is playing in disrupting the pharmacy business. cvs with an innovative move. >> walmart doing the same thing. and walgreen's >> i'll be off for a couple of days of vacation you'll be here thanks for watching "power lunch" time for the closing bell. trade war still brewing. one guest says china will still rely on the u.s. for one particular export. he'll explain coming up. >> tesla's board says ceo elon mu musk discussed taking the board private before yesterday's tweets i'm josh lipton in las vegas. one of the largest cyber security conferences i'll introduce to the man who hacked into windows computers through cortana.

>> i'm michelle caruso-cabrera many of the casino stocks have been crashing. we got the ceo of one gaming company that's bucking the trend and it's an exclusive on cnbc. don't move because the closing bell starts right now. expedia. >> good afternoon. welcome to closing bell. great to have you with us. we'll get to all of those stories in just a moment a check on the markets been a bit of a flat day dow is currently down 0.1% or 26 points swing for the dow was up five, down 70. still down russell making it split overall slightly lower >> things are very exciting in washington more exciting than the markets let's begin there. latest on new tariffs from china.

>> reporter: another punch and counter punch between the u.s. and china. yesterday the trump administration finalized 25% tariffs on $16 billion in chinese goods. those have been under consideration since june china nearly immediately introduced the same. those tariffs from the u.s. go into effect at midnight on august 23rd, china is going into effect at 12:01. china is targeting vaseline, charcoal among other items they a last night president trump hosted business executives for dinner in bedminster and kwoorg -- according to one attendee the president was asked what comes next to china. he wouldn't say. in public remarks trump said the two nations were in a fight that would eventually have a fine relationship >> it will be a lot different.

i think we'll have a fantastic relationship with china. we'll ultimately have a fantastic trading relationship it will be somewhat different, but it's all working out >> reporter: of course actions speak louder than words and actions from either side at this point show no signs of de-escalation. >> thank you very much for that. we'll continue the discussion with our next guest. although the trade war with the u.s. and china is ongoing china may not have a choice to resume trade with america for one good reason >> joining us now is thomas millke this is a forecasting and information service for all major oil seeds and vegetable and animal oils. your publication ran an article said china may have to start buying u.s. soybeans again

why? >> well, south america is largely sold out at least from september, october on yard exports will decline from south america as compared to last year until the new crop starts moving which is january, february, march. so there's a gap and this gap creates a very tight situation for china which must be filled with u.s. soybeans so we think that at least 14 to 15 million tons of soybeans will have to be purchased by china for implementation >> how much extra will that cost the chinese compared to a year or so ago. is their falling currency a big blow for them in that regard >> yes well, first of all, the

escalating trade dispute between the u.s. and china has resulted in a price drop in u.s. soybeans by 20% so this uncertainty created to the u.s. market losing the biggest customer, potentially losing the biggest customer has been -- has resulted in a severe drop in soybean prices 20%. the farmers are paying the bill at the moment. if the chinese buy u.s. soybeans they can get it for 10%, 12% cheaper than south america beans, and, of course they have to pay the tax but the additional price is relatively limited. >> interesting you mentioned that south america is sold out. is that because -- have they had particular issues? do they not have a big enough crop to meet this demand have they had particular issues which means they have a smaller

crop than usual? >> yeah. yeah yes, south america lost 10% of its crop in early 2018 they exported a very large quantity of soybeans because of the situation until august they are sold out, meaning they have committed more soybean exports for september-october so they have very little left and they would definitely have less available than last year, so this gap which is created by the non-existence of south american crops will create the need for china to resume purchasing soybeans. but they could do it by, for example, allowing a certain quantity of u.s. soybeans to be imported duty free in the interest of the chinese consumers. or any other options there has been a lot of talk in

the trade and from the chinese also that they can replace the u.s. soybeans by importing larger import was canola or sunflower meal all these quantity cannot solve the situation. >> bottom line not enough supply out there. >> at the end of the day we need u.s. soybeans. >> there's a little bit of delay. thomas mielke is editor of "oil world. good afternoon gentlemen kenny, starting with you it's a very flat day today, but been a relatively encouraging week >> so today is not surprising that it's relatively flat. almost digesting the move that it's had we moved up to 2840 then 2850 which was really on a technical

level what we needed to do in order to break to new highs. i think the market is consolidating. we're backing off. we haven't tested 2850 look, i think it feels good. i think it feels okay. the market feels better. wants to test it you can almost feel like it wants to go there by the end of the week and it may very well. >> quiet day not a lot of movement in treasuries either. what's the next catalyst to drive direction here >> we're at the tail end of earnings season here if you look back it's been remarkable 80% of companies have beat their earnings per share estimates by analysts and that's the highest on record since they started reporting in 2008. on the earnings per share side 24% beat on the revenue side, 9.8%, almost double digit revenue growth year-over-year.

the fundamentals are incredible underneath all the headlines and tariffs and concerns there >> rick, i want to ask you about the chinese trade data that came out earlier today. stronger than expected is that sort of a last hurrah or do you think it's sustainable particularly when you consider the fall in their currency >> it's a last hurrah. modified behavior in lieu of tariffs and questions, of course, that circulate on whether they will actually be implemented, how long they will last will this go from a trade squabble to a full blown trade war. these are key issues and affect many of the exporting scenarios around the globe that get caught in this crossfire. i want to address that last get on soybeans. here in chicago we've traded the grains for quite a while and one of the refrains here is if you want to keep things simple, global demand for beans is really strong and global supply is pretty darn matched to it on soybeans so i know that many want to get

involved in the politics of what's going on with grains and i think that last guest naltd. it comes down to, not a lot of choice, actually and doesn't matter who customers are or how they switch. same amount of beans as there is demand basically the big issue with the grain markets in china isn't about this season and probably isn't about next season. it's about long term think carter and nixon when you have presidents that screw up agriculture for multi- years you change what crops are grown in what countries. you put new countries on the map like we did with some latin america countries like we did with soybeans. tariff issues are a bit overblown and the grain market is the prime example >> beans are fungible, rick? >> and the chinese have huge social pressures to supply, you know, chickens and grains. truly. it sounds kind of simplistic in the united states but it's a big

social deal in china >> last word, kenny. >> so, listen, i just think today we'll cruise into the belly, do nothing. thursday and friday could actually see us test and really take over 2880, 2872 which is the closing high of this year. feels exciting the news is good they said it today earnings were great. macro data is strong it's all good. up, up and away. >> thank you all for joining us. we got some breaking news that relates to russia eamon javers has the details >> reporter: that's right. the state department has put out an announcement saying that the united states is getting set now to impose new sanctions on russia in the wake of that attempted assassination attempt via nerve agent. the united states saying that in the wake of that nerve agent usage in the uk by russia, the united states is determined on august 6th under the chemical and biological weapons and

