phd at cambridge. it is a heroing story that she went there with her family. it's a meditation on identity and the role family plays. read it. it's a fabulous book. >> thanks for watching "power lunch. "closing bell" starts right now. welcome to "closing bell." a quick check on the markets, red arrows across the board. we are off session lows. the dow right now down a little more than 200 points. it was down 334 at the low part of the session. the nasdaq is the loser. >> tech is a big story not only here but watching chinese internet stocks. dow and s&p down for a fifth time in six sessions. we begin with breaking news on uber. josh lipton has those breaking

details. >> uber just now reporting its q 2 financial results. let's bring in gross bookings. the amount of money booked through the app comes in at $12 billion, a jump of 41% year over year. you subtract the driver's cut. you left with net revenue in the quarter of $2.7 billion. that is up 51% year over year. it was up about 70% in q 1 year over year. a source of the company saying in part you are seeing the law of large numbers kicking in. uber still growing very fast clearly but this company keeps getting bigger. uber is investing aggressively in a lot of new fast growing areas. uber eats, bikes, scooters. if you look at adjusted e.b.i.t.a. loss, that didn't widen sequentially but lower than a year ago.

gross cash $7.3 billion. a statement here from ceo on the quarter saying going forward we are deliberately investing in the future of our platform. big bets like uber eats and environmentally friendly modes of transport and emerging businesses like freight and high potential markets. he did tell cnbc that he hopes to take thiscompany public lie 2019. >> thank you very much. one of the headlines for starting is the fact that they continue to lose money, but the loss narrowed. that has been a chief concern. >> right. >> josh? >> certainly, if you look at the

adjusted e.b.i.t.a. loss, it did widen. the company is saying it was lower than a year ago this time. >> josh, thank you. josh lipton bringing us those breaking numbers from uber. let's get to ed lee for some reaction. always hard to measure the expectations because we don't have a public company here. they are still growing revenues more than 50%. they had a tough year last year. it looks like the business is doing just fine. do you agree >> i do agree. i think that is important. lyft is still hot on their heels growing fast. uber has been able to maintain enough momentum. i think we are kind of in the consequences portion of our program in technology. whether you are talking about social media and the problems that we have seen with facebook and twitter, talking about smart phones with apple and time spent on the phones and hacking issues. and now the gig economy.

uber dealt with some of these consequence type headlines a little bit earlier but it has managed to weather them it seems. it is a little bit too early to declare them out of the woods, but this is a positive sign post for them. >> i would love your reaction. i have instant reaction from one of uber's investors. it's the ceo writing to me. we are thrilled with uber's continued process in growing the business. the impressive growth while continuing to invest and improve the economics demonstrates the strength of the global franchise. uber eats has quickly become the product and scale leader in food delivery, another huge business growing well over 100%. they were talking about the power of uber eats. finally, they are doing all of this while improving the team, governance and in partnership

with cities around the world. they are happy to continue to invest they say. there has been so much noise around this brand. how would you characterize these results and then what we are hearing from a major uber investor >> i'm actually impressed with that growth in the net revenue which is really their revenue. it's looking like a 10 billion plus a year business. the quarter is up 51% over the previous year. i think that is a good mark. the e.b.i.t.a. loss, it is interesting he mentioned unit economics. it's not entirely clear to me that even on a go forward basis as you scale up in this big way whether you get that profit dollar or which point that comes in, people are still riding uber sort of single person or as a one fare ride. they make more money on the pool rides where they have four or five different customers going in on a long leg of a trip which

looks more like mass transit. that is why they are partnering with cities. they want to be the platform for all kinds of transit. you have an uber account you will take a car to a train or a bus or wherever it might be and then want to facilitate that. i think the more they look like a mass transit system the more profitable they become. things like uber eats, i think that is a margin business for them and they seem to be leading and really winning that side of the business compared to a lot of other startup competitors. that is a positive sign. i would like to see more on that particular segment and despite the growth on the top line i'm really more of a question mark on the profit, where that is really going to come in and at which point in the scale. >> so the question of the valuation which has been a little bit debated especially with the bad headlines last year. i think they were last valued at $62 billion. does that sound right? >> i'm not an expert on

