it alex and julian, was it the food i think we're going to find out. i'm very excited to see them come back, and i think the folks that are going there are going for that aura that exists. >> those prices are big. >> thank you for watching "power lunch. >> "the closing bell" starts right now. it's time for "the closing bell." i'm wilfred frost for the new york stock exchange. market shares around the world are rising, but their president mr. erdogan is looking at new ways to hit the u.s. economy at cnbc corporate headquarters, i'll break down what's driving the strong numbers. i'm morgan brennen in new york the next generation of spaceflight. spacex unveiling its new castle and i'll have the details. coca-cola making a new bet

in sports drinks they have to do with nba superstar kobe bryant. "the closing bell" starts right now. good afternoon, a very warm welcome to "the closing bell." we'll get to all those stories in just a moment, but first let's check in on the market stocks rebounding today. helping the s&p rise for the first time a little bit more than that for the s&p, nasdaq and russell. >> all 11 s&p sectors are higher we'll have much more on the markets in just a moment, but first let's begin today with the latest on elon musk's attempts to secure funding to take tesla private. cnbc.com's alex sherman joins us on set he's been reporting

incrementally. we know according to the tweets elon musk has advisers, we know the board has formed a committee to look at it. now what >> so the board should get an advisor, that should happen in the next day or so at that point the key decision point here is what is this proposal going to look like? we need to see the actual specifics of what a take private might look like. some of the things people have been talking to me today about what may or may not be here, will there be a conditional ownership clause will there be some language in there that says the funding is conditional if "x" percentage of existing shareholders roll-up into this new private company which would thereby take the amount of funding that elon musk needs to raise from the saudi sovereign wealth fund or others down the more people that roll in, the more shareholders that roll in, the less funding needs to be there. and of course we'll see how much money is the saudi sovereign

wealth fund willing to commit to this thing and will there be language around that that's conditional or not >> what about these companies like goldman sachs that's been mooted -- not mooted they've been said to be part of the advisory group of elon musk. >> there's definitely some relationship going on with silver lake. of course, silver lake is not a financial advisor per se "the new york times" did come out with a story saying sources familiar with the matter said maybe one of the parties that actually puts in some money and helps take this private. of course silver lake helped take dell private. so it does make sense whether or not silver lake invests any money in this transaction elon musk would want them to be part of the deal because they had such similar action with the deal a few years ago

>> and what reporters like you are trying to figure out is what's reality and what's being scrambled together behind the scenes to protect musk and his tweets >> i'm not sure of the romantic comedy, exactly. but this reminds me of some romant romantic comedy where its elon musk and tesla they may end up together if they take this private. but if it doesn't happen they need to at least make it look like it's happening, like they're fake dating. >> i have one. let's see if wilfred can figure it out >> i'm not sure which one it is exactly. but everyone involved in this is trying to make this thing that was so unusual looking a week ago make it sound like something that's more standard >> sounds like "nine months.

do you remember? >> that's their point, they may end up together. >> they need to avoid an sec lawsuit. when you say funding secured you better put a track record together of funding secured otherwise you're going to have problem. >> everyone's talking about is there some kind of sec investigation to be had against elon musk. we know he met the saudis many times. the is there some kind of sec investigation led into the saudis if they have learned this plan to go private at 420 price but accumulated a stake at a lower price, is that not insider trading? >> that's something the sec will take a look at it will matter how serious these talks were just because elon says i had talks with the saudis, the question is where's the documentation on that? right now we have one person's word on this, but there must be

some documentation you would think so about a take private even if it's only limited. >> thank you >> a reunion on set. happy and delighted to be in the middle of it taking tesla private will be a challenge for elon musk. questions have swelled whether musk's original tweet saying funding secured violated any sec rules. very good afternoon to you, keith. thanks for joining us. i'm going to start where i finished there with alex which is to say it sounds like either elon musk as done something wrong or the saudis have done something wrong. and one of them must be breaking some rules here. >> not clear because we really don't know what the time line is, at least based on what i've read from when the saudis invested and when they had conversations with musk about a

potential take private so it would all depend on what the timing was on those as to whether they had material public information on which they shouldn't be trading >> how do you expect, keith, the sec to define funding secured? isn't that the heart of the question they have to look into? >> that is absolutely the heart of the question. we saw in the document that mr. musk put out what he believed funding secured means and what the sec will be doing is coming back to him with what they think a reasonable investor would have thought funding secured means. and that's going to be the nub of the issue in trying to sort through whether not he violated the law. >> what are the potential punishments if there is a violation there? >> well, several things. the sec could fine him, and they could issue a cease and desist order to prevent him from doing so that would probably be the most

likely scenario from the sec but he's also subject -- mr. musk will be subject to private plaintiff suits which i understand have already started. and if in fact saying funding secured was materially misleading he could be subject to private plaintiff suits where it would be money damages. but those would be the ranges of penalties that he would suffer >> have you seen any of the clarifications that have come in the wake of that tweet from mr. musk, the blog post? have you seen any of that clear it up and sort of protect him from something more damaging from the sec >> well, if what he said was unlawful or a violation at the outset, putting something out several days or a week later isn't going to prevent him for being prosecuted for that. on the other hand, it does explain exactly what it is he meant when he was talking about the funding secured. it also gives the reason why he

tweeted and why their information got out. he wanted to be able to speak with large shareholders and didn't want to be in a position where he was giving them material nonpublic information, which i would have thought the sec would credit him for, that's the right way to approach that issue. >> keith higgins formerly of the sec. >> joining our closing bell exchange today greg sarian, steven, and rick santelli joining us from the cme group in chicago. wave got a pretty broad-based rally. whether it's teeing off a little bit of strength in the turkish lira, what does it say to you? that this market has been resilient in the rally in the face of decent news. >> the market has been resilient in the face of trade wars that have been hitting us in the head for several months

you have corporate tax rates, deregulations, gdp above 4%. you saw the household debt to income ratio it's really extending to the consumer past corporations i believe if we can get past 2872 on the s&p we can have something of a melt off autumn you saw the chinese macro today, deep in the hole if xi can hold onto november there won't be a regime change here but there could be a swing in power >> do you think china is feeling the heat of these trade wars, trade disputes more than the u.s. is? >> listen, a picture is worth a thousand years just put a year to date chart of the shanghai composite on top of the s&p or the nasdaq or the

dow. absolutely the chinese economy was probably already having issues before this they're not going to win how long they stick around and try to poke more anxiety into the equation, a responding kind, i can't answer but in terms of markets the only turkey that's effecting markets today is the one in november stock markets are looking good, interest rates are moving up in a slow fashion, which is good. and it really shows the curve flattening, almost no yields leading the way today. that the flight to safety, the parking if you will, is probably mostly over. the dollar is doing well listen, if you didn't pay attention this is all some of the issues that sarge has brought up, truly the markets look fine here in fact, it's hard for me to imagine investors wouldn't be somewhat enamored. i can't wait to see if retail sales kicks in tomorrow morning. >> certainly retail stocks are

leading the charge in this market greg, consumer discretionary, up a 1% pretty much all the retailers are higher right now which also paints a pretty good picture as sergeant rick was saying about the u.s. economy and spending picture. is that where you want to be in terms of exposure in the stock market >> i don't disagree with what the others have said, but i do think, sara, that the consumer are facing some head winds here, investors are facing some head winds. the markets are at 1% all-time highs and if you listen to what chairman powal said a couple weeks ago they see data as strong so we interpret that as rates are going to be moving higher in september and possibly december and thus causing some competition for stocks i also think we have some earnings deceleration. q3 is expected to be strong as well how can that pace continue and what will investors do if the markets react adversely?