control warfare elimination act of 1991 the government federation of rush has used chemical or biological weapons against international law. following the 15 day congressional notification period the new sanctions will take effect upon publication of a notice in the federal registrar. the united states here hitting back at russia for the use of that nerve agent and attempted assassination in the uk. remember it's a former british spy against russia, a russian national who was the target of that attempted sas destination with a nerve agent along with his daughter that was very controversial. president trump criticized for not raising that public lir during his helsinki summit with vladimir putin but the president and white house have insist this white house has been tougher on russia than any other white house previously and you can expect that they will point to these new sanctions as evidence of

just that. >> interesting timing because put the helsinki summit aside, the u.s. was commended by the brits along with many other allies for kick out various russian diplomats immediately in response so why the timing now of this escalating of the sanctions, almost completely out of the blue >> yeah. it is a little bit out of the blue we have seen a lot of lawmakers going back and forth between russia and washington. there's just a process in place under this chemical and biological weapons law that they are citing here and the state department and the process takes a certain amount of time for them to make a finding >> i want to point out to everybody we've been showing the two day chart. there's the ruble and u.s. this leaked out overnight in russia and some details of the law they are talking about, and some of the new stuff they are imposing leaked in russia and so, so tough that's why we saw the russia

ruble get hammered this morning. there's a lot going on between congress and stuff from pompeo and the state department >> this goes right to the heart of that trump-putin relationship what does vladimir putin want the most from donald trump he wants relief from sanction. this is the administration and through the state department saying, in fact no, relief is coming what you're going to get is more sanctions for this nerve agent attack in the uk >> okay. thank you for that coming up, wall street reacting to elon musk's announcement he's considering taking the company private >> a pair of international stories that are impacting the financial world beyond russia as tensions flare up between the u.s. and turkey and sai abudaria ratchets up economic pressure on canada duncan just protected his family

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tronc on report the company is considering an offer to sell the "chicago tribune" and rest of its newspaper holdings to a private equity kpirm that's wording to the "chicago tribune" a bid between $19 and $20 a share has been made and a total offer could be $100 million for the entire company at least one other private equity bid for tronc may be in the process. the stock is up more than 11% on pace for its best day since early february yep. showing that big intra die move on the screen. investors are still digesting yesterday's bomb shell from tesla ceo elon musk that he's considering taking the company private. what exactly would that process entail who would fund it? so many questions. leslie picker has the latest details at headquarters. >> reporter: can we start what the process is unlikely to

entail traditional leverage buy out would be very difficult. tesla is bleeding cash and without predictable stable floss large banks will be hesitant to commit to raising the debt required and even if tesla were able to finance a 60% of the deal with debt their annual interest bill alone would be $2.7 billion according to barclays could they finance the deal only with equity? in theory they could but musk would need tofind partners tha could buy out the public shareholders minus his own stake. that equates to about $60 billion of equity. saudi arabia sovereign wealth fund acquired a fuel billion dollars worth of tesla shares but tesla would likely need more than just saudis to get this done if this deal happens it may not require 60 billion in equity musk said current shareholders can stay investors in a private tesla as well. so how would that work well the individual investors who don't want to sell it for

420 can opt to roll their stake into the private company, potentially through some sort of vehicle subsidiary and in turn the employees and shareholders who decide to maintain their stakes in a private tesla would give up their liquidity rights and it's unclear what tesla would do in way of financial disclosures. >> thanks for breaking down those details. lots of questions. if tesla does go private would that discourage other companies from entering the public market. let's bring in tom farley. very good afternoon to you >> great to be here. >> i want to get into the details of the tweets yesterday and potential process or not in a second but having been president of the new york stock exchange what is your view on the fact that he wants to take the company private. is it too onerous today to be a public company >> i looked at the tweets through the lens ever someone that had run the new york stock

exchange as a former regulator i was appalled at the way it was communicated the first tweet said considering $420 so far so good then there was secured, the funding is secured i'm even willing to say that maybe his definition of funding secured is a little different than the man on the street it's not at this point signed and secured. but i think maybe he's saying i have some people who are interested he sent a follow on tweet that said the only reason it isn't certain is because it requires a shareholder vote so he's saying the funding is not only secured it's certain. i think that that's a bit outlandish and as a former regulator first thing i would have done are they running afoul of any rules and the sec is asking the same question >> and likely to investigate >> the sec opens a lot of investigations and ka'anapali beach wrong. there could be secured funding i think there's one prospective equity check in the world and

that's the saudis. if the saudis stepped up and said i will write a $40 billion check, i could be wrong. >> you dealt with the saudis a lot. you were trying to entice them is it likely they could be the potential cash source for elon musk >> i do not. you're right i spent 15 nights in the kingdom last year including with the people who hold the purse strings and i don't think it's likely they are enamored with high technology big backer of softbank they are an investor in tesla. it's not impossible. one long shot here but i think it's incumbent about elon musk to share that with the public. if it's not accurate i feel bad for the people who went to buy the stock at $370 hoping it goes to $420. >> if his stock were listed here and you were still in charge, pretend that happens, what do you do >> i would have picked up the

phone. i stay hands off on regulatory matters. i would have picked up the phone this looks odd to me >> the news pending -- >> i would have done that immediately. >> did nasdaq impose that on them >> yes nasdaq picked up the phone likely and called tesla and said hey what's going on here you need to disclose more information. that forced tesla to come out with more information. ultimately that's a good thing you saw a smooth steady re-opening of the stock. that should have opened before there are retail investors here you have to worry about. people may not feel great about short-sellers. there's a place for short-sellers in this market they help provide a lesser cost of capital just because you want to see them hurt that in and of them self is not a reason to communicate poorly with the market >> let's talk about trade. you mentioned in the break you spoke to a lot of ceos that were

at the dinner the president last night. what was their response in terms of how concerned they are about the president's strategy >> yeah. i spoke to three of the ceos who were at the dinner last night. a dozen ceos out at his golf course four hour dinner they covered a range of topics, immigration, health care costs the most interesting to me was trade. the new information for me was there was actually a group of ceos in this meeting who were saying, you know, things are going really well here we have the tax cuts unemployment down very low asset prices all time high mr. president now is the time to play tough on trade. hold the line. >> so in closed doors they told them that. in public nobody is saying that. >> it wasn't unanimous. there was a group that was advocating that strategy that's what i suspect the president wants to hear. if you look at the politics he'll look to get a deal with

mexico very soon ideally eu not likely with canada china is the boogieman you'll see china struggle. the idea will be can we get a big trade deal prior to his next re-election. >> you want to help elon take the company private? >> no. in fact i wish i was a shareholder and i could say yes to 420 a share leslie's reporting was very good on this tesla deal i think it's ridiculous shareholders will roll and say oh, yeah no i don't want to sell for 420. >> let's talk about your new venture. why now. if i look at that industry, banks have had a chance to catch up banks are offering genuine competitors to the new innovative companies do you think that's a wrong framing of this what you're going invest is going to disrupt the jpmorgans of the world

