customers to earn those spots. we feel as if we have a great story ahead of us. >> thanks for joining us today >> thank you >> i wish we could have some samples. i'm hungry >> wasn't this fun >> thank you i'm back tomorrow. i don't know if anybody else is. >> i'm back tomorrow >> thank you for watching "power lunch. >> and we've got "closing bell" coming up right now. it's time for "the closing bell." i'm wilfred frost at the new york stock exchange. stocks wavering all session long but the nasdaq set for its biggest winning streak of all of 2018 in st. charles illinois, aldi making some big changes to its u.s. operations at the grocery wars heat up we'll hear from the company's ceo ahead. the ever changing trade war could be having an impact on federal reserve policy i'll have the latest thinking of the central bank and top economists coming up dropbox shares have been on

a roll ever since its ipo but could the momentum continue? "closing bell" starts right now. >> we've got dropbox coming. >> good afternoon to you we'll get to all those stories in a moment and that breaking news story on campbells soup as well but first a check in on the broader markets. not a very impressive day on the markets. the nasdaq and the russell both holding onto around about 0.3% of gains >> and we are still watching to see if the s&p 500 can still hit its record high. it's pretty darn close the record high at 1872 the all-time high and we're sitting at 2858. joining our closing bell

exchange today you think the s&p finishes -- >> when you look at what's happened over the cost of the last four quarters the market has traded at basically 20 times earnings we're going to be up 24% to 25% the second quarter you're going to be up another 24% in the third quarter and at least 20% in the fourth quarter. i have a high convikds, you would have to some kind of economic catastrophe >> the market is not trading at 20 times right now

it's trading a discount. >> my 160 number is at a bit of a consensus. unless you think you're going to have a sudden shift in the multiple that doesn't exist -- by the way just so everybody knows and it's clear i did that in early june and i didn't do that today >> keith, what's your take on the sort of sector purchase we've seen and this week is a very clear split between the two consumers. >> you're going to have people that are going to be chasing performance and yield especially when you have a thin tape like this you're going to see those movements that will bifurcate

away i think what we're also seeing is even in a thin tape, and we'll have a thin tape probably for the remainder of the month here as people get positioned coming out of earnings and in the third quarter for what those earnings look like, i think you're going to see that continual movement away from a broad-based type of investment strategy and take shots and bets depending on where you think you are in the business cycle. all of those things. the problem you have with a thin tape, though, is that you may see some out sized moves intraday and one day to the next >> which we haven't seen for the past week. if you have to pick where that might happen for the s&p, it's to the downicide y side you thi? >> i think we can move higher inside of all of this.

we're not overbought short-term on the s&p 500 >> rick santelli, we have some inflagds data this morning, but of course what matters tomorrow morning the consumer price index and whether or not that's finally going to move that ten year around at all >> i think any given cpi, ppi data set can be important because inflation is the one ingredient that changes everything with respect to the yield curve, the steepness, maybe the confidence of the fed to put more tightsenings in and traders are highly aware of that this morning's number as strange as it is the year over year data points were still a whisper away from the highest levels we've seen since 2011 we saw it happen immediately the curve was flattened with all

interest rates moving lower. and hover said around 28 i don't know that cpi is going to be hot or not tomorrow. but i guarantee you this, that if we do get a hot number i think that is the issue that keeps us, you know, from being on the north side of 3%. there's a lot of reasons to buy treasuries and at some point one of the main reasons not to sell them is that we're all nervous about inflation. we have a pretty good idea it's anything at us, but it's just the urgency. and that is of course what cpi can change just in a couple of minutes tomorrow morning >> tony, if inflation spikes and with it fed expectations for hikes raise could that derail the equity markets >> let's say that happens and the yield curve diverts in the next 15 minutes, what happens is the market trade is up in the

next seven cycles a median of 18% and in the last three sick cycles you're up 34% at 22 months with a recession not happening for -- you could get a lot of volatility. also to be clear we're going to have more volatility we had a nice decline in the beginning of february. it's what do you do with it, and currently the backdrop of credit and backdrop of stronger fundamentals in the pace of earnings absolutely dictates you should want to buy it. again, it's not that you're not going to want to get it but what do you do when it happens, and we're still in the cycle where you want to buy it >> is that a head wind potentially for equities

>> the dollar has been moving, so if we do have that higher inflation number, that's the number you would see we've still got some room to move here. >> gents, thank you very much for joining us >> just moments ago our own david faber reporting that don lobe's third point calling for a sale of campbells soup, upping for a stake. joining us on the phone is jonathan from consumers edge research lobe is calling for a sale he's got another large shareholder, what do you think the chances are something finally happens with campbells soup >> of late june i think they're pretty good. and there's a range of strategic options they could undertake but i look at the appointment of an interim ceo keith mclaughlin from the board so abruptly and

his actions the options are on the table, and they're going to do something in my opinion and that could be a small tweak to the portfolio or exploring a sale of the entire company >> jonathan, if it was a big sale oaf the entire company, what needs to happen, who are the key players who need to be convinced of that? >> well, there is a family involved here. they go by many different names. they're the second and third generation descendants of in fact the founding father of the campbells soup company if you add up all of their control you have the mid-40s percentage share it's that family that really needs to be the audience of a lot of this, mr.obe all's talk and i think a lot of it makes sense. it's just a question of getting that point across and assessing their patience and objectives as everyone looks to try to

maktsmimakt maximize the value here. >> when you have those multigenerational family companies, you have those different desires. why hasn't the sale happened yet? is it nustal juon the part of those family owners of the shares that just didn't want to give up control or is it something else >> it's funny. in research for my june piece i found a pleading article from a major newspaper how basically a sale was all but inevitable. back in 2000 with a lot of the same dynamics. so why hasn't it happened, i think there's a connection to the company. i think there's just been a series of executives who have made a compelling case to the family and others that they and their plan could provide a better value than a sale at that junction i think that's been usually the

simplest answer is the best one. >> jonathan, quickly, do you think nestle is a potential buyer for this >> no, i really don't. when i think one of the biggest things that could possibly happen here, the biggest value drivers, you've got a lot of latent pricing power in my opinion, and this iconic campbell brand that closely resembles the pricing power that was present and still present in the ketchup business particularly in the portfolio of getting more effective revenue, getting prices higher and being willing to cut costs, getting that margin up, i think that's where the biggest opportunities are, and that kindof buyer and that kind of philosophy is probably -- that kind of attitude management is probably the best solution for campbell in whatever form that takes.