not running for the hills, raise? cash and do some rebalancing >> sarge, your take. >> it's funny you just spoke about cash and i have been at high cash levels all year pretty much since january my cash hold is normally higher than other wall street guys. i'm not going to say i'm 5% or 4%, but i'm up in the 20s. >> but what about greg just said you mentioned the big risk is the mid-term elections a lot of people think the big risk is the fed continues to plow with receding rates >> running that simultaneously with the increase in the fed funds rate, i do see that a risk but monetary conditions are probably still easy enough i think that might be a next year story if that carries on

>> in terms of you deploying the cash now, so you missed a part of the recent rally? >> i am currently down to a level in the high 20s. so 25 is my normal level, so i'm not that far from my normal cash level at this point. up next tapestry, the best performing stock in the s&p 500, a company forlerly known as coach beat wall street estimates. we'll debate whether you should add this stock to your shopping bag straight ahead plus we will have the trouble with turkey, whether that stress could ultimately spread to other emerging markets more than we've already seen and we want to hear from you you n acout careh on twitter, facebook or send us an e-mail. "the closing bell" will be right back this wi-fi is fast.

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today. both home depot and tapestry both reporting their quarterly results. >> paint and purses, both sold pretty well in the quarter home depot's second quarter beating across the board total comparable sales grew 8%, considerably above forecast. u.s. comps up even high, up 8.1%, the best in nine quarters. and that's thanks in part to seasonal sales lost in part to bad weather. may the strongest month, comparable sales growth of 10.6%. home depot in the u.s. she said while only 4% of u.s. homes are turning over, affordability is still good at least on a relative historical basis. and the 96% staying in their homes makes for a pretty good market for renovating. and interior paint that category

had its strongest second half in five years tapestry which is the apparent keim of coach also reported better than expected earnings and revenue. the range did fall a bit short of analyst expectations. gross margin improved from last year it also came in above consensus. now, the coach brand was the strongest comp sales of the group though still slightly below expectations north america was strong there the kate spade comp sales fell, but much less than anticipated with some sales left from the death of the founder of the namesake founder, even though she hasn't been involved in the brand since 2006 >> let's get more on what could be ahead for tapestry. good afternoon to you. >> a power panel >> it's a power panel indeed stacey, let's start with you what have they got right here and what's still on the agenda they need to do? >> certainly stuart wiseman and

the kate spade brand has had significant blips. so today it was stabilization, which is terrific. what they need to do going forward is clearly work on the outlets which still are negative and on top of that they're talking about elevating the product, higher price points and bringing in truer luxury we'll see what happens a as that strategy rolls out >> how much of this is there's still so many short sellers in the retail space that get squeezed when you have better numbers like this? >> i think one of the things that happened today when they reported the march quarter in early may that was a disappointing quarter. cyber leaf as stacey mentioned and the fact the stock has done nothing in the last three months, the fact comps have improved growth margin, i have positive profit momentum and positive sales momentum. and now on top of that i have

the stuart wiseman business potentially returning positive sales in the fourth quarter. and the fact that 270 and 280 for the range for the year i think some of the expectation out there could have been a bit lower. >> what's the balance in your mind between discretionary and staples for the rest of the year does that continue >> i think it does continue. i think we have a strong consumer out there i think there's wage growth out there, low unemployment. but most importantly it's about product innovation, driving demand and you're seeing whether it's a fashion cycle, luxury goods. we're seeing nunes >> the stock is up what 60% so far this year. department stores or brands, urperil, luxury and assessable luxury, are those lifted

>> it's not. the second half of the year we're up against those tough comparisons from last year where we had the perfect line up from weather and calendar and what's working, product transformations, like lululemon and tiffany is getting better. i do think this week we're going to see more earnings where expectations for the department stores are a bit high and stocks have followed. and don't forget for almost half of the retailers out there they have a short position of 15% so watch out for -- >> still such a hated group? >> it is from a short position perspective. you have to watch out for that match. >> and going back to the tapestry discussion within luxury is that one of the top picks or are there more attractive -- >> i would say tapestry and tiffany the top picks. i think overall khors will

benefit also and i think at ralph lauren that product innovation would still come. >> i would take the other side of that. i spend most of my time in europe as you know and i would say the tourism piece is terrible across the board here and when that reverses you're going to get 20% of the business coming back and also the product transformation there i think is a real call out. >> i don't know. the new coach dresses and bags are cool >> they're all about salina gomez. >> salina gomez has a ton of twitter followers. >> 140 million followers >> that's all you need to know stacey and dana, as always, a pleasure thank you for joining us and don't miss jim kramer's exclusive interview. you don't want to miss out we've got less 40 minutes to go before the closing bell

s&p up 20 wre looks like s&p and dow are going to break their losing streak nasdaq up 0.7% twitter's founders suing the parent company for undervaluing their stock options. coming up fast money traders give us their trade on this match. apparently not made in heaven. but first spacex just unveiling its new capsule that will carry astronauts back into space. details on that when "closing bell" returns. ♪ ♪ adapt supply chains based on trends, tweets and storms. and make adjustments on the fly. ♪ ♪ the ibm cloud. the cloud for smarter business.