>> the answer is simple. it's what i know two, it's doing an incredibly well all across the world whether you look at the financials or here at home with the paypals, the visas finffek is changing business around the world i want to ride the tail winds for a great return >> when you find companies to buy will you tweet about the decisions, the prices? >> i won't do it in the middle of the day with an incomplete tweet because that isn't fair. >> thank you, tom. tom farley still ahead twinkie's maker hostess is plummeting on a big earnings miss. how is that possible new york congressman is in hot water after being charged with insider trading e latest deals on that developing story when closing

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welcome back to closing bell let's check individual market moves. hostess brands falling after a revenue and earnings miss. as you can see, the stock down sharply, some 16.7%. >> do they have twinkies in the uk >> they don't. but similar things which is

drcht typ different type of things >> it will survive in a landfill for a long time. an urban myth. >> i don't think the uk sales had anything to do >> shares of cvs are higher after reporting an earnings beat increased in revenue due largely to growth in their pharmacy growth trading by 4.5%. gain of three bucks in a sector that's been whipsawed as you try to figure out where the exhibition are going driven by amazon >> decent bounce for them 4% we look at the broader markets still essentially flat >> chris collins has been arrested on insider trading charges. eamon javers is back and he's in washington with the latest >> reporter: the congressman and others indicted this morning and arrested by the fbi are now being released twin past hour. the congressman has pled not guilty he and the others will be

released on $500,000 in bail earlier today the u.s. attorney for the southern district of new york announced these charges, said that the congressman had been involved in insider trading because he sat on the board of a drug company and tipped his own son when the drug company's drug trial turned bad here's what he said. >> congressman collins cheated our markets and our justice system in two ways first he tip his son to confidential corporation information at the expense of regular investors and then lied about it to law enforcement to cover it up. >> reporter: take a look at the timeline here of events and you'll see what prosecutors are outlining in this indictment these are just allegations now is that the congressman received an e-mail from the ceo of the drug company at issue here

saying that the drug test had gone badly and was a disaster for the company. at 7 lone 10 according to the prosecutors collins respond the e-mail and then at 7:16 he called his son to tip him about the drug trial results collins was at the white house at the time this all was going on there are photos of him at the white house that evening it was congressional event collins apparently making these phone calls from the white house grounds as he was detailing to his son what was going on with that stock the issue is that the stock, once this bad drug trial became public the stock decline 92% the people involved here friends and family of the congressman and his son allegedly recouped about nearly $800,000 in total value that they didn't lose when that stock went down so we'll see where this goes for the congressman already today. speaker paul ryan has announced he'll not be serving on his committee any longer until all

this is resolved >> clearly insider trading part is far beyond if proven to be correct. how widespread is it that congressman and senators are able to have these sorts of board position i was surprised to hear that that even tfrs case in the first place. >> reporter: you know it's an interesting one because the rule differs between house and senate on the house side you are allowed to sit on boards you're not allowed to be compensated and there are other sort of technical issues but this him sitting on the board of a foreign firm, this is an australian firm, foreign drug company didn't break rules in and of itself. what leaps out to me from this indictment at the time this transaction allegedly happened last year the congressman was already being investigated by the house ethics committee for his role in dealing with this company. he had been interviewed in the indictment says just days before this by the house ethics committee investigators who were looking into that situation.

so he knew this was a touchy issue for him. he knew he was intense scrutiny and then made those calls anyway to his son his lawyers say he'll be exonerated ultimately he's not guilty they point out the congressman never made any trades himself and he lost millions on his own holdings because he wasn't able to sell them prosecutors are saying the people who benefitted here are his son and friends and family who were able to get out >> thanks very much for that eamon javers again back in washington it's time for a cnbc news update hello. here's what's happening at this hour president trump's lawyers rejecting special counsel's robert mueller latest terms for an interview in the russia investigation. they countered with an offer for a narrow path for answering questions instead. $120 million settlement reached stemming from a massive methane leak in southern california three years ago that forced

thousands to evacuate. southern california gas will reimburse local, county and state governments for costs associated with the blow-out changes at the academy awards are coming outstanding achievement in popular film will be added to the honor the year's best work the academy of motion pictures committing to an oscars broadcast that lasts only three hours in an effort to reverse all time low viewership. arizona cardinal fans, take notice university of phoenix stadium is offering a seven pound gridiron burger for $75 it features five one-third pound patties. five all beef hot dogs five bratwursts. 20 slices of american cheese eight slices of bacon. eight chicken tenders. 12 ounces of french fries. leapt us the and pickles on a ten-inch bun if you eat it in under an hour you get a cardinals jersey

probably an extra, extra large >> how much does a cardinals jersey cost >> exactly they should throw in a trip to the cardiologyist. >> i'm disappointed. i thought this was going be a really premium -- >> given the amount of fat what's a little faux gras on top of that. >> for another $75. >> thank you very much sue herera back for us at hq we've got 24 minutes left of trade. a pretty flat day of trade we're off the loss for sure. the low today was down 70 points high was plus five currently down nine. that sums it up. coming up it's been a rough stretch for casino stocks with a number of the big names tanking. we'll speak with the president

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cardiologist. welcome back new york city voting on a package ever regulations for ride hailing companies like uber and lyft here are the details >> reporter: that's right. we're outside of city hall right now where the city council currently voting on these package ever rules right now against ride share companies like uber and lifyft and via an you name they are trying to cap the number of licenses available and put in other rules like a minimum wage for how much drivers can get. what the minimum fares might be. a lot of rules big package of rules some of these things are the first in the nation. the new york city would have the first kinds of these rules for gig economy workers across the country and that could be a big setback for a company like uber who is set to go public a year

from now this could hurt their valuation. this is their biggest market and their biggest market is fight back against them. city council talked about how they are trying to help out drivers. there are 100,000 for high licenses like uber and lyft. the vote is still ongoing but basically formality. they are congratulating themselves on the rules transienting it as if it was already the law and treating it in the past tense. that's a big setback for uber and lyft going forward >> a big win but a lot of folks might think it's a big setback for new york city. coming up next we'll talk casinos with boyd gaming ceo that's when the close bell returns.