valuations. this is a model that at least based on the history of things i have seen, it makes since to me, once they are able to show that the consumer has not left them despite the negative headlines and despite the controversy, it seems to be working. once you start layering on things like uber eats, that is potentially just margin on top of that cost that they already have, the network that they built out and the drivers they are paying. i imagine you start to see them inching closer to profitability. if driverless really starts to emerge and you don't have to give drivers as big a cut or not so many drivers as big a cut the potential clearly is there. >> that comes at a price. the cash burn is big because they are investing so heavily in

the area that john fortt was just talking about and we are looking at on the screen here. >> i think that is a key thing to underline. a lot of tech companies are public. these are cash burn businesses and it's always sort of a wait and see. we are going to get to the market size that will bring us the return. when you have like municipalities like new york city curbing the amount of uber licenses that you are allowed to get that can cut into the business or the go forward plan or projected plan. there are some head winds and concerns and potential risks there. at the same time i think uber is forging ahead pretty quickly. that is the game plan. i think they need to do that in order to get to the right position so that the economics kick in when they hit that. >> investors can't make the ebay amazon mistake from the early 2000s. they are building out this logistics network, distribution

centers. they have to handle physical goods. e bay don't actually have to handle any goods. investors who are in it for the long term can see the value of what gets built in the dirty mucking it out arena. the uber investor will have to decide are they willing to place a bet that what uber has been creating all of this time will be a mote for them. >> what we heard from the likes of gurshner that answer at least right now appears to be yes. thanks to you both. >> ed lee, john fortt joining us. turning now to the markets. today's broad selloff, wall street's fear index hitting the highest level since early july. bob pisani joins us with a look at what is moving the markets. >> i haven't seen vix near 15 ninety-two while. we are getting a mini rally. we are dealing with a trifecta of problems. the biggest outline were the big

market issues. we have concerns about emerging market contagion out there. we had argentina raising rates to deal with concerns about turkish contagion. saw a big climb in revenues. the third whammy is the stronger dollar we have been dealing with. you can see the impact on the commodity complex. free port down 8% again today after being down double digits in the last couple of weeks. the whole materials complex has been weak. it doesn't matter what you are looking at. the coal complex is down four, five, six. it doesn't matter what you are looking at. everything is down four, five or six percent in that space. bottom line is this. try to keep it in perspective. certain sectors are getting hit.

we are -- just take a look at the global market. we are two percent off historic highs. look at the rest of the world. brazil is 30%. china is 30% off. japan is 10%. germany is 10% off. i'm not saying things aren't bad. try to keep it in perspective. this is right now a bigger problem for international markets and certain commodity names than it is for the overall u.s. market. >> bob pisani, thank you. joining our exchange to talk about all of has the is chris cordaro and rick santelli from the cme group in chicago. would you chalk it up to better corporate earnings as to why the u.s. market is outperforming the world? >> certainly. corporate earnings came in extremely robust. that is really what drives things is the earnings. if you are looking the valuatio

growth i think the u.s. is reaching its peak. that's why i think they are probably one of the best places to be on the planet. >> now >> now is the time to get there before everybody else does. if you think about the strong dollar it means it gives us in the u.s. big buying power to buy those stocks. >> rick santelli, you said the dollar index was now the barometer from the s&p 500. >> i think we are going through a phase where that is very true. i know everybody likes to look at the vix as the fear gauge. i think the dollar index in its path are very important because really you can say this is all about trade or describe a number of issues why the markets are acting the way they are. it's the financial structure of everything that moves in the world whether it is oil or soybeans, anybody who has done a delivery and financing involved in moving products or

commodities, that structure is changing and it is changing on the fly in dramatic fashion. so i think the dollar index which really didn't do much today but the key is it didn't give up any ground. i think you can continue to look at that to measure how much more of this re-calibration and financing credit and de-leveraging deals will continue to spill over and effect the psychology of some investors. >> it's not just about turkey today because the lira is up. it's about china which seems like a much bigger deal if things were to worsen. is that a concern for the u.s. market going forward >> always a concern for the u.s. market because china is a great barometer, second largest economy in the world. we are concerned if they were to slow down from their stated goals of 6 1/2 gdp. i want to go back to something that rick and chris were saying. there is a direct pattern linkage between an overbought

vix, a stronger dollar and where the s&p 500 would be. when we get the dollar overbought around the 98.50 level those are negative signs for u.s. equity markets. that is something that i would definitely keep a read on. we don't think the s&p 500 gets oversold until it gets to 2780 or 2790. there could be weakness. >> do you think this is overdone these concerns about what is happening in turkey? >> i think turkey in itself is overdone because it is not big enough to really move. so it is really about the perception of can it move things. you need to look at china and the larger economies to have some movement there. >> and what is that telling you when you look there? >> i still see the growth coming from those economies. >> it's slowing.