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welcome back to "the closing bell." we've got about 33 minutes left of trade very nice positive session we've got today. let's check in on some individual stocks. kroger higher after the company announced it will sell fwrogroce on alibaba's site. i'm skeptical on this. no external food retailer has broken into china successfully they've all tried. whether it was wal-mart, they had all the pull out yes, that was bricks and mortar. this is delivery, but there's very different sets of taste it's a very odd partnership in my opinion >> well, what you do with krogers is you have pexer tease.

this is the biggest grocer in the united states that's been working on its digital strategy for several years now and their own brand they make, packaged goods, sort of more organic. >> and if alibaba already has the distribution, it's odd it's not partnering with -- it's a slightly odd partnership >> what i was going to sigh with a company like kroger and the kroger investors they love this sort of news because it's just another avenue of growth. talk about a hated group, as soon as amazon got in to buy whole foods there were all sorts of doubts whether kroger or wal-mart could ever grow margins and keep their market share. and they've been one after another coming out with announcements like this on the digital side >> but the partnership on the other way around would make more

sense. oh, ware pairing amazon with alibaba in the u.s. >> going up against their arch-rival amazon, anyway speaking of china another stock to watch here. yum china higher on reports of a consortium trying to take this company private. there's been some rumors about this one, but it's been an underperforming stock and business had its issues with kfc and pizza hut in china >> it's down to $35. but it only originally broke separate in october 2016 at $25. it's not like it's super cheap at the moment at $35 it's not like it's very low or really suffered. >> and if the chinese company takes it over it could insulate

it over from trade tensions, for instance elon musk's tesla may have been making all the headlines lately but his other company spacex has been making headlines as well. >> i'm officially hungry after that conversation you guys just had. >> well, you have to go to china. >> yeah, none of what we talked about is available here. >> how about space spacex alongside the nasa astronauts will be the first to ride it. elon musk's space company displaying a mock up version with cushioned seats tilted up towards a touch screen and also showed off the real thing under construction on the rocket factory floor as the spacecraft goes through certification with nasa the president and ceo saying the business opportunity will not be a coat losing proposition for spacex, but that safety is the primary concern. >> i would love to say that this mission is going to be like

every other mission because i want every rocket and every capsule to be reliable but i can tell you there'll be about 7,000 extra sets of eyes on the build of this system, the testing of this system and all the interfaces >> now crew dragon also includes rival boeing the mission sent astronauts from u.s. soil to the international space station, something that hasn't happened since 2011 the time lines for both have repeatedly slipped spacex targeting april for its manned test flight boeing mid-2019 this is the first time we've gotten to see such an up close and personal tour of spacex's capsule. >> we're talking next year this will be fully operational. this is a moment all of us have said yeah, i'll give it a go

once it's available for commercial travel i think it'll be awesome >> i'll send you to space. i have a question, though, is elon musk involved in the day to day decisions with spacex? i only ask because of all the headlines. >> he's been spending most of not all of his time at tesla and sleeping on the factory floor, et cetera. >> and tweeting. >> yes, and when i sat down with one shot woman back in may she said he devised his time in may. i mean, elon musk is sort of pioneering the way right now in terms of what's going on in space and the economics around space and reusability. all three, they have different business models and are sort of

doing different things right now. but musk is the one who's getting -- well, musk is the one that's getting rockets and spacecraft and if all goes to plan next year, people into space. so you could say he's winning right now. >> thank you very much time now for a cnbc news update with sue herrera. >> here's what's happening at this hour, everyone. masked youth were caught on video in sweden torching cars and throwing rocks at police no injuries were reported but police say roughly 80 cars were set on fire. no reason obviously given of that incident. philip wilson a former arch catholic bishop in australia was spared jail today. wilson is the most senior member of the clergy ever convicted of concealing child abuse when students in france head back to school they'll have to leave their cellphones at home lawmakers in that country passing a measure saying that children under the age of 15 must either leave their phones

behind or keep them turned off that was a campaign promise of president emmanuel macron. and here at home two sisters have been arrested and have been accused of stealing lunch money while working as lunch ladies while working in connecticut nearly $500,000 over the course of five years. they are out of jail on bond they're expected in court later this month apparently they were discovered when they computerized the lunch money system >> that is crazy, the amount of money for lunch. >> $500,000 over five years, can you imagine? >> sounds like it's money that needs to go to the new four seasons. >> that's about what a lunch would cost >> we're going to be talking about that coming up in a second, which i look forward to. sue, thank you

it's frequently or frequent. we've got about 25 minutes left of trade, nice positive session. the russells up 4% for, the dow up about 0.5%, and the others in between. up next we'll head to turkey to get the economic details on that country's turmoil. >> we will not be asking him for pronunciation. coca-cola making a move it hopes will finally dethrone pepsi's gatorade as the king of the sports market. that's going to be tghou we'll tell you coming up on "the closing bell." - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall.

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welcome back to "the closing bell." there is is your sector heat map. green across the screen. consumer discretionary, financials and materials special strong remember materials were the big losers in yesterday's session. it's the defensives like real estate, utilities, those are lagging. but all higher on the session. >> the turkish lira hitting back against the dollar after an

all-time low this week >> we heard yesterday from president erdogan that domestic critics were quote economic terrorists for talking down the lira, the u.s. was a global bully today. he continued with that kind of rhetoric calling for a boycott of electronic goods from the united states. telling turks to buy samsung over iphones and better than that to buy local cellphones manufactured here in turkey. the country he said needed to produce, produce, produce, and export, export, export we had a bit of an echo from his son-in-law he was talking to a group of supporters in ankara today and saying they should not turn the cheek to the clench fist offered by others. he said he would support the lira no matter what. i've been talking to a number of people throughout the day, financial traders and market traders are not in anyway happy

with how things are shaking up here >> william, how important are the views of those market traders and how do they compare to say big business particularly when we consider the fact he's just recently been reelected is his position in power under threat in anyway, or has he got the time and power to continue with his tough stance? >> one businessman i spoke to earlier said you have to remember there's a 52-48% vote so he does have a relative majority it does mean there are a lot of people who are not happy with his policy in terms of the local businesses they obviously rely heavily on imports. turkey does not manufacture everything their consumers buy that's a challenge for them. in terms of big business we've had a statement over the last few hours over the turkish business association and

commodity exchaechnges of turkey they're also calling for austerity measures, in terms of their own efforts here they're talking about diplomacy being urgently needed to resolve the problems in the u.s.-turkey relationship that of course a significant thing to be watching hereafter last friday's institution of new tariffs being announced on steel and aluminum >> will, how is the local press covering it? we talked a bit yesterday how president erdogan in your view is still very popular. he's clearly a populist and appealing to local business now and people to turn in their currencies and don't buy apple, buy the local smart phone maker or somebody else i mean, is this going down well with the general population, and is that going to last? >> you've got to remember he's strengthened his grip on institutions and this morning their reaction to some of his comments yesterday was overwhelmingly