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casino stocks proving to be an unlucky bet wynm, mgm, caesars are lower.gr the tables >> boyd game is bucking the trends up 3% so far year-to-date. >> joining us exclusively to

talk about what's setting his company apart is keith smith thank you for joining us >> thanks for having me on the show >> what's your take? why that difference in the performance year-to-date and this radiator and the numbers? >> well i can't really speak to what's happening in some of our competitor stock or with their business i can speak to what's happening in our business. our second quarter we reported the 13th straight quarter of profit a large part is driven in the strength of the las vegas economy. we surpassed a million, the $1 million or 1 million employment mark and we got some $14 billion in construction projects going up which creates a tremendous amount of construction activity and will create a tremendous number of permanent jobs once they are done. >> just so i understand. you call at any time local segment. a lot of big casino companies we talk about have these huge

casinos that are meant for foreigners or people traveling in from all over the country but you describe it as the local segment, that's the people who work and live in las vegas they are not showing any signs of slowing down when it comes to gambling or visiting your casinos. >> that's correct. we don't operate directly on the trip our properties are located off the strip. a large share is driven by people who work and live in that community. those people continue to come out and enjoy our product. it's driven by a strong economy here in las vegas. >> talk to us about sports betting. how transformational could this be for your broader industry and what's your strategy >> sports bet is a very exciting growth opportunity for our industry and in particular our company. i think we're uniquely positioned given the fact we've been running sports books in nevada for more than 40 years. we have a great geographic footprint. we operate in seven states currently. operate in ten more by the end of the year.

we have great experience last week we announceed a strategic partnership with fan duel fan duel announced a partner with another large gaming facility so the combination of three of us will make an unrivalled entity as we look to expand sports betting throughout the u.s. that's pending state regulatory approval >> everybody and their mother thinks they will get into sports betting. can the market get saturated especially if you can do it online and no geographic foot hold any more, which obviously you specialize in. but now are you worried that there's just too few barriers to entry? >> no. if you think about the evolution of the casino industry itself. there wasn't too many years ago where it was solely nevada and then solely nevada and new

jersey now the business is very strong. it continues to grow to crossing this product to more and more people i think will continue to grow the business. >> all right keith, thanks so much. >> thank you >> keith smith joining us from las vegas with the results we have some news on tesla that we'll get to right after the break. but it's 23 minutes, 24 minutes before the closing bell. dow jones industrials average is lower by 22 points nasdaq is up 13. the russell 2000 is flat when we come back we'll have the latest on rising tensions between saudi arabia kennedy >> gnome brian sullivan will speak exclusively with richard weil in his first tv appearance since taking the job at janus henderson. issions for stocks, $0.50 options contracts?

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also why the disclosure was made on twitter the headline showed the regular argue lator is whether musk's statement via twitter was truthful as we've been talking about all day today being musk was considering taking tesla private at 420 a share, funding secured. so this is the latest twist in that this story. the news sent the stock down about 2.9% right now there you go over 3% in, you know, the last eight minutes of trading today we'll keep a close eye on this and let you know what we learned. >> i'm not surprised about this. we had harvey pitt on. he made very clear if he's still in charge of the sec and what's likely happening in the sec they would ask is it really, are you sure the fund is secured is that truthful and how are you dispersing this

on twitter without more clarity. >> not a surprise, therefore, only a small reaction in the stock price. yes 3% but up a lot yesterday because clearly musk maintains his message and maybe he can prove this is true people were questioning whether it was true or not and suspecting the sec would ask those same questions as well >> sec dow jones reports sec is inquiring why disclosure was made on twitter. they have a rule anything posted on social media is considered, you know, qualified under regfd to be dispersed to the entire market but lack of detail on such a big statement is the problem >> the company gave one big clarification, the statement from the board discussion started a few weeks ago. that was a small step from tesla. start to prove some truth behind these tweets but just a small step there needs be a big step on the funding issue and sec will add pressure to get the answers to

those questions. let's move on. two international stories have been moving markets. first the turkish l ira continue to sink against the dollar as a delegation meets with washington officials over the detention of american pastor andrew branson if we can bring back the turkish l ir lira chart it's up another three quarters of a percent or so today and turkey certainly feeling the heat with its twin deficits. >> also second story, tensions between canada and saudi arabia continue to flare in what's become a week long feud between two nations began with a tweet

from the foreign minister demanding two women human rights assists be released. they have banned trade with canada, pulling 16,000 students out of the country transferring patients out of medical care and the foreign minister is thinking about implementing more measures against canada. not slowing down >> up next we're back with the closing countdown. closing countdown. five minutes left in the trade spotting threats faster and protecting his data with the most securely encrypted main frame in the world. it's a smart way to eat lunch in peace. sweet, oblivious peace.

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don't get mad. get e*trade, kiddo. welcome back to the closing bell just a couple of minutes of trade. first the s&p chart. you can see pretty much flat towards tends of the day you can say it's encouraging how we built towards the highs of the day at the end but not much happening if we look at the four indices, you'll see that the dow is slightly lower, s&p flat nasdaq is the only one that's up by .2%, the russell is flat. let's look at the sector performance. there's some sector divergence energy towards the bottom. utilities also lower telco, financials, tech towards the top. tech is just about holding on to

being in the top sector as we approach the close at 0.4% i'll bring in bob pisani fresh low today, low seen in about a year as you can see there. had recovered over the course of the last year but today we're at a fresh low of the last year down pretty sharply. >> good time to visit london >> good time to visit london bad time to have british assets. >> elon musk sucked the energy out of the stock market. michael kors, ross stores, new highs. when did you see the ten handle. way back in january. often this will reverse. a lot of shorts in treasury. tightly wound spring a lot of longs in the dollar

tightly wound spring not like nothing can happen. it's the second week of august volume the light a lot of people are away very normal what we're seeing. >> we're at the bell, ringing the bell he is new york stock exchange is industrials sector, the nasdaq, pfizer group, we're down 47 points on the dow. we just went down slightly closer to the loss of the day. that does it for the first hour of closing bell. michele, back to you and welcome to the closing bell i'm michelle caruso-cabrera in for kelly evans. show you how we finished the day on wall street dow jones industrial average average barely budged. lowered by 40 pints. "sopranos" lower by 0.02%.