>> we are talking slowing in the six percent. that is still extremely healthy growth rate for the second largest economy in the world. that is the part that gets overlooked is how big it is and how fast it grows. >> this a small momentary rest and then we pick up in maybe september and then that move back towards record highs? >> when you look at the lack of participation which is typical for august, but we are at all time lows. so the moves can be outsized. when it comes to turkey, turkey has really bad fundamental problems that many other emerging market countries and economies don't have. they have run away inflation and issued about 11% gdp. as the dollar rallies that is hampering their ability to manage their economy. you will not see that in some other economies like argentina just got the bailout. you are seeing them stabilize.

i think this is largely overdone. >> look at the summer of '15 almost this exact time when we were all worried about china, capital flight, et cetera. here we are august of '18 and worried about a problem outside of the united states. you have to think that that only under scores this great american stock market economy story that we have been telling and leading to these levels that we have gotten. >> rapid update. i saw steve liesman tweet this up. that is strong growth especially coming off of more than four percent economy. >> which is one of my bullish theses around the u.s. equity market. of course it will get hit when there are disruptions in other places around the globe particularly when it is one-on-one which some of this is. but when you take a look at what is going on with the strong economic growth and corporate earnings that chris cited

earlier it's -- the capital goes where it gets rewarded. this will be a momentary blip. i think we continue to rally especially in september as you mentioned when people come back and start trading and investing. >> everyone is away. >> it's easier to push the market around. >> thanks, guys. we have a news alert out of washington. let's get straight to eamon javers. >> sarah huckabee sanders, the white house press secretary just wrapped up her briefing. i had the chance to ask her about this tweet from president trump earlier in the week on harley david. the president tweeted many harley davidson owners plan to boycott the company if manufacturing moves overseas. great, the president wrote. i asked whether the president is endorsing a boycott of an iconic american company. here is what she said. >> the president has made his

feelings on that very clear. the president's focus is on making sure that we get good trade deals and that we keep business and industry here in the united states. >> does he want to see a boycott? >> i think he would rather see them put their companies back here in the united states and build their great machines here in this country. >> sanders snnot saying the president is endorsing an embargo. hammering home the president's point here that they think that what is going on with harley davidson is wrong and they would like to see companies bring more manufacturing back to the united states regardless of the overall tariff picture. >> he called -- i remember when he was campaigning he threw out apple and other companies.

>> for the president of the united states to be calling for a boycott of any iconic company is a rare and startling thing. the press secretary dodging a little bit the question, not saying he is calling for the embargo but saying they want harley davidson to change the way it does business. on "closing bell" -- last weekend's all star pga championship saw the best ratings since 2009. pro golfer justin thomas swinging by to talk about the tiger woods effect on the sport. this is a story about mail and packages. and it's also a story about people

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losers right now. we have seen weakness in energy, materials. >> there are a lot of industrials that are trading in ma fair market territory. macy's tanking despite a top and bottom line beat. courtney reagan with a look at what is behind the mystery. >> analysts say it is profit taking, the reason for the selloff that may not seem like a good reason for you. yes, they are down 16% right now. it does feel like a lot of pain. the price just about where we were a month, five weeks ago. the sell off really began premarket when we had the main financial metrics out, revenues, earnings and all of that beat expectations.

earnings far exceeded estimates. revenues beat, too. down slightly from last year. analysts felt it would fall. macy's upping its full year forecast for earnings and comp sales going forward. he said both macy's strategy and the strong economy helped drive sales. he said online sales are up double digits. that means 36 straight quarters of double digit growth. transactions grew across stores with foot traffic in good shape. most categories from dresses to fine jewelry to mens and kids were strong. macy's is selling more full price as they reined back in the discounts. average price per item was up about five percent. that is also good for gross

margins. it is really hard to pick out any financial metrics. really look at the run up that we have seen to get this far. >> the context is key there. a lot of other competitors getting hit hard today. >> wal-mart tomorrow. thank you. busy week. the pga championship wrapping up over the weekend, seeing its best ratings in eight years. >> joining us now to talk more about that is the pro golfer justin thomas. welcome. >> thank you for having me. >> it was off the charts this past weekend. i was glued to the tv. given the ratings so many others were, as well. >> even i was. >> can you put us inside the drama as you were feeling it >> it was unbelievable. i think the pga really is a great tournament. i'm a little bias since it was my first major.