positive they talked about his comments that the economy here was strong and stable they were parroting his own line in terms of his relationship with the united states, that's been a key thing to watch. he's been very critical of the united states. and in particular an issue to watch is the circumstances of that american pastor here, andrew brunslen. his lawyer today said he had issued a request to have the man released from house arrest the u.s. charged affair meeting with andrew as well. that's going to be something to watch and of course john bolton met with it turkish ambassador of the united states as well a really key issue trying to resolve, and businessman echoing they do not blame the united states for the situation here. >> and that really feels like it could be a turning point for the markets if the pastor is released or if erdogan recognizes there's a problem and the central banks starts to

raise interest rates dramatically and takes measures to shore up the currency none of that is happening, and he's in fact confronting the u.s. in a more aggressive, hostile way. and that's why most traders say this bounce is just temporary. >> as you say not -- by no means putting the issue behind them for turkey themselves. they've got a long way to go but as we can see the markets here in the u.s. nice today. the dow is up 0.5%, and we have about 17 minutes left of trade coming up on "the closing bell," the founders of popular dating app tinder are suing their parent company for billions in damages. the details behind why the relationship there turned sour, straight ahead plus today is the deadline for hedge funds, outlining that portfolio changes. we'll tell you the biggest moves that should be on your radar

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the founders of wilfred's favorite dating app, tinder are suing the parent company aic and its subsidiary match group

>> hi, sara. tinder was born out of an incubator lab and now has nearly 4 million subscribers, but a lawsuit filed by a group of founders early and current employees of tinder is asking for $2 billion in damages. on the grounds that aic and its subsidiary match which owns tinder undermined its valuation. when tinder was merged with match in 2017 the company valued the app at $3 billion, and the suit claims it concocted false financial information hiding truthful projections and kept the same valuation it had two years earlier. all despite growing revenues 600% and its user base 50% match owns a portfolio of dating apps which also include okay cupid and hinge. the transaction they claim diluted tinder into a taginant holdi stagnant holding company

rad and mateen have left the company but badeen is the current match officer. they say iac and match group intend to vigorously defend against them the chairman and ceo greg blatt sexually harassed an employee and shares of match falling today about 2.5% or so, and parent company aic shares are slightly down. >> okay, aditi, thank you very much prfor that the s&p and the nasdaq somewhere in between, 114 points on the dow coming up four years ago right here on "the closing bell" kobe bryant explained why he was investing in a new sports drink

called body armor. >> the sports drink industry is something i've been very familiar with. it's right in the wheel house i do as a basketball player. the tech sector isn't something that's been appealing to me. obviously the upside and potential for tech investments is massive but i don't know anything about it. after the break we will tell you why coca-cola just joined coby with a stake in his body armor beverage pretty good bet from the businessman when we come right back easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online.

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and ask how you get xfinity mobile included with your internet. plus, get $300 back when you buy a new smartphone. xfinity mobile. it's simple. easy. awesome. click, call or visit a store today. coke is taking up pepsi again. the atlanta based cola king is buying a stake in sports drink startup body armor which has marketed its product as a healthy alternative due in part to being made with coconut water. pepsi made gatorade sales have declined in recent quarters. >> which bringstuse the quote of the day. after the deal was announced micropollee co-founder of body armor said, quote, to me gatorade is blockbuster video and body armor is netflix. if you don't evolve you're not going to be around much longer ouch i will say that he has had a

history with coca-cola he actually started smart water and vitamin water and seld it to them for $4 billion. both turned into megabrands for coca-cola. as far as the competition with pepsi pepsi dominates the market wi with gatorade. about 20% is coca-cola's own powerade though body armor is growing pretty fast and commands about 4% of the market now it is marketing itself like netflix. >> how much has coca-cola grown, and we mentioned there's dr. pepper and snapal ple in there >> it's considered a safe bet, and it's a tiny financial deal,

obviously, for coca-cola but it shows coke's strategy safe, growth brands that they can leverage and put into their bottling system, take them global, put them on a much bigger scale also this deal does involve an outright path to own it. so watch for a potential take over on that front as well >> but it's got coconut water in it >> yes >> that's good for hangovers >> is it also good for hydration. >> i've never bought body armor before up next coming right back with the closing count down. >> and after the bell the emerging market's etf seeing some btarul numbers. you're watching cnbc first in business worldwide you always pay your insurance on time.

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they have a section in their stock portfolio just for pool stuff. everyone likes them. you like them. but you'd like them better if you made more money than they do. don't get mad at your well-liked neighbors. get e*trade. welcome back to "the closing bell." let's start with a look at the s&p 500 intraday chart you can see it was a positive open we had a pretty steady gain throughout the morning highs of the day in the early afternoon. if we look at the all four major indices you can see the dow is just up shy of 0.5%. the nasdaq and s&p up more than just 0.5%.

the russells flirting with that 1% level of course it was the biggest underperformer yesterday a bit of a bounce back in the trade we're looking at today let's have a look at the sector performances as well and you can see all of the 11 sectors are higher energy towards the bottom as is utilities and real estate. but 11 out of 11 higher, consumer discretionary outperforming as we spoke about earlier. tapestry one of the names there. financials which have underperformed are higher up 0.8% so it's all looking very positive today what could rock markets going forward? let's have a look at the dollar. we've got a one week chart for the u.s. dollar, and as you can see strengthening steadily over the course of that week. of course a large part of that has been fears of the lira but today the dollar is strong pretty much against everything 0.3% or so, and 1.5% over the course of last week.

that's something to keep an eye as we go forward of course a strong dollar can rock the equity markets. bringing inseama mody. >> the consumer story that took the attention away from turkey and those international risks. those better than expected earnings fromtopistry and now we look to reports from macy's tomorrow morning but to your point turkey still a big story that investors wil continue to watch. yes, we saw a rebound in the lira but it's still the worst performing currency in 2018. the focus is really on the turkish central bank to see how it will respond. will it in fact raise rates or look to an external party for financing? that of course will be the big question oil prices, there were some stand outs in the energy sector. marathon oil, occidental petroleum that also helped today's come back. >> and was there a ruprieve eprf

the lira other em currencies still suffering. we've got about 20 seconds left of trade the how of the dow -- a nice positive day session but a little off the highs over close. ringing the bell here at the new york stock exchange is the coca-cola company. and discovery is ringing it at the nasdaq higher at the close. around about 1% for the russell, chthe leader that does it for the first hour of "the closing bell." sara, back to you. and welcome to "the closing bell." i'm sara eisen here for kelly evans. wilfred frost, rejoining me in just a moment. let's take a look at how we're finishing up wall street, a strong one 112 point rally there on the dow. s&p 0.6% but the dow and s&p seeing the first gains since the last session. the nasdaq also doing well,