>> okay, jonathan, thanks very much for joining us. jonathan feemey from consumer edge research. it's the day of the deal details what happened. >> well if the large stakeholders in the pharmacy chain felt the $24 billion deal would leave them too little if the merge were completed shareholder advisory firms had come to the same conclusion and came out against the deal last month. albertsons says it was not willing to boost its offer the big question is now what it has hoped this deal would help bring the pharmacies into the grocery train would boost the process of bringing in

albertsons again in an ipo they said we have heard our stock holders are committed to moving forward as a stand alone company. that's a big challenge after two failed deals rite-aid's footprint is small. and the competition is getting more intense with cvs and express grips looking at big mergers with insures here's the other deal that fell apart, tribune media

terminating. it said sinclair engaged in unnecessarily aggressive and protracted negotiations with the department of justice and the federal communications commission over regulatory requirements and proposed aggressive party structures or regulatory sales that were rejected outright or posed a risk of rejection or delay >> let's bring in the former chief of staff and former legal advisor at the fcc thanks very much for joining us. before we get onto what could happen to these assets after the fact, was it slightly odd this deal in the first place didn't have clearer terms based on whether things were given approval or not? do you think any of these lawsuits will be successful? >> wilfred, first of all, this deal fell apart a few months ago and sinclair tried to keep it on

track. but apparently not hard enough there was quite a but of push back from the fcc about the investtures. and for whatever reason the parties opted not to follow that script its in entirety so, you know, this is -- i think we have to look at the demise of this deal as you say as a bit of a one-off. because the high fcc along with commissioners car and o'reilly are really not inclined to put down on these deals. they really think of these deals as nothing more than license transfers. we have to not use this necessarily as a guide for what comes next >> i don't know if you've had a chance to look at the lawsuit, but it seems pretty incredible

to me. there's a rule in this country that you can't have two stations in the same city in the same company. and when they got together tribune said, look, you know that's what's going to happen, sinclair so let's agree right now that in all the cities where we have two stations, you're going to agree to dwivest them sinclair agreed to that, and then they said when they actually started negotiating with the doj, they didn't agree with that, that that they kept fighting that. do you believe that happened do you think they were just going to undo all kinds of precedent? >> i'm very familiar with the arrangements in which a company, a broadcaster can own or essentially operate two stations in the same market through joint shared agreements or sales agreements it's not that unique it happens in the markets place. i think what happened in this instance is that the preffed

buyers that sinclair put up didn't have enough arms length with them to pass muster by the kmig commission or by the doj and they did want want to relent on that and go at it different ways that was ultimately the demise of the deal. with respect to the broadcaster companies having two stations in the market, that's really relatively commonplace it is allowable under the law. it's a little -- sort of a little known fact, but it's allowable, it's illegal. and so that particular part of the transaction is not illegal per se perhaps it's the ownership structure that was being challenged and that's at the core of the alj process and now at the core tof lawsuit by the tribune. >> what happens next is this perfect timing for fox

in. >> that's an interesting question what happens next is first of all tribune is an attractive partner. those stations are in wonderful markets. and even if the company has its share of problems, you've got next star sitting on the side lines with quite a bit of money and the opportunity to jump in you've got fox who has the incentive and the affiliate relationships with a number of those stations you've got perhaps tegna who would be an interested buyer tribune i think has the benefit of either being able to sell all the stations outright in one transaction, which is probably not going to be likely or it could break them up and perhaps get even more than they would have gotten from the sinclair deal. but i think they're in an interesting and pretty strong position i think we have to keep our eye on the next up, which would be either next star ear fox going after some of those very attractive markets

and i think also the next acquirer is going to have a really -- should have a clear glide path at the fcc. because all the regulatory risks and traps and obstacles have been really vetted in the sinclair transaction and i think those coming up next will take their cues -- >> the parameters are clear for sure coming up next on "the closing bell," goldman sachs global head of cumadties lays out his bold call for where oil prices are heading by year end and later shares of dropbox are up more than 20% since tirhe debut. can the company keep it up

china's retaliation of a 25% tariff on $16 billion of u.s. goods is just the latest in the trade war and the ever changing factors could start to have an impact on fed policy steve liesman is at

headquarters he's got more on the influence of the fed hi, steve. >> michelle, and the first place the fed is going to look for the impact of tariff are going to be those inflation numbers. today's ppi numbers unchanged but a high year over year rate price for final dammed for producer goods, that takes away food and energy hitting a six year high of 2.8%. and they've been rising steadily on that chart. you can see there soft wood lumber up nearly 20%, and steel mill products up almost 20% on a year over year basis inhe says inflation will rise as supply chain bottlenecks mount further and as more businesses attempt to pass on prices to customers. the fed is going to watch wage growth and inflation

are these one time price rises or do they represent a long time change or persistent change to the inflation rate it's going to monitor inflation expectations and watch the flow from producer prices coo consumer prices. less of a inflation concern right now, guys, more of a growth worry >> steve, thank you very much for that number. many traders expected to have a wide ranging impact on the global commodity market. here to give us his take is goldman sachs' head of research. let's kick off with oil. we were sort of 66, 67 on wti. year end forecast is what is why? >> 70. and when we look at the fundamental picture it really hasn't changed you see substantial liquidation

really off the headline risk of tariffs. strong global economic growth, you actually have gdp tracking accelerating likely to 4.7%. two, when you look at the inventory picture very low the strong demand has pushed inventories down to very low levels that is the core of the diversification argument meaning that low inventories create higher prices, stimulates inflation and forces the hand of the central bank you have strikes in on the copper side and saudi arabia is producing at 10.3 not at 10.8 like expected. >> so when steve talks about potential effect on the trade war he will think about inflation a lot, but he says they might be focused on what it could do on a slow down in

global trade wouldn't that be bad for commodities like oil >> let's think about two types of commodities out there by the way, oil was excluded yesterday. >> by china on the tariffs >> and reason why is because it can be redirected. you're not going to impact oil there's so many producers, so many consumers you look at soybeans and it's not fungible it can't be redirected that one got hit really hard because to give you the numbers china imports 34 million tons of soybeans from the united states. brazil, the skd largest producer only experts 7 million tons. >> by the way, we had a guest on yesterday who said for those reasons chee reasons chine awia will ultimat