it's great. the crowds are always unbelievable. i have never seen anything like what i saw and heard. with tiger being there the buzz is quite different and tiger being in contention was a whole other level. it was cool to make birdies on sunday and listen to the crowds. >> so what do you make of all of the attention that not only the media, fans, network, et cetera were giving to tiger woods i get it. brooks was just playing phenomenal. he has had an incredible run. i can't remember a time when the youth of the game, so to speak, was as deep and good as it is now. i go down the list, yourself, jason day, rickey, dustin. in many cases first names are only needed, jordan speith, koepka. you think too much attention is being paid to tiger at the

expense of people like you and some of the other younger stars who are out there? >> i mean, you could argue either way. i mean, everything -- i don't think i understand what all tiger has done for the game of golf. guys that were playing in his era when he was in his prime that were able to see the torque changing and for the better, the purses we play for are just unbelievable compared to when he first got on the tour. it is because of people like him, jack nicklaus, arnold palmer, et cetera. he deserves every bit of the attention and the accolades and everything that he gets. it's sometimes kind of nice for us because the attention is on him and not us as much. you know, it is hard to argue for everything that the guy has done in the game it's very deserving. >> you have the distinction of

being the tour's money leader. just curious how you approach managing your money and investing? >> you know, it's like anything. i have a team that does it just like i have a team that helps me with my golf swing and helps me in the gym, whatever it may be. it's been good. my dad is very involved in everything i do which is always nice having -- you would hope you can't get closer than your family and your own father. he has been very helpful because he has been a golf pro and managed everything in the pro shop his life. he understands a lot about managing money and having it in different places and how it is beneficial for me. he is just always trying to get me to learn more and understand everything more. i'm very lucky to have him as involved as i do. >> apparently he is getting more famous than his son.

>> you have a great personal story, as well. i think it was pretty touching for everybody to see your reaction with not only your father but your grandfather and grandmother who were there, as well. it's a pretty sweet scene. i don't know if people realize you come from a long line of golf professionals at the club level. >> yeah. that was the first time i had won a pga tour event with grandma and grandpa there. just being able to have them there was the first time i have gotten emotional on the golf course before. you know, you just don't know if they will ever see me win if i didn't win on sunday. they can't just come to tournaments like they used to. living in columbus they can come to the memorial and this being the last year in akron that they can drive to that one. it was a lot of pressure. i felt it. i was very nervous going into sunday. i wanted to win with them there

so bad. it was a very special moment for all of us. definitely something we won't forget. >> tiger a lock for the ryder cup? >> putting me on the spot. don't do that to me. >> you knew i was going to ask you that. >> as well as he is playing we all want him on the team regardless of who he is and what he has done. it doesn't matter whether it is tiger woods or joe schmo. we will see. captain furic has a lot of decisions to make. i know he is not going to do anything that isn't going to be but for the best interest in the team. we have faith in him. >> thank you for joining us. >> thank you guys. i appreciate y'all having me on. >> he has won fed ex cup, pga championships. >> wgc which is a huge

tournament there in akron, ohio. >> our thanks to justin thomas. time for a news update with sue herera. >> that was such a great interview. here is what is happening. press secretary sarah huckabee sanders announcing president trump is revoking the security clearance of john brennan. the action is seen by some as more political than practical. senators said the white house will consider whether to revoke security clearances of other former law enforcement officials on a case by case basis. israel reopening a key border crossing with the gaza strip. the road reopens weeks after being shut down. the eased restrictions comes as egypt attempts to broker a lasting cease fire. british authorities are considering turning the area around parliament into a pedestrian zone after a driver plowed into cyclists and pedestrians on tuesday. police are treating the incident