around up 0.6% but the russell 2000 index of small caps which underperformed yesterday was the winner etf eking out a gain today on the rise of the turkish lira but contagion concerns certainly remain we'll have a debate on whether you should be investing in emerging markets or sticking here in the u.s., coming up. that certainly has been working. joining us now on the panel today is david elson, kerry fire stone, chairman and ceo. biggest winner oer on the dow today was wal. greens, and tapestry was the biggest winner off earnings. and microchip technologies was the biggest loser. it looks they did track asian and european markets higher on some relief over turkey. at least the lira actually went up for a day what stood out to you? >> well, i think the market showed a lot of breadth today. we're seeing this rally

continue it's not just as we saw in the first half of the year technology and a few select names like netflix and amazon. it's financials. financials were very strong, industrials were strong, health care also. and that's nice to see because too narrow the leadership, the less the likelihood that the market can continue to go further on into this year and try to make a new high again, which it's tried a few times and has a failed but maybe this time we're going in the right direction >> david, we might have tried a few times and failed to break new highs on certain markets, but we've also had threat after threat to u.s. equity markets, and they doin continue to be resilient, bouncing back today after a pretty major em scare in turkey are you encouraged that can continue, nothing really can shake this market from moving up >> that seems to be the path of

least resistance, the fact we have earnings and coming out of financials now, and now into retail, we've done technology. and they all look reasonably good they're continuing to earn money, deal with cash flow the worse companies are getting better, the better companies are doing better i think on top of that what's happening in turkey is really a sign why would you want to be there when you can be here in the stable currency? i think part of it is whatever money is overseas are coming home you see that in the national index. >> what you just said there, this whole notion -- which you're right the dollar has been the recipient of flows and the u.s. market has been seen as sort of a safe island. but we've seen when emerging market crises erupts there's no

such thing as decoupling from that the u.s. eventually gets dragged in >> that's why come to work every day and try to figure it out but right now we're benefitting from that. again, look at the markets obviously the turkey market is down but then the japanese market has come off a bit and the china market is down pretty big. so these are big markets that have not done well this year and this market has been generally okay it's up a little bit, not a lot. and that's what's helping our market is those markets aren't doing as well and there's a liquidity push here. >> kerry, stick in the u.s. or do you buy some of these international markets that are on the decline >> a good question first the emerge markets have been abysmal this year and all overseas markets have been weak particularly emerging. and i think probably over so, the multiples overseas, europe they're probably 12.5 times,

maybe even less for emerging markets. so i think there's a way right now to find opportunities overseas, and i think that's a reasonable good trade. i also think and my former colleague david ellisen is an expert on banking and finance, and i'm not. but i will tell you one of the fears of the markets has been higher interest rates. and when you have a situation with turkey and their currency and people flooding back into the united states and their dollar, i think that helps keep interest rates low because demand for our treasuries goes so high that it's hard to see interest rates moving very much. >> david, what's your take on that and do you think the fed will look at issues like turkey and decide to delay hikes or is it just a factor of risk aversion and buying of the bond market from people that are fearful? >> well, i think, you know, if you look at the last three or four years they haven't responded to these currency issues or even the debt issues

they really didn't respond when grease had their problems. they didn't respond when puerto rico recently had their problems so it's not like they're responding to that i think, you know, the market is sitting here waiting for the fed to stop raising rates. and once the fed starts to talk about the end of the rate rise sierk cycle then the market i think will be in more of a risk rise position the markets worry about the inversion of the curr, the fed going too high but once the fed stops then the markets will take off and we have to wait for that moment >> so some might be fearful but a new survey shows investors are the most optimistic about stocks since january 2015 it comes despite the market facing head winds such as rising interest rates and global trade tensions when you hear a survey like

this, david, does it encourage you or worry you we might be at peak bullishness than just optimism >> the easy response is to say if everyone's on one side of the boat you better get to the other side because they're going to be in the water it's not like they're surveying the whole population so it's hard to really measure these things if we did it that way we probably would have mised tsed rally the last four or five years. i come back to the structure of rates and what's happening in the last ten years the companies are doing well, the economy is doing well. the only that can upset that is financial problem and the feds are the only ones that can cause that and i don't think they want to do that. >> kerry, what's your sense of the level of bullishness out there from your fellow investors and your clients >> well, i think the survey was

taken quite recently probably since the end of the last quarter. and for the first six months the s&p was up 2.6%, and then we've had this tremendous rally in the last few weeks so if you ask people who have not been very fully invested how they're feeling and they are missing the action they start to get scared and say, oh, yes, i'm becoming more bullish because they don't want to be caught off-guard and not in the game. so i don't take it very seriously and if the market were down the next two weeks the survey today for two week would be much more bearish we've remained consistently bullish all year, and we're not changing our sentiment it didn't look that way, remember on july 1st it really looked like a pretty flat market if you took out dividends and a few other stocks like netflix and amazon. >> bank of america meryl lynch

we meandy -- and the company also raises four year guidance and said it would buy back $6 billion worth of stock this year the company finishing slightly lower, down about 0.5% we also have tapestry. >> yes, reporting an earnings beat this morning. this was a big one in the market company crediting its performance of its kate spade brand boosting the brand higher than 12% david, is this a group you want to be in right now considering the pick up in spending and consumer wage growth >> i think the ones we're focusing on are ones that can get better they're doing well but benefitting from this big macro change in employment and

housing and all the big things you do on the weekends when you decide to do something on your house or whatever. and the stock is i think okay today because it came in line and there's nothing else to get better tapestry, kate spade -- there's a lot to get better there in terms of the margins and the sales. there you're saying, yes, i want to own that because they can get better and i think in this market you have to own the companies where there's something to get better to then talk about and raise and beat the earnings profile. so i think tapestry is a much better story there than home depot. >> kerry, do you have any sort of get better stories in retail as we await some better earnings this week? >> in terms of get better not particularly we own costco, which has been a very strong stock over the last few months it plays to improving comps and better spending by the public and improved earnings and i'd

say wage growth, to some extent. home depot has been essentially flat you know, for the year i think it's up 2% so the market was a little disappointed i think there's runway there we don't own the stock, but i think it's a decent play on the sector in terms of tapestry i hope this name is working for them today it looked like a good choice it's a fickle environment, if we're talk about fashion and who's trendy and then what are the shifting fashion trends. and there are are so many options with online shopping and new companies emerging i just worry about brands and whether consumers have loyalty to brands. but for the time being i think it looked good it was not a great quarter it just was better than expectations, and that surprised the market >> and the shorts, which is maybe part of such of the big moves that we've been seeing in retail today is the filing deadline for 13 fs when fund managers outline