end on soybeans. >> would you say that's a bright idea that you think l and g prices are going up? >> wee a classic late cycle commodities that has risen the level so high it stresses the stability of the supply. lng is tight you have winter level sitting right now. it's a substantial premium right now. >> how realistic is it that the u.s. exports meaningful amounts of lng to europe to the extent can offset reliance to places like russia? >> obviously there's going to be room for u.s. imports particularly given the facts that a lot of that is already contracted but look at the value proposition for u.s. exports looking into the pacific basin with strong demand coming in from china

lng from the united states goes into the pacific and china $8, the price is over $10. the tariff is 29%. you don't even hit the kusht price in asia right now. >> those are good numbers. thank you, jeff. head of commodities research at goldman sachs. coming up bad news if you're in the market for a used car the reason behind surging sticker prices straight ahead. plus shares skyrocketing today on the back of earnings. today on the back of earnings. stic yeah, since birth. that drives me crazy. yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. "the closing bell" back in a couple do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you.

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good afternoon welcome back we're sort of at the flat line for the dow and s&p. let's check in on some individual market movers which are far from the flat line first of all roku rocketing today. it also raised its full year revenue forecast the stock up 20% i just think apple and apple tv missed such a big opportunity. they're the maker of choice for hand sets. you'd say they would be as well for laptops, for ipads the very first version of the apple tv was way ahead of other streaming devices and yet they just didn't update it for five, six years and they've lost this market potential >> i have one and it hasn't changed for nearly a decade. i think of this is heavily

shorted stock. whoo, painful. booking holdings is falling today. if you're watching you may remember delayed it until this morning, beat on the top and bottom line and then gave weaker than expected guidance on quarter earnings, revenue and room night bookings. as you can see the stock is lower by about 5.3%. >> rightly so given those numbers. >> time now for a cnbc news update >> hello, guys, everyone here's what's happening at this hour an oklahoma man has been sentenced to life for the stabbing death of his family 19-year-old michael beaver given five life terms running consecutively. he was 16 when he and his older brother killed their parents in tulsa back in may. drone footage showing the

extent of the destruction in lombok, indonesia, the death toll climbing to 319 with thousands more homeless. nagasaki commemorating the 73rd anniversary of its atomic bombing. antonio gutierrez the first u.n. chief to attend the memorial >> we must commit to making nagasaki the last place on earth to suffer nuclear devastation. and i'll work with you to that end. a somber news update but you are now up-to-date i'll send it back downtown to you guys >> sue, thank you very much. we have got 26 minutes left before the close the dow just below the flat line as is the s&p. russell is up 0.4% in an unexciting session so far.

german chain aldi shaking it up its chain and later the boss of influential bond investor bill gross had some very harsh words for his employee earlier today on cnbc. see what he said which is making big headlines. just ahead on "the closing bell." at the marine mammal center, the environment is everything.

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welcome back to "the closing bell." german discount grocery store ald ae ald ae is making moves to boost its expansion. >> about a year ago aldi came out with a pretty important statement. today they opened their 1,800th store in the u.s. that one was in texas they've got 700 more to hit their gel of 2,500 today aldi says by early next year about 20% of the stores will be new. 40% more fresh food will be part

of every aldi store. they're about halfway through that remodel program and jason the ceo, says when they're looking at the new store locations they're looking at competitors. they want to be close to them. they know shoppers do shop more than one store, although they hope they'll start to shop more and more of their basket at aldi he says sales more than doubled in the last five years they will double in the years to come, and that's not all >> our same store sales over the past several years has been much more than what the industry has realized, and that gives us more confidence to both invest in the news stores but the existing stores in our network and continue to grow acceptance with our consumers. and it's resonating, it's working. >> and speaking of acceptance says that one in every four aldi's customers in june had a

household income in the u.s. of $100,000 or more with all the changes aldi is still sticking to its roots. they're going to stay 90% private labeled. that's how they're able to keep their prices in part about 15% lower. particularly millennials accepting private labels more and more they actually increased more than 4% last year after a slight decline the year before. i don't know if you guys are there and can still hear me, but if you want to play some pricing games i've got some choices for you. how much do you think this rose is i might have lost you because if you're still there i'm going to tell everyone because i can't hear your guesses.

it's $8. >> that's really cheap >> and this bacon $3.90. for a pound of struberrieawberr, $1.29. >> i was saying in the u.k. they've got probably about a 10% market share >> what did you buy when you were in college? >> always the beer that was always cheap. when you were a student you stuck to your guns >> how much cheaper was it compared to -- >> they'd always have a deal on it and it would be half the price of like teskos which is still a cheap place to get it. the u.k. food market are five years ahead of the u.s. food markets, just as big of a threat an impact from the margins were

aldi on the end. up next the price of used cars skyrocketing to new highs. what's driving the price increase and what you need to know before you hit the dealerships this weekend and later has billro gss' reign as the bond king coming to an end what his new boss is saying ability his track record that's not good later on "the closing bell."

welcome back we've got some new headlines on tesla. the story that keeps on giving this week. >> take a look at shares of tesla because they're moving lower. and within the last half-hour there was a bloomberg report indicating that fec investigators may be probing some of elon's tweets prior to being sent out on tuesday where he was pointing to turning the company private. we should point out there is not a formal investigation opened yet that has been opened by the sec. and now this other report from bloomberg that they are looking into other tweets or communication from elon musk we have also reached out to tesla today. and tesla has had no comments

regarding any of these reports about the sec looking into these communications from elon musk. >> what other communications could it be, phil? what other communications would be be talking about? >> well, we don't know look, this is vacuum right now, michelle all we know is -- >> i'm sorry i thought i saw a headline related to production targets in the reports. >> well, production targets and sales have been indicated in that report but that's not been confirmed by the sec we should also point out that matt who runs our d.c. bureau had a great point today. he saidwreck look the sec sends out a lot of communications to lots of companies. it doesn't mean there's a former investigation. but given this environment that's the way the stock is taking it and the stock is down