as a terrorist attack. animal rescue officials had to remove more than 600 birds from an ohio home after a complaint by a neighbor. aspca found an array of different species including parakeets, parrots and the animals have been relocated to a temporary shelter. that is the news update this hour. >> thank you very much. we have news out of washington on a new initiative from the white house. >> we learned the white house is preparing a new executive order that would expand government programs covered by buy america regulations. the executive order originally sought a broad and strict mandate to require american materials and services be used in federal projects. during a lengthy interagency

review in which legal and financial questions were raised its language was significantly narrowed. the effort is the product of the office of trade and manufacturing policy. it builds upon previous executive orders by the administration to enforce existing laws around this issue. the white house, we should mention, did not respond to multiple requests for comment. we'll see where the language in this executive order lands when it officially comes out. i'm told it is near the end of this review and it will be important for all the companies that do business with the federal government on all of these various projects. we'll wait and see exactly what it looks like. >> it could have a lot of implications for american business. thank you. still ahead, it has been a rough ride for chinese stocks. today's tech inspired selling is no exception. we will talk to a pair of experts to break down the opportunities amid the selloff. >> counting down the earnings

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dow is way off the lows of the day. still down 120. >> we cut our losses a lot. >> up next we will talk chinese stocks which should plunge after

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we're back. chinese technology giant tencent falling. dominic chu has the numbers and how it is impacting the market. and it appears it did have a big impact on the overall market. >> much more so than turkey. china makes up more than a third of the index. a number of these major chinese index stocks are at the middle of trading action. tencent falling due in part to the numbers. the tencent drop just adds fuel to a lot of the down side. check out some of these names. alibaba perhaps the most important one because it is roughly down about 21% from june record. many say it is the blue chip of the chinese internet names, the amazon or alphabet of the complex.

xiaomi down 22% from the high we saw. baidu is down 23%. shares moving to the down side. tencent 27% below its high. huya has lost around half of its value since its post ipo highs earlier this year. china large cap etf, that group of stocks is down more than three percent on pace for the worst day since late march and that is entering what some call bear market territory down 23%. another etf that tracks chinese internet names is the kwee. and take a look at shares of jd.com, down more than 30% from recent highs. that company reports earnings tomorrow morning. investors will be waiting to see

if those results could help stem some of the bleeding we are seeing in the broader chinese tech industry. >> we'll see how that looks tomorrow. joining us to discuss china's impact, jeff dennis and richard kang, former cio of emerging global advisers. jeff, what does all of this say that the chinese economy is slowing? >> the chinese economy is definitely slowing, but we know that already. i don't think the numbers that we are getting today from tencent necessarily make that situation worse. the economy continues to experience in our opinion a self-flattening. we have 6.2% growth. the underlying story is the concern over the tariffs vis-a-vis the u.s. and the escalating trade tensions between the u.s. and china which is impacting the economy, as well.

i don't think these numbers today tell you anything specifically about the chinese slow down. this company is growing strongly, just missed their numbers this time. >> richard, do you think that some of the selloff has been overdone one of the traders on the show that i host at noon bought the k-web etf today because he thought it was totally ridiculous the way some of the stocks had sold off. >> we are talking about china. when it is overdone it is always overdone. overlap in s&p 500 chart with anything from china whether broad or sector, the chinese chart will look like the american one on steroids. there is no point in thinking how far it will go. it is more painful on the down and more beautiful on the way up. look how strong it has been. this is normal to go down. it's just like facebook. it has been good. when it goes down it goes harder

than the s&p 500. >> on the slowing question maybe you can take this on. if you are not looking at tencent or alibaba you can look at the price of copper or the hong kong dollar. they had to step in and intervene to stop some depreciation pressure or the chinese currency or chinese stock market. what are the signs telling you >> it is definitely a time to be active. it is not a time to be passive. we have had a long bull run especially long bernanke fiscal cliffs, whatever it might be. it has basically been a straight line since the global financial crisis. if you are going to worry about some top end buying on the dips now is the time to be active. whether it is currency or crypto or facebook now is the time to be highly active. it's definitely not the time to be passive. >> how do you think investors should view the emerging markets

which have gotten hammered pretty good? >> the dollar is key to us. the dollar is key to the situation as far as we are concerned. the dollar against theureo hit a new high in the last couple of days. typically it is always the case that where the dollar is strong money comes out of risky assets and out of the emerging markets. i think what you have had in recent days with respect to more sanctions in russia, the spat, if you like with turkey, the concerns that might be having on european banks portfolios and the chinese news on tencent, all of that has encouraged investors to get longer the dollar and be more concerned about the euro. you need the dollar to turn around. we do think the dollar does go lower and that will bring money back to e.m. we have had rolling prices here recently. we need the dollar to settle down. we cannot ignore the fact that