changes in their portfolios. leslie picker joins us now with a look at which firms have reported and some that have left >> plenty left, but we have seen a few of these so-called 13 f filings trickle out in the last few days tonight of course is the deadline for them to share their long equity holdings in the quarter. to well-known investors and stock pickers have already shared their positions it's clear from their biggest additions at the end of the quarter that green light was bullish on retail while omega seized opportunities green light took new positions in gap, dollar general and tjx, which is the parent company of

tj max, marshals and head good it also owned 350,000 shares of citi into the stake and lennar apple where they sold about 500,000. for emega there was some significant selling in pharmaceutical companies, shire and bristol-myers. >> okay, leslie, we'll let you get back to that and we look forward to hearing the headlines when you come out of it. back to our guests in terms of the news from those hedge fund investors, carrie, what's your take in terms of how they're doing of late? david einhorn we know has been

struggling with performance. shouldn't they be performing quite strongly >> well, they're often very concentrated so it depends where they've made the big bets. if we look at what's going on right now einhorn brought retail, out of favor retailers not tjx, we owned it until just very recently. i think he's making a bet these are categories that are going to benefit from consumers spending more and omega, i think that's a reasonable bet energy stocks have not performed particularly well. this quarter they've been one of the worst performing, up for the year but we know oil prices have gone up over the last two years and the stocks haven't followed. i see that to value plays on both sides, different industries but i think those make sense for the type of investors these guys are. >> david, my question is on the big money betting on technology

to the einhorn headlines reducing the twitter amount. mark cuban told us yesterday he was out of twitter do you think there's going to be a change in big owner moneyship? facebook was a popular stock for hedge funds. after what we saw this past quarter? >> i think what you're seeing is a slow down in the growth of the company, you know, in terms of the number of eyeballs they have watching them or the people that are going on facebook or twitter or snapchat. these numbers have not been great relative to history. and at least recent history, and i think on the other side you have regulations that are going to come in probably. having come from a financial background i know what regulations can do and can't do. and i think you have the facebook stuff or the privacy and that's going to hit the whole industry it's going to be a costly thing for them to deal with over the next many years. you see it with uber and lyft

and what's happening with them it's going to hit all these companies. so i think the idea of saying the runway is getting some rocks or potholes in it as we go forward, which is typical of an industry it's interesting what i see here carrie got it right in terms of the companies. these guys are sort of betting the economy stays reasonably good they're not betting on a recession or a slow down they're betting on the economy continuing to be good. you're in hard scape retail. you've got to assume unemployment stays strong, and rates don't go too high and the fed doesn't mess it up so they're betting that the economy stays strong >> okay, thank you very much, guys trouble in turkey, the concern really goes beyond the mediterranean sea. may be contributing to an emerging market malaise. and a new lawsuit has investors not feeling the love for match group and parent

company aic today. ahead we'll tell you the details and the fast money traders on whether or not match stock st. worth the heartache. we want to hear from you as well we're ckn coleba ia up we just. we're all under one roof now. congratulations. thank you. how many kids? my two. his three. along with two dogs and jake, our new parrot. that is quite the family. quite a lot of colleges to pay for though. a lot of colleges. you get any financial advice? yeah, but i'm pretty sure it's the same plan they sold me before. well your situation's totally changed now. right, right. how 'bout a plan that works for 5 kids, 2 dogs and jake over here? that would be great. that would be great. that okay with you, jake? get a portfolio that works for you now and as your needs change from td ameritrade investment management.

welcome back the the i shares emerging markets etf posting its first positive day in five after the turkish lira rebounded today if there are signs of contagion >> there are signs of contagion, but we don't know if it's going to spread like back in 1998. yes, it's an important one to watch. let's take a look at this because according to black rock and msci as of the end of june turkey made up about 75 basis points, less than 1% of the emerging markets index the ones you have to worry about in terms of overall weight, china for sure is about a third of the overall index south korea about 15%. fellow asian country, taiwan, 5%, and india is 7%.

those are jurisdictions we want to watch south africa in particular has been under a lot of stress it has been pretty much all about that eem, the emerging markets etf. you can see that downici side me there on the chart if you look at the other stock we're going to be talking about it's going to be a few different places sou south africa for one and also indonesia and all of these jurisdictions have been some of the worst performers when it comes to country's etfs in the emerging markets but ones we're going to watch specifically are places like indonesia, places like in india f and for sure brazil. >> i can't believe brazil is

smaller an sugt africa >> brazil is yes just in terms of the -- but it is in size of the etf. it may not be so much of a huge waiting out there, but so much money has been poured into the that etf the south african by size is not at much of a component some others are but brazil is certainly one to watch because it carries so much money in that. >> joining us to discuss where they're seeing opportunities within the emerging markets david and christina. david, too soon to jump into some of these beaten down emerging markets >> it's nice to see eem had a positive day today and i definitely share the concern about south africa that's one that really shares the economic profile of turkey

it's really turkey and south africa that would be on my watch list but they can't maybe hurt the other countries in terms of fundamentals but they sure can in terms of sentiment. >> christina, in terms of what we've seen in the last week or so does the turkey wobble make you fear for other nations particularly china which has seen its own currency fall >> well, there shouldn't be any direct spill over from turkey, though of course investors are punishing those countries that have similar profiles because it's a percentage of gdp but the reality is turkey should be a cautionary tale because what it is suffering from, and of course it has a lot of different issues. but what has most recently sent the lira plunging is u.s. actions, u.s. sanctions to be specific and it's not the only country that's really on the opposite end of firing from the u.s.

we've got sanctions against iran, and of course the u.s. is embroiled in a pretty significant tariff war with china. >> david, do you think the u.s. is the best place to be? >> i don't i think there's a lot of really good opportunities around the world. these are economies that have really improved their national balance sheet over time. they've got much higher economic growth than the u.s. in situations like china they've got tremendous foreign reserves. i think you could make an argument that china is really in a much stronger position to survive a trade war than the u.s. is today. so i think there are select opportunities around the world i'm just not sure this week would be the week i'd be jumping in >> guys, we're going to have to leave it there we've got some news to get to i'm afraid thank you both very much for joining us shares of match group falling today after tinder executives and employees sued match in its own iac

and the original home of the "power lunch" is back after a two year absence coming up an exclusive look at the posh new eatery that's bringing major players in finance and entertainment back to its table

welcome back breaking news on the big deal in the energy space hey, jackie. >> good afternoon, to you wilf diamondback energy is buying

innergen corporation this is deal in the energy patch. the deal worth approximately $9.2 billion diamondback is also acquiring energen's net death. the premium to the closing price on energen, $84.90 it's trading higher by more than 6% in the after hours. and the transaction was unanimously approved by the board of directors of each company. what this indicates is strategic action happening, right now more profitability to drill as oil prices have been on the rise here and you can see that companies are looking to acquire those assets strategically to make companies stronger this is significant merger here, certainly something to watch tomorrow in trading tomorrow, guys >> it's certainly an interesting trading point after the deal dried up for so long when oil prices plunged >> absolutely. back at that point when we saw oil trading around 40, you saw

