put your capital >> does wall street understand how to value these companies the revenue growth wasn't all that bad and neither was the bottom line results. when it comes to user growth we've been so conditioned to look for growing users on twitter, on facebook and now they're starting to cleanup some of the mess as a result of some the social consequences and wall street can't deal with it. >> well, i mean, yes the numbers for the quarter weren't bad. the problem is you're looking at these companies over the next three to five years plus, and so that's how you derive a fair value. if you look at the valuation today even with this 20% drop

the stock is still trading at 20 times cash flow. facebook, for instance, is trading roughly half of that multiple google is trading half that multiple so with argue, there's a lot of demand, a lot of excitement around twitter and what they're doing with video, which is good. unfortunately i think estimates got ahead of themselves. so, you know, i think valuations are important particularly in the space where you're looking at the outlook for the next three to five years. they've done a great job monetizing the platform, but for them to make this into a five to ten year story they absolutely need to grow users you cannot out-monetize your users because they can go to facebook, they can go to instagram. there are a lot of other outlets they can go to if you hit them with too much advertisement. >> gents, we're going to have to leave it there we're going to take a look now how we finished the day more broadly on wall street

the dow down 0.3%. nasdaq a full 1.% and the russell a full 1.9%. the tech sector the biggest performer. hello again. here's what's happening at this hour, everyone northern california's so-called carr fire prompting more evacuations. fire officials now estimate 37,000 people have now fled. the wildfire burning about 200 miles north of sacramento has tripled in size overnight. it is blamed for killing two people including a firefighter meanwhile northern europe is trying to cope with a heat wave that helped spark at least 25 wildfires. in brussels the heat has actually caused the roadways there to buckle. here at home a water supply warning in michigan. handing out 3,000 cases of bottled water today because inindustrial contaminants was

found in its municipal supply. and a rather unusual sight in georgia seven sheriffs deputies were needed to rescue that guy. he's a 4 foot alligator. they found him overnight they apprehended thatigat gator sidewalk and the reptile was ultimately taken to a pond and let go and i'm sure he was none too happy to be hit with that duck tape, but the good news is he was let go >> have a wonderful weekend. sue herrera back for us back at hq >> let's get to our stories today in our rapid recap >> we have a first look at second quarter gdp will it be above 4%, will it be above 5% and the survey says 4.1% >> i'll this now and strongly as

the trade deals come in one by one we're going to go a lot higher than these numbers. >> i don't think 4.1% is sustainable. i think probably closer to 3%, 3.5% but i think we're there. >> weighing on twitter shares, the fact the company lost a million monthly active users between the first and second quarter. >> we do believe that our housework and a focus on improving the health of the public conversation on twitter is a growth factor over the long-term. >> starbucks continuing its china push and delivers a dividend boost for invests >> we're entering 100 new cities over the next three years in china. all of those cities are larger than the city of los angeles, so big, beg opportunity in china. >> shares of cbs take a look slammed right now. reports of sexual misconduct allegations against ceo les moonves. saying all allegations of personal misconduct are to be taken seriously.

>> and just on that gdp report, look, the president certainly gets a lot of credit because you can point to more than 7% business investment growth the only thing i would point out that exports of food, feeds and beverages which includes soybeans rose 110% at an annual rate front loading ahead of the planned tariffs china is going to start charging on our products shipped there >> rightly taking a lap of honor today. chevron and exxon missing a little bit today, but energy the best performing sector of the week up 2.3%. oil prices up over the week as well so many individual stock users in both directions, of course its earnings season, but we haven't had one like this with massive moves in both directions we're talk within faang and

across consumer names and everything >> separating the winners from the losers >> those earnings throughout the week, and there'll be more to come next week apple of course the big tech titan we'll be focusing on up 13% this year will facebook and twitter suggest a bad report or google a strong report? plus, we'll discuss what reports of sexual misconduct onlegations against cbs ceo les moves may mean for the future of this media giant.

this week was a massive week for earnings with heavy hitters like facebook, amazon and twitter reporting. but one yet to report its key results and that is apple. >> fast money trader and i guess you can't draw any comparison tuesday the business here, but what you can say is you've seen a strong momentum up to the run up of the results. >> given the fact this has been sort of the go to name from that growth value rotation.