china is slowing. there is nothing particularly to be concerned about now. the self-flattening continues. this is all part of the process. these are rapidly growing companies. what is really hurting the asset class is the strength of the dollar. we think we are close to a buying opportunity here without any doubt. >> next set of tariffs set to increase on china august 23. guys, thank you for the discussion. we have about 15 minutes to go before the closing bell. scott mentioned earlier we cut our losses in half when you look at the dow. dow is down now only 107 points. it was down more than 300 earlier. s&p down more than half a percent. nasdaq down 1.12%. things have improved. it really is some of the defensive groups that are leading the way higher. the new products that could be in e penecongp.thpili, mi u believe in luck.

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welcome back to "closing

bell." chipotle upgraded to equal weight. price target changed to $600 a share from $413. the firm saying it has increased confidence in the bull case due to accelerated top line growth. here is a look at that stock today. there has been a lot of optimism about their new ceo came over from taco bell. >> and how they dealt with some of the illness problems a little differently than last time. spirits producer constellation brands investing into cannabis growth. ceo had big plans for growth in the industry. >> we made the investment to participate in cannabis globally and in every form and every channel. that's medicinally, vape, pills,

oil, bud, et cetera. we are not restricting ourselves to beverages just because we are a beverage company. >> so clearly he wants to be a first mover in this. it doesn't come without risks. it is still illegal in this country. he is making a big bet on canada which is going to legalize it in october. investors love it. it is off the lows. they did have to suspend a buyback and are paying a hefty premium. >> i think that is why shares are lower. i'm looking at a note from an analyst i follow. he says he is surprised and have issued a call down in guidance as a result. their estimates have come down quite a bit, almost 60 cents. that's a pretty big move. >> i'm surprised because it's kind of a beloved stock from wall street and from analysts because it has been doing better

than the rest of the industry on its mexican beer. >> and they can take an even bigger investment in the company if they exercise warrants that they have. >> it is an interesting move. we are continuing to talk about it on the show. the nasdaq is on pace for its first weekly decline. we'll take you to the nasdaq market site for a oklo at big movers there. "closing bell" will be right back. and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online.

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oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. the nasdaq is falling for its third time in four days on track for its first -- >> there you are. >> h >> -- in three weeks. >> we are seeing a fairly broad decline cross all the sectors. chips among the worst performers today. micron is the worst performer in the nasdaq 100. green light capital liquidating almost all of its stake. a couple of others jd in bear

market territory. netflix still up 69% year to date. apple has helped come off the lows on pace for a record close if we stay above these levels. finally, express scripts hitting a new high with a new deal with bio techs to have exclusive lineups in the post rebate world. >> thank you very much. cot wnp csiwith thelong undo unext.

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welcome back to "closing bell." down at the floor with bob pisani where the market was down by more than 300 points, so much focus on what the dollar and these other currencies are doing because of the situation over in turkey. what has led us back >> the president made comments about buying america. even though it is expanding we added a few points. that was about 325. we get these comments late in the day from the white house. i think the important thing is overall the damage is still relatively limited. we have had notable damage in commodity names. we are only two percent from

historic highs on the nasdaq and s&p 500. >> so much focus has beeon the dollar. >> second hour of "closing bell" begins right now. >> welcome to "closing bell." let's look at how we are finishing up. we close well off of the session lows. dow closing lower by about half a percent at 136 points. at one point we were down 334. s&p 500, this was the worst day for the s&p since the end of june. still a pretty broad based selloff. it was the high yeielding defenses that ended higher. nasdaq down 1.25%.