sort of the snapping up of assets and consolidation for different reasons. i think this is showing the tide is turning these prices have certainly been supportive a lot of analysts saying we could go down a bit more seasonally, but you're not going to see that three handle again at this point you can see the companies are look and charting a path forward it seems all the global players and producers are sort of aligned here even if they're not communicating directly, sara let's take a look how we finished up the day on wall street we were higher but we didn't come off the highs of day. the high for the dow is 151, and we finished up 112 points. the russell led the bay just higher more than 1%. it was broad as well all end sectors are high let's get to some of the other big stories today in our rapid recap. >> the turkish president just calling for a boycott of some u.s. products. >> elon musk announced on

twitter he is working with goldman sachs on his buy out for the car maker. >> tesla announcing a formation of a special committee on elon musk's proposal to take the company private. >> way above $2.84 estimate. >> the company formerly known as coach earned 60 cents per share on its latest quarter and revenue also topping forecasts >> $52 billion deal for express script >> match just off their worst levels of the day. this is because of a lawsuit that's being filed by a group of founders, employees and executives of tinder >> body armor has taken a minority stake in the company with a deal that's called a conventional path to ownership >> dow headlines saying that kroger plans to sell groceries on alibaba's platform in china

>> great stories there coke ringing the bell here as well today >> do you drink sports drinks? >> sometimes they just taste a bit fake, i think. >> they're very popular and this body armor is making head way going 100% year on year. i think it's interesting they're going up against market leader gatorade >> we've got acnbc news update hello, guys and everyone once again here's what's happening at this hour the search for survivors continues following the catastrophic collapse of a bridge in italy. at least now 26 people are dead and 15 more injured after the bridge fell 150 feet into the an industrial area during a violent storm. and authorities say the death toll is likely to rise one survivor who was standing right underneath that bridge as

it fell described being thrown 30 feet by a shock wave. forensic investigators are on site near the british parliament police say a man in his 20s driving a silver ford fiesta deliberaty steered into the crowd around 7:40 a.m. local time the driver has been arrested luckily no injuries have been reported alaska, kerry dean moore was executed this morning for the 1979 shooting death of two omaha cabdrivers let's end on a lighter note, shall we the girl scouts of america is rolling out a new cookie it'll feature caramel, semisweet chocolate chips, just a hint of sea salt and also gluten-free. the new cookie goes on sale january 2, 2019. >> semisweet chocolate >> yes >> why are girl scout cookies so

good >> well, if you read the ingredients it starts with butter then it goes to cream, eggs >> thin mints. >> isn't it semifattening butter as well? what is that >> if you're going to do butter you've got to just go with butter >> they're just always good. that's why there haven't been a new within in so many years. they haven't innovated the thin mints in so long >> they did the thin mint cookies. >> i'll explain it to him after the show shares of match group are lower. a group of tinder employees suing the parent company aic and match saying the company has been robbing employees by manipulating financial information, undermining tinder's valuation and unlawfully stripping away tinder's stock option. >> should you swipe right on match group or left? gents, i mean the numbers are

astonishing underlying the use of this app. does a lawsuit like this really undermine it >> no, i mean i don't think so this is something that happened years ago. these people haven't been there for a long time, and not only that they've had plenty of experts in there they had investment banks, lawyers. i would find it very hard to believe there was this type of large scale manipulation going on within this company so to me it doesn't scare me and i don't -- is it the swipe right, is that how you say buy it >> ask wilfred >> i am asking wilf. >> never been on it. >> swipe right is positive, pete >> well, i'm going to swipe left and the reason i'm going to swipe left which is negative right now. >> i think so. >> so we're going to swipe left and the reason we're going to do that is i look at this more is this an issue? i think it's a small issue they're going to have to deal

with this, to your point this goes back years. this is something they're going to have deal with the bankers and everything else. my issue is facebook facebook decided in may they talked about the idea they're going to launch an app, a dating app. recently just the other day they were talking about, hey, it's going through the testing process. you've got 2 billion users, 200 million folks who have already said they're single and i would think that facebook would be something that almost to instagram or snap i think they could dominate the space very, very quickly i'd be more nervous about facebook right now than this legal issue. >> zuckerberg says his service is building real long-term relationships. >> for the odd use of data i would think for people that are concerned about it, but we'll have to see. >> thanks, guys. fast money coming up later, of course at the top of the hour and former market bullers

calling for an imminent -- 13 f filing is out leslie picker has been digging through it >> as i mentioned our team has been digging through this 13f filing the firm boosting its stake once again in apple and teva. boosting more than 5% now holding about 252 million shares and teva increased its stake from 6.7% to hold 43 million shares u.s. bank corp the firm also increased its stake in that company by just under 11% and upping its stake as well in goldman sachs by 21% to hold about 13.2 million shares the firm sold some of its stake in charter up about 8.7% worth

bur ber berkeshire releasing a statement yesterday. as you can see during the quarter that caused berkeshire to sell banking and airline industries while purchasing slasla shares of other companies in the same industry that explains why united and airlines were paired while they added to delta and southwest. they see it rather as just a reflection of their portfolio management strategy, guys. >> leslie, thank you very much for that coming up the british government forming its own trade policies up next a british trade official weighs in on how the government plans to handle president trump's war on trade and it is the return of the new york city "power lunch." ureansomg the newly renovated fo sso cinup alerts -- wouldn't you like one from the market

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a recent poll of 507 business leaders by the trade group maritime u.k. show that

more than half of those asked show the benefit for brexit would actually be for britain to strike its own fresh trade deals. but one trade expert was quoted as saying that the u.k. should hope for the best and plan for chaos when it comes to trade >> for more than what is ahead and how it could also impact the u.s. let's bring in antony fillipson for north america, the consulate trade here in the u.s. the latter liam fox said recently that a no deal is actually more likely than a deal for brexit do you agree with that and how big a blow could that be to the u.k. economy >> we had a plan for dealing with the negotiation with the eu we've completed the negotiations effectively on the bra agreement and limitation period and now attention turns to the

partnership. we have to plan for contingencies and we are doing that no deal planning because it's only the prudent thing to do the trade expert that you mentioned in the daily express which i saw this morning is a former australian trade official i think he was expressing a point of view but it's not one the british government would agree with >> in terms of what could come after brexit, clearly a u.s. trade deal is something that's been discussed very often. given the actions that we've seen from the president recently, do you think that is less likely than perhaps a year or two ago and even if it does happen what stops the president from reegging on it two months later? >> i think they were very clear in their press conference with each other and talks with each other they are both commit today the you can and u.s. agreeing to a free-trade agreement once we've left the eu next march