when you see money leave from netflix or facebook, see money rotate into apple, sort of that comfort trade, i look at it and say at this level it's really become kind of a consensus short for a lot of hedge funds i don't necessarily think we're going to see the stock blast through 200, you know, on great earnings i think it's had a big move into the quarter. i think we're probably pricing in relatively benign sort of earnings right now i think in the near term i'd rather be a seller at these levels especially if the earnings are just in line, then a buyer. i mean, look, the one thing about apple that i think people are comfortable with is the fact they've got this massive cash position one thing i think is important to listen to when they do actually have to pause the time line as far as returning cash to shareholders, is that going to be accelerated or in lock stop

with the time horizon they laid out there? i think that's an important thing to hear. >> dave, how big a risk is the trade war to apple clear clearly china is an important part to their growth story is that priced in at all yet >> absolutely. i think that is the concern in general with apple there's no question they can be a focus of retaliation that's why i say it's become a bit funny given the run. this is my opinion at a stock you trade in a range right now the range might be let's call 80th the low end, 185 at the higher end of the range maybe we see a gab up a couple of dollars or a gap fw low that 180 level. i think it's going to remain in that range for quite some time i do not see the stock taking off and blasting like i said through $200 and, you know, moving to all-time highs anytime

soon >> so the rates for a trillion dollar market cap is still on, and after last night's earnings report out of amazon today a number of wall street analysts raised their price targets on amazon and now expect amazon to hit the $1 trillion market if you look at a fact set average before apple. apple's in the lead right now. which one do you take, david >> i take amazon our analyst was the one that really pounded the table on this morning on amazon. i think amazon is in the full position there to win that battle i was surprised actually when they recorded given the revenue miss, that the stock actually did trade up until i heard, you know, the sort of, you know, commentary about margins i think the fact that they can improve on margin right now, and just miss slightly on the top line is a very kind of like -- shows their mix if you will has improved and i think investors welcomed that again, we thought it was a great quarter. i would bet on amazon over

apple. >> okay, dave, great stuff from the fast money team and be sure to tune in on what the highly anticipated bombshell report from the new yorker could mean for cbs rich joined us yesterday with his thoughts on facebook and amazon the dark horse of that trillion dollars is microsoft only about $60 billion behind 840. amazon is at 910 >> i bet you don't get the price targets though up to a trillion. >> still, don't rule it out. >> that's true cbs shares falling today on an reported expose up next we'll discuss what this could mean for a future of the company. and later new york city could become the first major city to cap the number of ride sharing vehicles on the road we'll have the details coming up on "the closing bell." we'll be right back. who would have thought, who would have guessed?

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$750,000 policy for under $22 a month. give your family the security it needs at a price you can afford. shares of cbs falling hard today on a soon to be published investigation into the new yorker that alleges sexual misconduct by long time ceo les moonves. >> for more let's bring in ken auletta from new yorker who joins us on the phone. have you read ronan's article? >> i have not, and i'm not intimate with the article at all except it's a great reporter and

backed up fact checkers at the new yorker >> assuming the story comes out and does allege sexual misconduct as a lot of people are assuming and as the hollywood reporter has reported, what does it mean for the future of leslie moonves and cbs? >> i think you have to start with the question when the independent members of the board say they're going to investigate, are they going to do it themselves or are they going to hire an outside firm which has more credibility that's the first question. the second question is will they find or will they agree with presumably the article that finds him and perhaps others at cbs guilty of bad behavior and if they do then presumably they're going to have to, you know -- figuratively which gets to the larger point which it settles the war between sheri

redstone and leslie moonvez. he then sued her and a case that's supposed to go to court in the fall saying that even though she only owned 17% of the stock she has 80% control, and that's unfair. and all those things i presume would be settled if he was found guilty if he's not we're back to square one and the battle continues >> even before there was news of this report, ken, there was always a question of what was the future of cbs. you've written so many books about the news business and the industry and how it's changed over time. where do you see cbs fitting into the future? >> if you look at it les moonves is most arguably the most successful modern television executive. they've been number one cbs in prime time roughly the last 14 to 16 years.

cbs makes more money today as it did one year ago or 20 years ago. today they're only half reliant on advertising no one could argue that les moonves has not had a good career if it's over it's over i don't think we need to rush to judgment that we all eagerly await what ronan farrow and the new yorker report. >> ken, great stuff. thanks very much for joining us. of course we do await whether or not the article that's being touted hits the wires. >> the late night menu wars are heating up on a another topic. upexwel leou nt 'lta y about chipotle's new push to lure customers away from taco bell.

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welcome back let's have a look at the individual laggards on the dow . became another one cht tech losers with processor earnings report exxon also down as we discussed exxon chevron disaping with the reports despite the fact that energy was. >> sisk of lower and microsoft down a couple of%. >> there is the rotation out of technology time now for the take away chipotle about to give night owls something who hoot. chipotle will serve a late night menu serving up two tacos and a drink after 8:00 p.m. >> it does i'm off work. this is for late night drinkers that want a snack after a tum up of drinks. >> $2 tacos.