as bob pisani said it's late august another very busy day for earnings iac group, yelp and booking.com, we'll bring you those results as soon as they are out joining us today, mike santoli victoria disney trailed. michael kors led it higher cimarex energy was down. >> the market held steady. essentially a half of a percent from the high. you don't see indexes essentially hold still much as as they did today. half of all volume up, half down obviously a lot of offsetting action within the indexes not

much it's a logical place to pause right up against those highs from back in january >> comfortable but drowsy. >> it felt that way, right, as opposed to outside which is oppressively hot and drowsy. >> victoria what's your take with that sector rotation could that continue over the summer or are we seeing signs the interrogatories is done. >> you'll don't see some people have been in these large tech names not surprising to see them take a little bit off the table start looking for some value stocks where they can have more room to run. i don't think we'll see a huge shift. maybe trimming some positions but definitely taking advantage of some of the action that they've seen so far. >> mark how are you positioned and why? >> we're long. we think even though we're at a pause at the moment we'll take out the highs that were established back in late january eventually here before the end of the year. so it's already been a goodyear. s&p 500 is up 8%

the global index is up in the single digits better than bonds. so we remain committed to believing risk assets will continue to gain favor given the very supportive macro economic conditions and hopefully trade concerns start to dissipate and allow this equity market to continue to rise into the balance of the year. >> mike, as we pause on a low volume summer day with not much movement, what do you think about that level that we're at on the s&p, so close to the record all time. is that justified >> it is justified i think a lot of fundamentals that mark just talked about, the earnings base we built up this year, up 20% or plus in the first six months explains why we're here credit markets are very accommodating. we are testing the upper limits that we've seen in the last several months of valuation relevant to bonds. it's not a slam dunk that we

blow through all these highs in new territory. >> new headlines on tesla. dow jones reporting the sec has made inquiries in to ceo elon musk's tweet about taking the company private. sec inquired why the disclosure was made on twitter and whether musk's statement was truthful. we expected the sec to be looking in to it they are the ones that can put pressure on the musk to give the answers. >> more formal answer not a blog post he put up yesterday it's very expected there would be some screw utiny here because namg of a potential psychotic price for taking a private transaction and then claiming the funding was in place, those are things that normally go through a board of directors and is a lot more of a structure behind it. i expect everyone would have anticipated you get these inquiries. not really sure exactly what

kind of semantics or gray areas we'll be in for a while. >> do you own it >> we don't have a position in tesla. we look at balance sheets for these companies and it's not one that supports us having it in our portfolio. >> why not >> cash is too high for us to have in there. it doesn't surprise me that this is something that elon musk is looking to do. you can kind of see that sentiment growing he doesn't want to have a public company. >> can you understand why he doesn't want to have a public company but even if you can is he going about at any time right way? >> i think it certainly is interesting way to look at it by way of saying it's a private company he won't be subject to the quarterly earnings calls he doesn't done particularly well on nor does he have anything but disdain that comes from the community around his cash burn or why he can't produce enough model 3s to

generate enough positive cash flow there's questions who will fund it first of all. let alone, obviously, long term viability about them as an operating company given concerns given by other short-sellers around the ability to keep management teams in place, ability to produce something that's highly competitive and around whom -- >> you don't own a position in the stock? >> we don't. >> i didn't think so >> quickly, what could be the repercussions of an sec investigation if it's proven he said too much, doesn't have the proof? >> this is a material misstatement of fact from a corporate executive. >> if it's not true. >> if it's not true, exactly that's the stakes would be pretty high. in theory -- >> is that the thing that the shorts have been dreaming up >> it's in line with the set of behaviors that the shorts have been focused on which is that he's very quick to engage with his adversaries, respond

impulsively, play fast and loose with facts, drove these forecasts out there. this thing was going to be profitable two years ago and not live up to it. it fits together with how he's behaved. >> fox beating on the top and bottom line adjusted earnings coming in at 57 scents per share versus estimates of 54 scents. estimates have been 7.56 billion. the company saying that the new fox transactions has enormous volume for shareholders and stock price increased by 75% during the fiscal year also explaining this quarter saying the strength of the company's domestic and international cable brands led to double digit affiliate growth in every quarter of the fiscal year with the domestic growth driven by pricing strength while maintaining the overall level of subscribers including the distribution of all platforms.

on the heels of disney the growth of digital is keeping their subscriber numbers flat. do you see shares are down now by .4% back to you. >> we'll wait for comments on sky later. victoria, any thought on 21st century fox? >> obviously everyone is concentrating on the deal with disney and how that will go moving forward will sky play into that versus comcast? how does that play in the future we don't own many of those media companies because we do some streaming on our portfolios. but we do own disney so we're watching how all of that flows in to the disney box >> traditional broadcast model getting a boost. >> that does seem tube theme yes fox is mostly a deal stock right now. people are focused on what will

happen after disney finishes that deal and with sky stabilization of the tv model on a short term basis does seem to be the story that's told basically by all the companies >> crude oil prices are taking a dip according to the energy administration crude oil vince fell last week refiner reserves rose. gasoline inventories rose by 2.9 million barrels. decline of 3.5% of wti in september. how much do you pay attention to crude. are you invested in the oil sector as you see the price continue to push towards 70. >> we are. we actually have that sector over weight because we think the fundamentals for the energy patch are quite compelling even if we don't continue to see oil prices charge significantly higher they are elevated sufficient to warrant for production and exploration

those downstream activities in which there's tremendous investment made by major oil companies to slash their capital budges and are now re-opening their pocketbooks. week over week inventory builds and draw downs don't get us worried. highly unpredictable long term we look at energy demand continues to grow particularly coming from emerging markets trade concerns is an influence there as it relates to china overall we're still bullish on the energy sector. >> victoria, your view on oil? there's a lot of positive tail winds. >> you do have the iran sanctions coming then demand is looking like it's a little strapped. the draw down before half of what expectations were maybe demand is not quite there. if you have trade and tariff issues come in to play and pull that out to global growth demand continues to fall. you have to look at them privately when we look at

companies. downstream coerce doing better than upstream companies. you have to be particular. find the ones performing better. >> let's analytic snap falls sharing. down for a second day in a row social media company saying average daily user numbers fell 2% from last quarter to 188 million. saudi prince showing support for snap nungs a $250 million stake in the company down 7%. mike we focused on this yesterday. that fall in the users versus the revenue guidance and the pickup in revenue. people focusing on falling users. >> absolutely. the idea they now disclose monthly users seems like way of diverting attention from the decline in daily users it came out with a high initial valuation that it still suffers from that. still $15 billion in market value. still seems on a relative basis to be losing digital ad share

and eye ball hour market share to the rest of social media. mostly to facebook so i don't know the story has changed that much and the big question longer term does it have a place in there in this digital ad market. will advertisers find novel ways to employ this platform over others >> are you taking your investment accuse from the prince -- cues from the prince? >> not by following him into snap it's the same concerns we would host relative to pros effects for the company going forward. u user base is the key metric. what do they have to offer and as a consequence, the data point that came out that showed slippage on the front is worrisome. >> we got a news alert on booking holdings >> reporter: so booking holdings has delayed its earnings report.