the u.k. government began a 14-week consultation period to ask civil rights groups set raw what they wanted on a trade deal on the tariffs we have made cleat we don't agree with the tariffs imposed on steel and aluminum and we will continue to argue against those. we welcome the eu u.s. agreement to begin their own set of trade talks that would hopefully avert any future tariffs but, you know, we're confident we can do a deal with the u.s. we're confident the u.s. will want to do a deal with us. and if we get the deal right there will be mutual benefits. we are committed to doing one fast we've begun the preparations now so we're ready to go as soon as we've left the eu next march, and we'll do it as fast as we possibly can >> you used to rrt eport to bors

johnson. >> well, i now report to the current secretary. >> fair enough in terms of the eu negotiations of course ongoing, have they been too stubborn during this process to allow the u.k. to get to a deal that would be worth doing? >> this is negotiation there are views on both sides or i would come back to as i said a second ago the prime minister setout how she wanted to work through this negotiation the eu also set its position in the beginning of the process and we're working to our guidelines as well as the state of positions. there's nine months to go. one level, that's not a long period of time, but we have considerable progress and we're confident we can bring this together to have the future framework, the framework for the future partnership all ready by the time we leave next year. >> if you don't get a deal with the eu, i mean if they can't figure it out, the plan b you talked about, what is that

is that reverting to wto rules and higher tariffs >> the contingency we're talking about would be understanding what are the consequences of leaving with no deal and making sure we can continue to trade, that life goes on as normal as possible but i would just reiterate we are very confident in the ingenuity and it's in the eu's interest and our interest that there's a long way to go >> thank you for joining us. right, it's back the famous s four seasons here in new york city is opening its doors again and robert frank is there. hey, robert. >> well, the favorite watering hole and dining room of the new york elite is back tomorrow the four seasons opens at its new location here on 49th street we're going to take you inside the $30 million new four seasons and show you the tables that the billionaires and titans in media are already clamoring to get a

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it's the return of the power lunch, the new four seasons is opening its doors after two years of delays and robert frank joins us with a look at the new digs hey, robert? >> hi, wilf. where we're in the wine cellar, just a portion of the 10,000 bottles they'll have and this is not just the opening of a restaurant. this is really the return of a new york institution this is the ultimate power lunch spot of the financial and media

elite. and it's been two years in the making, $3 million after moving from 52nd street their old place back to this new shrine to deal make, wining and dining. if you remember the kinds of people that come here it's martha stuart, henry kissinger, steve schwartzman, nelson pelts. it was actually founded back in the 1980s here for this new restaurant many of the sort of long time patrons paid between $250,000 and a million dollars to be in the restaurant it's quite a bit smaller than the old four season, and as you know it was really heart to get reservationas reservati reservations at the old four

seasons. we had investors trying out their tables and making sure they like them many of the old favorites will be back, and the owners are saying for the next two months are pretty much booked, guys. il have for a while of being in here, but it's really quite a space. >> is this the right area of town, robert i know when the original one opened it was all about that kind of midtown, upper east side business activity, but is that still the case is that price point still the right area it's almost kind of late bull market opening and it could be like marking an opening in 2007 or something like that >> you could see this as peak power lunch, certainly, but this really is, as you know, wilf, jchl j.p. morgan is right next door and we're right on park avenue and the finance and the blackstones and the blackrocks and the big investment banks and

j.p. morgan are all right here and it is very important for them they're a couple of blocks away and across park avenue from the old location this will be a great spot, not just during the day, but at night we're here in the bar which is a 50-seat bar and they're hoping to get a younger crowd and i think it's going to be heavy on financing because they're right in the middle of it here. >> okay, robert. great stuff. thank you very much. >> thank you >> it got me thirsty just talking about it >> what? a drink? well, we know what you have for a hangover, coconut water. all set. shares of tesla after the company and founder elon musk revealed more developments in the process of trying to take the company private. we'll bring you up to speed next tomorrow on "squawk box," don't miss the new ceo of verizon. his first interview since taking the job again august 1st that's tomorrow at 7:00 a.m. eastern on "squawk box." about e

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diamondback energy just resuming trading let's get back to jackie deangeles. >> that's right. diamondback was halted previously it is now trading down by 7% shares of energien are trading higher after an all-stock transaction is announced the acquirer taking on the risk and taking on the debt here. the acquiree being taken on at a premium to where it was trading today. at the close it was trading at $73 a share and as we mentioned before, this is a premium play

it's a strategic acquisition of assets that could help these two companies move forward in an environment with higher oil prices wilf, back to you. >> thank you very much jackie deangeles >> tesla's board can negotiate with musk on taking the company private. >> phil lebeau joins us now to wrap up all of the latest. hi, phil >> calle . >> hey, wilf it is a period where we're entering a period where we may not have some news for some time here is the news from tesla potentially going private at some point in the future the board of directors have appointed a special committee, three board members who will be looking into this at the same time elon musk has hired has own advisers, and advisers just being working with him and not working with tesla as a whole and there's no formal plan proposed and that's important. this is setting up the process

for analyzing a potential plan, but nothing has been proposed and ceo elon musk has discussed privatization on and off for the last couple of years and the saudi sovereign fund and the sovereign fund is not commenting on potential talks with tesla. so what are the odds that we actually see this company go private. here's luke munster with his estimate >> i think we're on a slow roll call it's three to nine months to tesla going private. if we'll put the probability on it, today it's two-thirds and call it 65%. >> as you take a look at shares of tesla, guy, we're entering into a period where we still need to see a proposal come together, and no estimate as to when that will happen. back to you. >> thank you very much il lebeau there. up next, find out what bill ackman is buying and selling when "the closing bell" returns. still nervous about finding a new apartment?

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welcome back to "closing bell." i'm leslie picker. we've been digging for pershing square and have a position on bill ackman's first. he had 3.7 million shares to hold half a billion dollars

worth, 4.2 million share which is is an interesting sea change from what we saw last year with the proxy fight there and also acquired a stake in lowe's which we knew about and disclosed 7.7 million share stake worth $37 million, willch? >> leslie, thank you very much for that it's been a positive session up a percent. >> a vacation on this. >> on vacation for a week and a half "fast money" starts now. >> "fast money" starts right now, live from the market overliking times square. the traders are brian kelly and dan nathan the crypto crash continues and crypto breaking below 6,000 before hovering at those levels and the move as a whole has the crypto universe in a frenzy. bill harris who previously called bitcoin a scam says it is about to get a lot worse he will be here and the tesla saga continues and elon musk