like $20 >> stepping back from today's headlines as we've discussed for months and months, often elon musk makes promises and they're not delivered on production targets or whatever. if he mails foodlito deliver ons particular promise about taking it private, is that a nail in the coffin for people of him never getting away with it again? >> i don't think so. his own words a couple of months ago were i will take what i say and, you know, take it with a grain of salt because i'm not always 100% accurate those were his own words so i think that people -- i'm not sure how much, wilf, this changes people's perceptions about elon musk as a ceo and communication. the skeptics still are skeptical. and go on twitter there's no shortage of people who are

saying we're with you, elon. >> we also want to ask you about used car prices. according to ed monds average price of a used car has now soared >> look how much they've moved up and a reason is a couple of factors here first of all, you've got a wave of 3-year-old models coming off lease now being sold through dealerships on u.s. lots, and look they have a higher price point. and that's what we're seeing at used car dealerships and look at the gap between new and used wider than ever, more than $15 and that has a lot of people saying, look, i'll get a 3-year-old model and it won't be as much if i paid for a new model. and that wave, all of that combined is driving more people into the used market and that means there's going to

be greater demand and that's also going to push up prices a bit. certainly that's good news for a company like carmax. auto nation has more news on the new side than the used sides >> real disparity in the performance there. you can see it in the chart. thank you, phil. bill gross' bond fund is down 8% year to date, and his boss has some harsh words for him and dropbox will report earnings after the bell. we'll speak to the company ceo about the results coming up here on "the closing bell." let's begin.

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welcome back to "the closing bell." nine minutes to the close, and look at the chart there. industrials haven't been doing much all day and suddenly in just the last few months a real solid leg down about 81 points. that is low of the sessions, keep in mind only 0.3% but when you look how flat we've been all day it looks noticeable goldman sachs, chevron and 3m are the weakest. >> the nasdaq is now flat. if that toned for the next ten minutes it would be a slightly more worrying sell-off

for now it's just the laggard. reducing assets to its lowest since november 2014 this morning on worldwide exchange the ceo spoke out >> he's made some bad bets he believes still in his basic presumption that inflation is not going to get out of control and you're going have to some convergence of bond rates between europe and the u.s. and so he hasn't lost faith in his fundamental view but he's been wrong and wrong badly in the short-term. and he's accountable and we're accountable for that >> cnbc reached out to bill gross for comment. we haven't heard back. that full interview is online at cnbc.com it's pretty tough words in the asset management world for a guy to say that about one of his managers >> he's been wrong and wrong badhy. it is a significant fall from grace. not just on the performance side

but at pimco he was mr. pimco, and it's not just the case anymore at his new company that's why his ceo is able to speak so freely about him. >> he's having a tough week as well bill gross lives in southern california and yet his divorce was the front page of the new york post because it's so horrific and unbelievable to read about to be him this week must be awful. >> i didn't actually see that but to get those kplents frcomm the ceo not great either >> after trade we're getting earnings results from true car, lionsgate and dropbox.

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if we show you all four of the major indices today now down the nasdaq is just positive. it is looking for its eighth positive close in a row, which would be the longest winning streak of 2018 but as you can see it's only up two basis points the russell is still up 0.2% and energy is the laggard today and consumer staples towards the bottom as well financial, industrials, and tell co is the best performer you'll see the consumer stocks are really diverging you've got consumer discretionary at the top up, and consumer staples at the bottom down 1.6%. a quick look at the ten year this week. we did see a slippage in the

year to date prk ppi was soft a look at oil prices this week, they're not down too much this day but this week as a whole down >> we have this happen the second day in a row. we've just drifted right lower in the last ten minutes of trading. this happened yesterday and happening today. >> low volumes >> yeah, low volumes but the market on clothes sale orders not that big. people ask you you saw phil talking a moment ago about reports about the probe winding into tesla i'm pretty sure that's not why the markets dropped. tesla didn't react tesla has been down 6% all throughout the day as you can see there i don't think that's it. i would note the ten-year intraday because we moved down about five basis points today in the ten years, accelerated a bit

more in the close. >> is that low ppi this morning. >> yeah, that was initially. you see we drifted lower here in the last 20 minutes or so. i don't see any macro reason for that remember there's a lot of bets here shorting treasuries, betting the yields are going to go up, not down. remember we talked about a lot of crowded trades. there's a big crowded trade shorting treasuries, betting yields will go up, not down. we did see banks kind of weak today and they weakened going into the close a lot of names, the usual big cap regional names were also a little bit weaker. so again you've got fairly quiet on the day and then all of a sudden you get some very sudden moves here that i think are indicative of how tightly wound up -- i would look at that ten year, i don't think that's a particularly good sign with all t

betting the yields are going to go up. >> just off the lows we approach the close. does look like the nazdic will hold onto its eighth straight positive winning session ringing the board here cbl michelle, back to you. and welcome to "the closing bell." i'm michelle caruso-cabrera in for kelly evans. wilfred frost will be back in one second here's how we're finishing the wall street. we saw some selling in the final minutes but not a whole lot to really comment about the s&p 500 still searching for that illusive attempt to retake the all-time high. we haven't gotten there yet. the nasdaq in positive territory just barely and ditto for the russell 2000 we have more earnings after the bell we're going to get more from

dropbox, news corp, lions gate and take a look at dropbox's move into their numbers, a gain of more than 9%. people are very excited. we're going to discuss those results coming up. joining us today cnbc markets commentator mike santoli, stephanie tia company and john augustine from huntingden bank century link was the big winner on the s&p 500, and perrigo was a decliner mike santoli, i see your notes here syrupy, slow summer day. >> yes >> what happened in the last ten minutes? >> virtually nothing i think happened in the last ten minutes. really just a slight little heaviness. the market has been kind of churning at these levels >> the syrup wasn't sticky enough to keep it positive