>> the share price more because of the earnings that the sales growths that everyone is focusing on. >> giving credit to the new ceo. >>. the next take away story the disrupt erps may be disrupted in the big apple. the new york city council is weighing legislation to cap the number of uber lyft and other ride sharing services amid mouning concerns that the services explosive growth led to worsening congestion and low driver wages. >> i'm conflicted about this because as someone using ub ner new york city it's very recent and i don't want long wait times. but i end up sitting in traffic. there is no question uber and lyft coming into cities has made the cities much congested. remember de blasio tried back in 2015 uber lobbied hard against it even putting up the app showing the wait times and how high the prices would be if de blasio got his way. they eventually won. unclear whether they win this

time. >> i guess the flipside is whether in the long-term people stop owning a car and then the congestion can come down that's another argument of the self-driving car companies and the ride sharing companies to say well sure at the moment it might be adding to congestion because everyone own as consider for me. >> people don't as much own them in new york. but you're right coming from the suburbs from new jersey. >> right. >> new york city. >> could be something. the other thing interesting on this argument slightly different if you focus on london because of congestion they might push back and limit uber as opposed to to the political tax y drivers a political undertone. >> yes the tax y riders have been slammed and complained about this in the meantime here is a story. warm and fuzzy not been words to describe financial giant goemds but incoming ceo david solomon wants to change that according to sol man he wants to them to share aspects of

personal lives with lawyers and clients which he he believes will help his team i want a new date at goldman sachs. >> it's a new day. kudos from huh song reporting from the internal meeting. this came across but not as overtly david definitely cares por about people's well being and welfare and wants the positive tone. not something you would have thought of the goldman sachs and of the 70s and 80s not to say it was a nightmare in the recent yeerps. >> the fact that he puts himself out there as a dj on the weekends >> i don't know whether he wished the djing was reporting a little bit less than it is i don't know he is against the fact it's out there. >> it's a character. >> it's an interesting positive affect, boosting morale. otherwise you get reports that sudden parts of the business like the trading part part with, the morale is lower. they picked the investment banker that part of the business used to be 60% is now about 40%.

offsetting some of the kind of perhaps. >> also does it speak to concerns broader about where they focus the business on client recommendations versus just the trading. >> the percentage of earnings breakdown does suggest this. i don't know about the david's djing. >> just the whole touchy feely kind of. >> the key to that going forward -- i'm genuinely on tenterhooks who he promotes to be the president and coo, perhaps copresidents and cocoos didn't know we had that ready. there are suggestions. john waldeck doctrine is a lock. long-term solomon confidante and head of the investment bank. and that means the other person has to be a risk management background we don't know yet but that likely to come i would suggest aerktd to urs sos towards the end of august a month or so

before he takes the rihns. >> you can read more about david solomon's vision to remake goemds right now on cnbc hu song we don't need mike away for the take away do our own take aways. >> on the topic of banking, make sure you tune in "closing bell" on monday. the interview live with jp morgan chairman and ceo jamie dimon. a preview of with we discuss, albeit not all the details don't want to reveal the questions, coming up on "closing bell."

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so you can be confident you're getting the best price. giddyup! kayak. search one and done. let's take a look at some of the key earnings coming out next week the big one of course is apple on tuesday after the bell. also next week caterpillar on minnesota proctor and gamble and tuesday. tesla on wednesday cbs on thursday promising to be another action packed "closing bell." >> i'm sure. it will be. >> sure. >> and that huge movers this woke in relation to earnings i'm sure we'll have more next week also coming up next week on monday i'll speak exclusively with jp morgan kmarm and ceo jamie dimon. we'll talk about the state of the financial sector of course

president trump, interest rates. i think great timing we had the gdp print, the question of can that continue, how much is it down to the president or not it's also ten years pretty much to the month since they bought washington mutual. we're going to be in california. that purchase really allowed them into that market. and so we'll reflect a bit on that and lessons ten years on from the crisis but i think more broadly for the economy good timing on that. and the trade wars and all of the like i don't want to get too detailed. >> i was going to say as far as the overall market axe tough for tech the nasdaq financials were a bright spot. along with industrials and energy top performing sectors in the mechanic that's taken a long time we saw it creep up in the ten 10-year yield and feels like a delayed reaction to earnings >> but also you ms. henning to do rate for the banks, the correlation for the of the last two or three months with what

yields have been doing is unbelievably strong. that's a question we can ask whether that's justified does it matter quite that much but that's coming live exclusive on monday in "closing bell." right at the top of the show around 3:00 p.m. eastern time. 12:00 p.m. pacific time. that does it for "closing bell." >> "fast money" starts right now. "fast money" starts right now. live from the nasdaq market we overlook new york city's time square tim see more david see more. david grass op ton on fast cbs getting slammed as all of hollywood and wall street brace for the wol bombshell report about less moofs that could drop any moment bebring you the details and tell you what it means for the stock. plus tesla now town 24% from the highs as it skids into earnings. now the short seller who called the financial is crisis taking at musk will the shorts prevail first we start off with the tech rebelled bath rein