it was expected to report this afternoon but the company says it will now report a second quarter results tomorrow, thursday, august 9th at 7:30 a.m. fold bay conference call at 8:00 a.m. eastern. the company says although the company as financial results are finalized and ready to report the company is confirming certain business metrics and that it also reports on a quarterly basis. the stock down about 3%. i'll try to get you more booking to report tomorrow morning. >> thanks for that mike, delays never taken good news even if they are ready to report >> i wouldn't think this is an audit quarter where you have the numbers not quite ready. the market clearly saying it's more likely a negative than a positive but very hard to puzzle >> shooting first and asking questions later. what do you think when you see a company, do you have a position and what would you think if you

heard news it would delay? >> we don't have a position but make me nervous if we did. expectations where they would have this 20% profit growth. i'm not sure what the news is. but it makes me nervous. >> your thoughts on the earnings call we'll get from fox. what are you looking to hear whether you're a disney shareholder or sky shareholder >> as a sky shareholder i want to hear what their plans were there if they will don't pursue anything on that realm as far as fox and disney goes, the disney shareholders are the ones that are more listening more closely on that one how will they deal with their position hulu, is there a position in sky where they will increase that. what kind of pieces of fox will they pull over on the sport side and do that there. there's a lot of questions for disney shareholders on that. >> final thoughts, what is your

top trade for the rest of the year >> we like software technology continue to like the ecommerce space. financials look attractive appealing valuations making a lot of money with short term rates going up. and energy, as i mentioned earlier, remain our key areas in which we have the strongest conviction at the moment >> okay. mark and victor area thank you very much for joining us up next we'll get more reaction to 21st century fox earningser and how you should be trading that stock >> elon musk saying he may take the company private. the sec investigating whether he's being truthful. >> we want to hear from you. reach out to the show twitter, facebook closing bell back in a couple of closing bell back in a couple of minutes.my reputation depends o.

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breaking news on uber and other ride sharing companies >> reporter: that's right. as we talked about a few minutes ago, city council planning this vote today against uber and lyft and all the ride sharing apps to limit the number of licenses they can have in the city. that vote just completed and like we expected that vote went

through so you puber, lyft willa hard limit they can't add any more licenses for the next 12 months while the city studies further regulations and more radius coming up like higher rates, higher fares to compete with the taxi drivers that they are trying to support here may not be good thing for drivers or riders. may not be good for uber stock next year in the ipo but the city council treating it as a win. >> thank you very much for that. still much softer than the authorities in london have been. >> oh, yeah for sure and france. europe is far worse. new york city council. >> far worse on uber lovely place >> no i mean on their politics >> reporter: a little bit of commentary here in the fox earnings release about sky the company says it remainsdmi

ed -- committed to sky it goes on to say the company noted the deadline for publication of any revised offer in respect to cash offer is september 2nd, 2018. very much leaving the door open that fox is considering how much more to offer before that september 22nd deadline for sky. shares are pretty much flat. guys, back to you. thank you very much. all kinds of rules in the uk >> all kind of rules and they finesse the style of the offer this week. that's what they changed confirmed they have until whatever date september 20th or 22nd to change the bid so still in that purgatory position whether they will up it or not still i think people would expect them not to let's discuss it with cnbc contributor ed lee rick santelli still with us.

mike, clearly at the moment people still expect that the sky bid will end up going to comcast, the current 1475 pounds on the table >> i do think you have to make that assumption. obviously fox owns the other piece. there might be less urgency right now to do a top bid. i think you still have to keep it out there as a possibility, put some probability on the chance they do right now it seems the clearest path belongs to comcast. >> would you agree, ed lee >> certainly a wait and see approach source have told me it's really a disney call at this point. if they go for the full, increase their bid on sky it's disney's call because they have to absorb the debt so they are leaning away from that the thing that's giving them pause is sky does own digital streaming rights for pretty much all of the disney and fox films for the next three or four years. so if the future --

>> international >> in the markets in which sky operates if you want to boost your business through these markets that's a piece you give up >> what should they do >> basically if you think about the pending sale of their film assets to disney and the fact that fox owns a piece of sky they have a deep appreciation for the value. i wouldn't be surprised to see them come to the table with a bigger offer >> what does it mean on the other stuff they want to spend money on >> if you look at fox the basic challenge for media companies is transition of a $70 billion advertising market heading online roku reports aftermarket today and they are doing very well in taking advantage of that so basic challenge for fox and for everybody else is maintaining as much of the 70 billion tv ad revenue while building their digital assets. to the extent i think sky would

help them with digital assets as well is very important >> ed lee fast forward for us 12 months what does fox do once it's done with sales >> broadcast cast and hold on to fox news fs1. fox news and fox broadcast one interesting thing, sec adjust truld on the 39% cap ownership, basically you can't own more than 39% distribution for tv stations. they included a new loophole called a uhf discount which doubles your ability to own more tv station look for fox to own more tv stations that's the way they will boost their business >> in the old days there wasn't cable. main broadcast channels then the weak uhf channel 56 in boston. so the sec would say those

aren't as strong and so we're going to discount their penetration in the market by 50%. >> here's the thing. sec mandated the switch to digital television back in 2009 so uhf discount -- uhf signal doesn't matter any more. everything is the same strength. you're getting a discount you shouldn't get a discount for >> there's some legacy thing there, people don't watch them as much. >> the screen is the same as the traditional tv broadcasting. >> but they haven't gotten the viewership >> is this a sensible strategy going forward if we look at this quarter's results for all the broadcasters is it time for a bounce back from the traditional guys. >> on a relative basis it's the strength of the news channel for fox that's enabled them to do so well along with the sports i do think you're seeing some signs of stabilization here from the old guard if you want to

call them that in the media space. capture more of those ad dollars offline, i mean online >> one more thing that's interesting, always like to look at the hulu results since they own 30% of it. lost 1.5 billion in 12 months ending in june that's disney's loss once they consolidate. if the future is ott, that's something to think about how the economics of that business pan out. they have over 20 million paying subscribers. not a small business >> thank you, guys coming up we'll hear from one researcher to discover how to hack into computers using microsoft windows and voice commands >> but first we'll head live to california for the latest details on the historic wildfires which, of course, are ongoing in the golden state. we're back here in a couple of