>> you would think it was so hot out the syrup would thin out who knows. i can't torture the metaphor even more. >> that was the excitement and i think it was the norwegian cruise that had a good report that get people excited again about discretionary. but it has been a rotation all yearlong and today was no different. discretionary beat outperformed and staples lagged and that has actually been the reverse over the last month where staples and more defensive trades have kind of been outperforming. you're right, it was sort of a quiet day. >> amazon up $12, which is two thirds of a% >> and michael, eighth positive session in a row for nasdaq. that's the longest winning

streak for 2018 which is kind of astonishing given not much has happened >> it's given new definition to slow and steady because increments every day are not large. very low volatility, kind of gentle rotation in the markets and then by default big tech goes up a little bit every day >> john augustine, what are you doing here are you long, short, like this market >> long, like the market, think the fundamentals are there we've seen the dwrivt trift, thr rotation but what caught our eye today, small caps we still favor them, they're still working for our customers. >> the s&p 500 is inching towards its first record close since january. the level to watch 2873. right now the s&p is less than 20 points away from that despite that stock valuations are slipping trading at less than 19 earnings, low when the s&p

traded at nearly 22 earnings >> actually that's trailing earnings >> forward looking earnings it's a bit more attractive. >> forward looking is about 16.5%, and it was about 18.5 times in january so earnings up about 8% half a year, though the forward multiple right now is right about the three year average and the four-year average. bond yields just being sideways here, it seems like the relative value is okay for stocks at the moment >> john, what's your take on valuations at the moment >> same as mike talked about 18.5 forward pe beginning of the year, 16.5 now we go all the way back to 1995 and it's about 16 times to 1995. that makes us more constructive on this market we're along the market

we're overweight to equities and we're following the rotation that stephanie talked about that can get frustrating but if you diversified customers are doing okay and investors are doing okay this year >> our next guest thinks elon musk's tweet that he's thinking of taking tesla private could be the proverbial bell ringing the top of the market. joining us now is nick from data trek research. good to have you on, very provocative. you make the note and it's very true, oftentimes at the peak of any peak there's some massive transaction. and that tells you this thing is over why does tesla ring the bell to you? >> well, because everyone of those cycles we've talked about for example in 1998, lbo, junk bond money that was the big pull in capital that pushed that asset up

even in 2007 you had the absis transaction pulled a mortgage money creating a thought transaction. we have the same thing now with venture capital money. the money is flowing over the top of the tub >> does your thesis fall apart if the venture capital money doesn't come through and take him private? >> it does for the moment, but a venture capitalist is huge piece of the part in disrupted tech. it's not going away anytime soon something will happen in venture capital. if it's not this one it'll happen in something else >> is it all equities out there at the moment, it's a sort of more broad moment in time? >> it's certainly more focused on technology, but what's led the market so long in the u.s. maeb technology, so it is a warning sign there as well >> i'm wondering how tight it is between the rest of the market because the response of the market to the tweet and to the

idea of this deal has been haha, no way it's not as if the credit market laz said, sure, we'll give you $30 billion in junk debt to get this done. and in a sense musk is suggesting this to escape the discipline of the public markets. >> the public markets do look like the ones that hold people to account if he doesn't like that, we understand that. but at the same time what happens if tesla is not in the public markets then you're going to be along the disrupted ford and gm and not going to get a shot at buying tesla in the next wave on growth >> everybody, sit tight. we're going to talk about a company that recently went public to private. it's dropbox earnings are out. >> it's a big beat on both the top and bottom line and some other key metrics for dropbox. revenues 339.2 million versus

analyst estimates of 330.9 that's up 20% year over year and a handy beat there eps 11 cents versus estimates of 6 cents. another really strong beat another key metric analysts will be looking for, paid users they're 11.9 million up from 9.9 million year over year and also analysts are looking at the average revenue per customer that is coming in at 116.66, another handy beat over 113.95 the company also announcing their chief operating officer dennis woodiciside is going to stepping down. it'll be taken over by their director of operations stock right now is down right now a little bit

but it was soaring before the earnings release i'll be interviewing ceo drew houston coming up in a short while. >> we look forward to that interview in about 20 minutes time mike santoli, clearly the stock is down a little bit after hours after a very strong beat >> it got ahead of it so it was up 9% on about four times average volume so who knows if it's going to be accepting the tea leaves are saying it's going to be a decent number it's traded between 37 and 42 in four months and really has had a lot of up, down action >> we should underline, though, if for some reason it goes in the negative in the post-market trade it's run all day long. >> stephanie, your take on this stock before we get back to the

private verse public discussion? >> i think the whisper numbers were higher today. like they could beat that 3 to 4% number. this is their second quarter after the ipo and it's good to be consistent. i think these are fine numbers i think it was a function of expectation today, so they're making progress. you're going to need a couple of quarters for people to lead and buy into this story. >> and arpu stands for average revenue per user >> what's your take on whether tesla could be a market for the rest of the market >> we don't know it'll be a marker or markup or high mark for the rest of the market what we do think though not more for venture capital but more for private equity, not the public markets. private equity is in our view valued higher than public

markets right now. that's the one that may be the top. that's what caught our attention. >> nick, you were nodding hour head to that comment do you think that's in more silly territory than listed equity markets >> it certainly seems that way in the near term if you look at the last term for uber it was near 70 billion and valuations are roughly similar to me if they don't take this deal right now it's almost an indictment of venture capital's long-term vision if you look at what the soft bank's vision fund has done they've created a network. -- >> i don't know understand that, if venture capital doesn't take elon musk private it's -- >> so the linkage is venture capital thinks ten years out, and particularly now if you

still believe, every two years for the next ten years you have to be involved in this space look at what apple's evaluation now, and you've got to believe the platform is building is going to be worth a lot more in the future >> but if vc doesn't go in and help him maybe it's an indictment of tesla, they do not believe him either as we do not see the publicly traded stock getting the 420 range. >> that's an interesting debate. >> thanks for joining us from data trek. we've got some breaking news >> we've got a new statement from the campbells company after the third point call to put the company up for sale. >> that's right. campbells soup reaffirming its strategic review process and issuing a statement saying that they're currently undertaking a board led comprehensive strategy

and portfolio review to examine all potential paths forward. they say their board of directors remain dedicated to driving a strategy that would remain for all shareholders and they say they look forward to sharing the plans when the company reports their fourth quarter reports on august 30th and in the meantime they will be engaging with their shareholders on their strategic plan. as you mentioned this comes after two 13 d filings, the filings that show ownership on the stake to push for something different. as you mentioned the third point holds a 5.6% stake in campbells. they're teaming up with a family member of campbells soup to push for the sale third point has said they believe that a sale is a best path forward for campbells soup, but that of course depends on the family that controls a large stake of the company and has showed resistance to selling in the past so it'll be interesting to see what happens on august 30th as a

result of the strategic review that's being led by center view which has been a long time banker for campbles soup guys, back over to you >> we're going to discuss campbells soup with the panel in a moment but i have a question for you on third point, bearing in mind the special purpose vehicle they use, are they getting too big to be a hedge fund now? >> i think that's the question across a laults of tot of the iy they're large cap in nature so you have to create these special purpose vehicles and raise outside capital that are dedicated to one stalk in order to dedicate a big enough position campbles soup can be one example, but we're seeing companies get larger and larger. we saw that with neltsen pelts, it these are large cap names

which can make it harder due to the large numbers to really move the needle and drive returns for your shareholders especially in a bull market when it's already trending upward. >> okay, leslie, great stuff thank you very much for that companies with lots of family members involved i think back to dow jones, for example for years and years and years nothing happens, lots of fighting and something happens and the point finally arrives. are we there for campbells soup? >> usually it's the third or fourth generation starts to splinter out and people say show me the money it's not as if a bid right now seems to dazzle anybody, and milking the dividend, whatever it is -- >> you need a buyer. this is not a cheap stock. >> it's not cheap and it's in a

lot of debt already. >> and it's been mismanaged and -- kraft heinz is not, not at that valuation. >> maybe they can ask elon musk. >> john augustine, what do you think? do you want to weigh in on the campbells situation in. >> they may be a private equity candidate, that they're buying some things 11 times, and it's a good candidate and maybe it goes behind the private equity curtain, gets fixed up, gets brought back out >> okay, guys, we're going to have to leave it there thank you for joining us for the first block. facebook has been under fire for the past few weeks the stock is down 14%, and nowtle may be taken over as the second largest website in the u.s. google is number one,

facebook number two. who might overtake facebook as number two we'll be discussing that coming up here on "the closing bell." you might take something for your heart... or joints. but do you take something for your brain.

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lions gate shares moving higher here on a better than expected earnings report a loss of 4 cents which is narrower than what wall street was expecting. revenue at $933 million. analysts were looking for $885 million. plus subscriber growth looks good and starz reporting an increase in the quarter. this kmaz as the company announced this week that lions gate and university music group signed a television deal, stock up about 5%. michelle >> all right, thank you very much seema mody, look at that move. the media landscape could be on a verge of a paradigm shift according to a study by a market research firm. they say youtube is closing in on facebook to become the second largest website in the united states in terms of traffic >> in july facebook saw

4.57 billion biz vts and youtube 4.5 overall. >> i find this pretty extraordinary. why do you think youtube is creeping up on facebook in terms of the number of users is it people of a certain age like to watch videos more than they like to scroll and see what their friends are doing? >> that certainly may be a part of it. one of the really interesting findings has been historically a lot of stability in terms of the largest websites in the u.s. google far and away number one, it remains so. historically facebook number two, youtube number three. but we project in the next couple of months that's about to slip >> how much of facebook, the usership of facebook shifting to smart phones

>> that's an excellent question. i really think the headline here is while we're seeing some decline in the usem of facebook per se, what we're seeing is a lot of growth is up, engagement with instagram is up, very strong position in the market for messaging apps, whats. app and messenger, and really about growth and ecosystem, less about traffic to the mother ship website. >> if we talk about google, as you say still comes with the number one, but it has less growth on apps and smart phones than others do and its headline numbers still number one on web use but it's slipping >> again, google is slipping in the same sense that facebook is slipping if you're looking at the website per se if you look at google's total brand foot flint, the traffic is now onto the google app or

increasingly voice search we're seeing if anything an increase in the large internet brands >> steven, the advance of amazon up this list, a lot of heralded amazon is going to be a competitor for third party advertising. are we seeing that's the case or are we just seeing a creep of market share for ecommerce >> amazon really stands out as the top five as they're the only one not getting 90% of its revenue from advertising they're bringing in the amount of traffic that even the largest ad supportive sites bring in, but they're coupling that with an 8% conversion rate, which is multiple of what other companies get. they're truly the masters into turning visitors into buyers all that said, i'm a little surprised amazon didn't reach a

trillion dollar before apple did. >> that's surprising and yahoo is on the list they're up there still >> yahoo has been number four on our list of most trafficked websites in the united states, and they're strong in the category of financial news, markets in japan and still bringing in a lot of visitors other sites would be happy to have those numbers i think the cautionary tale of yahoo has been they didn't dominate anything. jack welsh, used to say in any given market you wanted to be number one, number two or not play i think you've got to be either a category dominator or thrive as a niche play. and they had good solutions in search, in social, uncontent and it's really hard to thrive as a solid number two in today's

digital markets. >> steven quickly, do you think apple is overvalued then >> well, i studied digital trends and i don't make stock recommendations. but i do think apple has certainly achieved trumenemendos success as they have in the past with beautifully designed hardware products. if you look globally 80% of all new hand set sales are androids. what's different for apple this time around is they have so much cash they can really buy themselves into a dominant position in any number of markets. so that's going to be the key to apple's long-term success, where they put that money. >> maybe they're the supply. steven, thank you very much. >> news corp earnings are out. >> revenue at news corp is

growing. the make-up of that revenue is shifting the company beating on both the top and bottom lens. and yet you can see there the stock taking some money off the table. down about 0.4% there in the after market trading in terms of the earnings, the fourth quarter earnings reported today about $2.69 billion in revenue, which is just a slight beat from the $2.65 billion that the street was expecting on the earnings side they reported 8 cents adjusted per share compared with 6 cents that the street was expecting there if you parse through the numbers you can see that advertising revenue of course continued to decline. print largely -- those declines were offset by the digital revenue. back over to you >> dropbox reporting better than expected earnings. coming up the ceo drew houston is going to break down the quarter. but first the fast money

traders will tell us whether they see a buying opportunity in energy stocks.

overstock may get a big move in after hours trading and seema mody has all the details >> gsr capital, a hong kong based private equity firm is -- a chain subsidiary of overstock, the investment values it at

about $1.5 billion, and yes that's helping shares of overstock move higher here by over 20% wilfred, back to you >> mike santoli, what do you think of this? overstock, long history of overstock being many different kind of things >> well, a favorite of the short sellers. people thinking there's not much to the main business they announced this crypto venture. a while back the stock shut up and bitcoin prices have really crashed from there it's been this really unusual crypto play, what used to be the liquidation site for retail. >> right, online >> gsr backing it, though, and a 20% jump because of it let's take a look how we finished the day on wall street. the doy was just lower by 30 basis points, 0.3%, or 74 points which was very near the low of the day. the low of the day was 80 points in negative territory for the dow and s&p.