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we go near to the devastation. >> reporter: sheer number of resources out here is just staggering there are 4,000 firefighters, 400 engines. you can see a fraction of those resources behind me at the mendocino basecamp a fire that's been growing overnight. mendocino complex is made up of

two fires the river and ranch fire together they are now, the fire is raging at more than 300,000 acres. however at the moment firefighters seem to have mother nature on their side winds have calmed down temperatures have cooled humidity also rose overnight that's given firefighters a chance to gain some ground on the flames the ranch fire is now 46% contained, up from 20% last night. the river fire 81% contained still, 10,300 structures are threatened 160 homes destroyed. and more than 23,000 people have been evacuated it's one of the worst fire seasons the state has ever seen. >> the fires are hotter. the fires are moving faster. the fire behavior, that firefighters are seeing, is very unpredictable. more so than eve ever seen before >> firefighters are also in a bit of a battle against the flames a race against the clock, is that tomorrow it's supposed to get

hotter, drier and windier, so they are hoping to make as much progress as possible before those conditions worsen. back to you. >> i was interestsed to hear how the firefighter talked about it being hotter, spreading faster than before. there's criticisms of california that they are not spending enough on clearing the dead underbrush that's in the forest there and as a result these kind of things happen why haven't they done that >> reporter: yeah. it's interesting it is definitely a problem and it's what they are saying is an after effect of the drought, the drought obviously is over in this state but remains a huge problem. ground water levels are lower as a result of a drought. i did talk to cal fire about that, about that dead brush on the ground they say it's a problem. definitely a contributing factor to these fires as far as why hasn't the state done enough that's more of a political question than it is something that we can answer right now very sincerely back to you.

>> sure. thank you very much for that let's take a look now how we finished the day on wall street. the dow, a little bit low. we did see a fractional sell off about .2%. s&p fell negative. dow down .2. nasdaq lost its slight gains it had been holding on. russell just below the flat line >> let's get to some of the other big stories in our rapid recap. shares of michael kors higher in the pre-market quarterly profit of $1.32 per share. revenue also topping estimates and kors raising its full year outlook. >> china's commerce ministry says it will match u.s. tariffs on $16 billion in chinese goods. china had previously announced it would match any new u.s. tariffs. statement from the board now. last week elon opened a discussion with the board about

taking the company private this included discussion with how being private could better serve tesla's long term interests and address the funding for this to occur. >> mylan says it formed a strategic review committee to explore alternatives because the u.s. public markets underappreciate the strength of mylan's business >> u.s. representative collins has been arrested. >> cigna should sit on the sidelines, allow the market shake itself out we don't believe that's a strategy that's more financial engineering. >> so lots of news today even though it may look quiet on the averages for the stacks ek change but a lot going on. >> i have to come back to the tesla story. we did get a letter from the board. that was an important statement but not all the board members signed it.

certainly not definitive >> subset of the independent board members said this proposal of a potential deal to take this company private was around last week we're considering it seems sketchy. not something where it's a process that's evolved very far. >> sec will be asking questions now according to reports and answers will have to be given. time for cnbc news update. here's what's happening at this hour. well he may be clinging to a 191 vote lead in the kansas gop primary for governor but chris cou kovac will begin a general election campaign acknowledging he could still lose the race >> very close race i'm being realistic it's possible in saying this is a tentative victory and we are just going to move the baton down the track and hand to it jeff or keep holding i want to be it's imperative republicans start running this race. >> hundreds of tomato pickers

marching in southeastern italy as part of a strike to raise awareness about poor working and housing conditions for imgrant workers. they are angry about two recent road accidents that killed 16 people they demanded contracts and safer working conditions independent league baseball player brennan metzger was ejected for arguing about balls and strikes in last night's game he gave the ump his two cents as well then he told the ump to go to his home he was suspended for one game. i'm surprised it was only one game but there you have it. he was mad >> yeah. colorful way to show it. >> yes >> you're up to date tesla giving back some of yesterday's gains after a report the sec is looking into elon

musks tee s tweets that he may the company private. >> goldman sachs is interesting in getting in the liquified natural gas business we'll discuss that on the we'll discuss that on the closing bell later. the nature of a virus is to change. move. mutate.

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we have an earnings alert on yelp >> reporter: strong set of numbers driven by core advertising business, paying advertising accounts surpassing expectation. total advertising revenue growth accelerated 21% year-over-year that stock up 12%. another big mover, alpha beauty a big beat on its bottom line but it cut its full year revenue growth outlook to the low single digits the company says we're work to improve trends at select national retail partners and are confident in our long term potential but that stock down nearly 8.5%. had been a high flyer. thank you. shares of tesla finishing the session lower. after surging yesterday on a tweet from ceo elon musk saying he wants to keep the private company. dow jones reported sec making

inquiries over musk's tweet. what are you going to do now guys >> is that guy or guys this is what i think normally i would say, tesla traded up to an all time high back in june of 2017 389 or so yesterday in the aftermarket. traded three times normal value. today closed on the loss at a bit of a tell today i'm going to say think the saudi investment fund is the tesla what the federal reserve bank is to the s&p this stock might go down a little bit but420 price target thaet put on the stock himself is absolutely in the cross-hairs. >> i'll tag on to that tinting part is everybody thinks this reaction by elon musk about going private is immediate like in the last couple of quarters this goes way back not everybody has been talking about this back in november he was talking

about hey i'm considering going private. i can be far more efficient if this is a private company than public this has been out there for quite a while. the idea if he's been able to find the guys to finance it, strategic partners or maybe companies that he's maybe had discussions with, somebody out there might exist that actually will be a part of tesla. >> i guess we've had promises before that he's missed and the markets got used to that usually on less high-profile issues like production targets and the like if this goes away and turn out to be completely fake, regardless of what the sec might do, where does the share price react then is this not such a massive issue if it turn out what he said about it is false it raises massive questions? >> which is the exact reason in my belief it can't be fake i know he's outlandish and puts stuff out there. this one to me says he has something. i'm not is going to say he has

everything secured i'm hard pressed to believe he threw this out willy-nilly your point about promises kept, promises broken, i think this is more of a declarative statement than a promise >> many look at it as a car company, many others look at it as a technology company. it's pretty interesting especially when you look at the board and what the board right now says they think tesla will be worth over the next ten years or so. maybe it's not so far fetched he has this number out there at 420. >> we'll see guys. thank you. tonight "fast money" bitcoin plunging but manager of one of the biggest hedge funds see bitcoin surging to new highs that's at 5:00 p.m. eastern time up next we head live to one of the biggest hacking conferences in the world to talk to a researcher who hacked into