and nasdaq just held onto a slight gain, it's eighth straight gain in a row, which is the longest winning streak of 2018 the russell led of way >> oil finishing the day lower on pace for its sixth straight day of losses, the longest streak since 2015. so what should investors do? should they buy this dip >> so excited to tell us their views. they're already discussing it. why don't you go first >> you can't say hey, guys, you're in our ear. >> always assume the mike is on. >> i don't have a history of being a commodities trader like he does so i try not to bid directly on the commodity, but i do like the services side of it. just reported earnings low serve, and they're starting to get the momentum back after a really tough go, but that's a

name i'd rather be in. for me flowserve >> you would have been a great commodity trader, wolf you would have worn the suspenders and cuff lings and we would have had a ball, but i digress as i usually do. i would say this, what i was just asking karen was do you think it's any convincequence they sort of backed away from their ipo, and i wonder if it's because crude oil kind of stole here i think this is pause, if you want to be in the space i think you've still got to be in these levered plays. and the best levered play to me has been petroleum which was a

monster. obviously that's sort of a lot more data there, a lot more risk if you still think crude oil is going higher that's where i would be >> without knowing much of the details and everything else, the chart of wti, of oil looks like it's in jeopardy of losing this uptrend. nobody really knows why. it's a little bit confounding here, so i think i'm going to let the price tell you what's going on >> sky, next time you're on if we're not seeing suspenders and cuff links i'll be disappointed. >> wilf, if you know one thing about me if you challenge me i'm going to do it next show full 80s regallia. don't smoke. >> thank you very much with the s&p just inches away from an all-time high rebecca patterson will tell you which

sectors to buy at 5:00 p.m. eastern time let's get to some of the other big stories today in our rapid recap. >> tribune company has terminated its merger agreement with sinclair broadcasting and also filed a suit against sinclair for breach of contract. >> rite aid and albertsons calling off their merger >> journal today says regulators want to know whether the tesla ceo was being truthful when he tweeted he had secured funding to take the company private. >> from elon's point of view if i were he i would take a vacation because whatever is going on right now in his head i just don't think this is producing any actual value for shareholders >> what's the status here? are you sticking by it >> yes, i am sticking by it. he hasn't lost faith in his fundamental view but he's been

bad and bad wrongly in the short-term >> we do not shuttle ban according to political ideology or viewpoint or content, period. >> shares of roku right now up more than 19%. the company reporting an earnings beat. >> this quarter after the beat the count up nicely and then monetization of those active accounts primarily through advertising and that's really going well >> we've discussed the janice henderson comments already and roku as well mike, the tribune, the sinclair deal break down, is that perfect timing for fox or is it a little bit too soon in the sense they've still got quite a few hoops to go through themselves >> i don't think anyone else is going to step in front if they want to do something there >> what do you think was happening when you read the lawsuit, according to the lawsuit they were so defiant to the doj, did they really think

they were going to change precede precedent in history dead they think donald trump was going to back them on all this >> sinclair felt -- if you believe the contentions in the lawsuit they felt they could push and push on the terms of how they were going it dispose or not on these stations and maybe get a rubber stamp on it >> either way fascinating story. time now for a cnbc news update. >> here's what's happening at this hour, everyone. vice president pence outlining plans for a creation of a sixth military branch called the military department of the space force mark kelly says someone is already handling that. >> the only person i've heard say this is fantastic idea is the commander in chief, everybody else says it's

redundant and wasteful we don't have the need out there right now. kobach's lead has now shrunk to only 91 votes after election officials discovered a mistake in the listing for one county's results. the lead is minuscule when compared to the 311,000 votes that were cast and a man is in custody in connection with the holy fire which has now burned more than 6 square miles in the santa ana mountains. he is being held on $1 million bail you are up-to-date that's the news update at this hour guys, i will send it back downtown to you. >> sue, as ever thank you very much up next don't miss an exclusive interview with the ceo of dropbox before the company even discusses its earnings with analysts those earnings just came out the ceo will speak to us first

and later ghosting just used to be a dating trend of people suddenly cutting off communication. but we're going to investigate the spooky new trend of job applicants ghosting companies, applicants ghosting companies, sometimes not even showing ur i, you must want two! two, i say!! for their first day on the job [telephone ring] like my father before... ahoy-hoy! as long as people talk too loudly on the phone, you can count on geico saving folks money. fifteen minutes could save you fifteen percent or more on car insurance.

shares of dropbox are now moving lower despite reporting an earnings beat just moments ago. >> joining us now an a cnbc exclusive to discuss the numbers is the dropbox ceo >> hey there, thanks, guys thanks so much for being with us, drew >> thanks have having me >> you just reported and markets looking stronger this quart. however there's so much competition looming in this space. how much will margins be compressed >> well, we had a great quarter so revenue growth was up 27% the $339 million and what we pay attention is our growth and we also deliver strong free cash flow. so the business is healthy we've always been in a bit of competitive environment, but we're doing really well. >> you mentioned also in that release that your coo is leaving without really a direct

replacement. should investors be concerned. >> no, so dennis has been with dropbox about four and a half years. i think about the company when he joined and where we are now, a public company billion dollar scale, and we wouldn't be here without dennis so we're super grateful to him but he also built a great team so the transition creates an opening for a cup of our leaders to step into larger roles. we will miss dennis but i'm excited to see what he'll do next >> it's a great service, but increasingly companies like apple or microsoft or google who provide services that are sort of must use in our day to day life are starting to get us to pay up for some sort of subskripgds as well and they kind of offer a similar service to you so how are you going to keep

those users? >> sure, we're focused on people using dropbox at work, and over 80% of our subscribers use dropbox professionally and we see that when we talk to our kucustomers they really love the fact we deliver a great user experience and importantly we work with all the different ecosystems we partner with google, microsoft. more and more we find our customers are tying together tools from all these different ecosystems, and we do the best job at that. >> how do you get them to upgrade so they pay you more money? >> well, they find that being productive is really valuable. and so most commonly if people are using dropbox at work and they use the corporate version often an i.t. administrator will want more visibility and secure and control. and that's part off the reason

why they buy dropbox and individuals by the way dropbox and the corporate version of our products are higher tier individual plans >> how do you compete with companies like them? >> they've been in our space for a while. so all of our growth has been against the backdrop of having just about -- having microsoft, google and a lot of companies in our space. so, again, what our customers value is the ability to collaborate and the ability to create experience. and they aren't buying just storage because there's a lot of places we can do just storage. so our focus on collaboration and tying in together all the different ecosystems and building a great experience has been our drive >> thanks for joining us >> thanks for having me. coming up -- >> a new study showing a

disturbing trend in the rental market those details are on their way but first there's a tight labor market turning the table eonmployers looking to hire new workers. we're going to tell you how next