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security researcher. he uncovered this security flaw. i reached out to microsoft today and they say listen they are aware of this issue. they already issued a patch to address this bottom line this for me. how worried should many window fans listening to this be about this security fraud? >> well, i think that everything that microsoft said is true. we're responsible researcher we responsibly disclosed and right away patched most of the issues and some issues are not patched yet but they are in the pipeline and will be patched but i think it kind of shows the bigger problem, and it's like the smoke and there's some more fire there and we think that although, you know, nobody should wear tin foil hats to protect against that and we

should take it into perspective, but i think for people that use their computer for important things such as corporate and so on, i think they need to reconsider using cortana and especially using cortana while the compute certificate locked >> by the way, you say we should rethink using cortana. what about siri, alexa should they rethink using that as well. are you concerned about vulnerabilities there? >> well special case in cortana, okay, that they were injected into existing environment because we have windows like for the last 30 years. and all of a sudden we add some new interface and when to crossing such an innovative concept in an environment it's risky. alexa is a new interface for new environment. so it does not have as big a

surface and alexa is a dedicated thing. having said that, reduce the surface and we think that similar vulnerabilities can be found there and in siri especially if siri is integrated to maps. it's not related specifically to microsoft and their practices. it's something more general than that >> this is a general problem new interfaces mean new vulnerabilities. some might listen to this and say it sounds like what we need to make this work is physical access to the actual target pc if that's true that sound like it's limiting. is that how you think about it >> so, the initial attack was with physical access and when we consider the physical access it's still relevant because each time, for example, you lock your computer at work and go to a break or to a meeting or so on,

so your computer is physically accessible by other people so we don't need to underestimate the physical access but we think and we'll show in our presentation that there are all kinds of remote. for example using the remote desk top protocol which allow users to connect remotely they can remotely send voice command. so there are also remote vulnerabilities. >> amazing more news on the way thank you very much for joining us today i'll send it back to you josh, thank you very much. our thanks also. goldman sachs could be take on a big risk in the energy market. that story is coming up in our takeaway >> an exclusive interview with ceo drew houston

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welcome back tp time now for the takeaway samsung, is focusing on a.i., biopharmaceuticals and electronic components for cars samsung says it plans to invest $161 billion and create about 40,000 new jobs over the next three years. mike, was there a time when this company was 70% earnings from the galaxy sets of smartphones amazing how it's transitioned.

those phones are still the most sold in the world. >> i was trying to figure out if $22 billion in these fast emerging areas is a lot or a little over three years because you hear about the size of these markets and you would expect 5g in particular is something that they absolutely have to ramp up for. it is fascinating. a.i. the other story about artificial intelligence is the raw material is really the data i don't know how many dollars you can deploy in terms of getting an advantage there >> next up, goldman sachs is reportedly in talks about buying a tanker of liquefied natural gas. the bank taking a chance on the rapidly increasing exports of american lng they're buying the boat -- they're buying the gas in the boat >> not even quite doing that i spoke to some sources that said this deal is probably less likely to happen now than to happen "the wall street journal" got wind of it and went ahead with the story and this is a financing a shipment of ifg and

they have exposure to the physical commodity for how that is structured rather than operating the ship itself which is clearly something they don't have, and what is true in the wall street journal is this is them thinking about increasing their exposure again to a b, lng in particular because of the likelihood that the u.s. is going to start exporting more of it >> goldman sachs's dna. >> didn't lloyd blankfein start out as a commodities trader? this type of deal that's been less of in the last decade and for the u.s. investment banks within this type of commodity with lng there's been a lot less of. >> and all those things. >> partly because of that and partly because they haven't done much of it they're not trading. >> there was a time when they would be happy to own physical commodity, but it's long gone away >> final story, online mattress star caspar it plans to open 200

brick and mortar stores in the next three years it opened its first store in new york ca casper is considering filing for bankruptcy you would rather go from online to opening stores. i did see a statistic that the number of retail mattress stores in the country has gone up to 32%. >> really? peak mattress. also, they advertise constantly, as we know and it's because people rarely buy one, but every brand has to be out in front of you when you're ready to buy one. >> of all of the products that i would like to try first, mattress would be on the list. all bedding. a pillow, as well and i recently bought a pillow online terrible >> once you've -- yes. it's showrooming >> you want to go lie down on it you don't care if you pull it out of the store and bring it home >> right. >> we've got an answer

it's roku and seema modi has the numbers for us >> roku, shares are higher on the top and bottom line. it also expanded access to free streaming entertainment and launching as part of its roku web. d.a. davidson saying world cup in june likely contributed to roku's strong performance. by the way, the stock up 8%, but up 115% since going public in 2017 let's talk jack in the box a dollar adjusted on the bottom line versus the 88-cent estimated revenue exceeded forecast and the stock enjoying a 7% move to the upside. meshel >> two big winners there thank you, seema anothebu enis r syarngday for earnings and we'll recap the big earnings and we'll recap the big move, next so don't move [music playing]

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and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business the united states postal service. priority: you >> let's get a check in on the headlines making news after hours. yelp shares soaring after it beat wall street's earnings and of revenue forecast thanks to growth in paying ad accounts the stock is up 11%. >> big move there. >> elf beauty reporting better than expected profits. you can see the stock is up by more than 10%. booking holdings, formerly known as priceline under pressure

after delaying its earnings report until thursday because it is confirming, quote, certain business numbers it's only off 1% it hadn't been worse. >> we did get a bit of a sell-off toward the end of the day. not huge. >> on the net basis it was slightly softer today, the market was and it has lost a bit of momentum and it stalled out here if you looked at it today you would say the top is spinning slowly here and something will have to come along and give it an extra turn if it's not going to fall over >> what do we know today compared to yesterday on elon musk's desire to take tesla private. >> one at least he floated something to the board a week ago. >> so they say >> it was not purely imposed of gut call on tweet. besides that, not much of anything except the way he disclosed whatever he disclosed has drawn the apparent and predictable scrutiny of the sec. >> because this would be so bad, if it was a lie. it can't be a lie. >> that's giving the benefit of

the doubt to a guy who has really made lots of very impulsive statements online so we just don't know >> which you still have no idea where the money would come from and it's a lot. >> successary financial part of it the idea that the existings rolled their holdings into a private sector, 50 million shares traded and people sold in the 370s and 50 million shares in the last two days >> that will do it for "the closing bell." "fast money" begins right now. "fast money" begins right now overlooking times square i'm scott wapner our traders are pete najarian, tim seymour, karen finerman and guy adami. the sec reportedly now looking into the tweets from elon musk yesterday about taking his company private. could twitter be tesla's downfall we'll explain. plus, it's a crypto crush. bitcoin sinking after the sec delayed its decision on another proposed etf is this the final nail in bitcoin's coffin