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>> that's right, spooky indeed, wilf for years job applicants complained they would meet with employers, have an interview and then disappear from them that's a term now known as ghosting but now those tables have turned it's the candidates who are ghosting the companies what started off as a dating term has now spread across fortune 500 companies and offices across america it's called ghosting and it refer tuesday the practice of ending a personal relationship with someone by suddenly and without explanation withdrawing from all communication >> it's been happening as we've seen professional organizations, different types of industries, it's happened everywhere >> we decided to investigate ♪ >> it turns out that job candidates and employees are literally turning into ghosts, disappearing from the interview process. >> we've been seeing an uptick

recently over the past six months in areas related to industries in energy, finance and business services and industrial and manufacturing >> but it gets even spook yr corporate managers are telling cnbc that they're seeing ghosts across the entire hiring process, people not showing up for interviews, not showing up for the first day of work. some people disappearing from jobs they already had. >> it's certainly a trend. i mean with the market as tight as it is for good candidates and so much hiring activity going on, there's definitely more of everything happening, ghosting being one of them. >> experts don't recommend this practice in any form saying it could one day come back to haunt you. >> and eric, this is -- this is not just a monday morning, just a too heavy weekend, it's

permanently. >> this is them completely disappearing they don't mention anything. and it's happening for candidates and happening for people who are actually working there. a lot of the problem is they're doing it all on text they're used to blowing people off on text and a employment processes are pulling off on texts for the communication approach. >> they clearly don't care about burning their bridges. >> thank you, eric >> now renters beware. online scams are out and tair on the rise and how should you protect yourself but how do you work with it? ask this farmer. he's using satellite data to help increase crop yields. that's smart for the food we eat. at this port, supply chains are becoming more transparent with blockchain. that's smart for millions of shipments. in this lab, researchers are working with watson

to help them find new treatments. that's smart for medicine. at this bank, the world's most encrypted mainframe is helping prevent cybercrime. that's smart for everyone. and in africa, iot sensors and the ibm cloud are protecting endangered animals. that's smart for rhinos. yeah. rhinos. because smart only really matters, when we put it to work- not just for a few of us, but for all of us. let's put smart to work.

there's a new report showing an increase in rental market scams. >> diana olick has the details

diana. >> that's right. more than 43% of renters reported are fraudulent and more than 5 million saying they've been scammed, some losing a thousand lists and the most common scams include the bait and switch, and the one that's actually available and the scammer tries to collect a deposit. and then the hijacked ad, when the scammer poses as a landlord and for sale homes and saving the contact information. another scam is listing a property that's already leased and trying to collect application fees or security deposit and then some landlords will advertise amenities on real listings that don't exactly exist and then try to collect higher rent. they almost fell for a hijacked ad in a hot san francisco rental market and instead of moving quickly, he called the person in the ad and that's when he figured it out >> it's a competitive market out there. prices are high, people are kind

of under the impression that they need to move really quickly on things and it's just an environment that's ripe for people who want to come in and make a quick buck off of someone else's naivety. >> don't send money unless you're absolutely sure of what you're getting and where your money is going more on this on cnbc.com back to you guys >> that bait and switch, that is so common in new york city, you have no idea the kitchen is unrecognizable compared to the photo that you have in the ad i mean -- >> and that's the problem is that everything is online so people think that they can do the entire process and they don't realize that those pictures might not be real even if you're out of town, and you can't go see it yourself, get a friend and a colleague, and how do people get away with this presumably it's scams as far as

they go it's trackable for the police after the fact. >> not necessarily if this person posed a fake ad and you send them money, whether it's via paypal or whatever, some wire fraud or something like that, you can send money. people do tend to send money for a security deposit and they get nervous and the rental market gets really hot and they lose this great listing and maybe they just send a check in the mail it can be done, trust me >> and you think every new york city cop will chase that down compared to whatever else they're doing? you're out of luck thank you, diana. >> fair point. >> another big day of earnings after the bell and we'll recap the big movers next.

scombloo let's ha let's have a look at the headlines and beating wall street's profits and sales and it's up 10%. lion's gate roaring higher after the entertainment company reported a smaller than expected loss thanks to a big revenue beat a gain of 4.5% and overstock is soaring after they say that a chinese private equity firm made an investment in its block chain subsidiary. >> they say. >> that's what they say.

>> as in --? that's what they say in the press release. >> up by 20% >> 20% in the broader market, and the picture was a slight gain for the nasdaq holding on to its eighth straight day of gains. elsewhere declines and it was down 74 points and nothing too major and we did see the sell-off right towards the end of the day and does that continue into tomorrow morning >> it seems like it's meandering and adrift today on the new york stock exchange there were 1408 stocks up and 1410 stocks down so it really is and the market is sitting there sort of stalled out with these opposing currents and the cpi number tomorrow and not clear if it's going to be a big market mover and i do think there's not sensitivity and the year-over-year basis, but it's not necessarily -- it could move interest rates, but that is the one thing i think, but we rang trade, trade, trade, trade and a sharp rise in interest

rates that -- and they could be rangebound for a while and i do think the stocks in a lot of people's minds is the fed's going to pause perhaps. >> so we will see, and the cpi, of course, coming out on "squawk box" and you don't want to miss "fast money. that does it for "the closing bell". "fast money" starts right now as always from the nasdaq marketsite in new york, just dreamy times square. i'm brian sullivan, welcome. your traders on the desk tonight are tim seymour, karen finerman and guy adami. check out shares of drop box it is dropping down 9% and the earnings call under way right now and we'll tell you what wall street is saying about that report and obviously, investors they no like >> plus all work and no play would make everybody especially jack dorsey a dull boy and he's working overtime on his apology tour his first stop, fox news and