small caps also took it on the chin. we have an earnings report. cisco reporting in just a few minutes. we will bringyou the results a soon as that is out. senator elizabeth warren sitting down with jim cramer as she introduces a bill that could have a big impact on corporations and wall street. two ceos will weigh in on her proposal. let's talk about this market. leading the dow today was pfizer, chevron was biggest decliner. chipotle was the winner. macy's was the loser closing down almost 16% after posting a pretty decent quarter. a lot of concerns from turkey to china to discretionary to global growth. what stood out to you? >> i think it was a culmination. yesterday was a good day thinking things weren't going to

be that bad. if you look overseas there is some negativity. i think it's not as bad as what people think it is. it is a question of if it will lead to unintended consequences. >> and you still like the market >> i think you will get days like this especially when you don't have a lot of news. >> too much being made about what is happening overseas or do we really need to take it seriously that it could get worse? >> i am in the camp that it is more than it needs to be. i don't see the system risk from turkey. i think as you were just saying i think it is an excuse to take profits. wejust came off a very low volatility period and we are going back into a weak area in august and september. we have mid terms coming up, people are starting to get worried. you need an excuse to take profits. the under pinnings have not changed. >> part of me thinks that i wonder if we are giving short

shrift to the fact that it is happening far away. it is happening in currencies. we are not watching the s&p fall completely out of bed which is why it is easy to say i think too much is being made of all of this. there is no reason to think it couldn't get worse before it gets better at least in the currency markets. >> and the stock market lags very often sometimes by months. >> if it was a stock market-led decline we would probably be sitting here with a different narrative. >> we have to really watch, if this is going to be currency led that will lead to emerging markets debt and that will give us the first indication because that is where all the countries have the biggest exposure in currency. if that starts to unravel you could see the ten year. if that starts breaking down and goes to below 2.8 then i think the fear is coming back in the s&p market.

>> and the dollar exposure. the reason people are making such a big deal is we get half profits overseas even if it is places like europe and japan and not the emerging markets. that's a problem. >> it's a big problem because it does hurt our exports. that combined with the trade tariff issues is more than worrisome. >> let's talk tech. nasdaq finished down more than one percent after tencent posted its first profit drop in more than a decade. the company's disappointing results dragging on other chinese internet names like alibaba. you invest in some tech companies. i wonder what you make of this. many of these chinese internet stocks are in bear market territory way off their 52-week highs. they are the marquis names in that group. >> absolutely. i think you add that to what is going on in china with the tariffs and a weaker consumer in china, their stock market already down more than 20%.

these are also global stocks that are traded. i think the fear is go to where the money is made the most easily. that is absolutely and jd. >> i just wonder how much is it really the fundamentals that are deteriorating or are they just proxys to trade the china trade war or chinese slow down in growth >> i think that is the right question because i don't think there is a slow down of the fundamentals. tencent was interesting because that seemed to be a one off situation because state owned media and china has been bashing video games as doing social harm. they have been slowing down applications and all of these things that tencent needs. that seems to be very much related to that which is quite interesting to see what is happening with our own internet stocks and if that has more traction. i see it more as a proxy for the slow down in the market there. >> are you taking this weakness and looking to do some work in the market >> i am looking for stocks that

i want to buy more of. i have talked more about the financials. i think there is an opportunity here to buy some high quality names. i think if you look down the road and you say where else do i want exposure, if i will wait sikts month six months to a year this is where i want to start nibbling. people are taking money off. >> this coming from the person who was just talking about race going under. it's not helping. >> that is not going to help. i think that could be a short term. i don't think this is going to be a long term issue. i think we are going into two weeks of really quiet period where there is not a lot of people around. any type of volatility will make moves much bigger than they should be. >> it sounds like you might be taking the opportunity to nibble, as well. >> totally. if you know what happens to great stocks like home depot or macy's. macy's down 16% on what?

even the you think some of it is short term or they have closed stores, we are getting to a very strong fourth quarter with jobs and consumer appetites strong. names like that i think there are real buying opportunities. >> that may have been the biggest sell on the news stock story i have ever seen. >> these retail names are getting so much volatility. i wonder if it is because there is still so much short interest in the group. >> up 95% before the earnings. we have talked about it for a while. >> you couldn't run any harder into a number. >> there was so much, what are they going to do they didn't say anything that bad. they increased earnings. they said going into the quarter things are getting better. >> let's jump away for a moment. cisco earnings just out. josh lipton with the numbers. >>eps of 70 cents versus expectation of 69 cents.

revenue 12.84 billion. the stream is 12.77 billion. in terms of guidance q 1 callingeps 70 to 72 cents. and revenue growth between 5% and 7% compare wg expectation of around four percent. infrastructure plat forms up about seven percent to 7.44 billion. applications rose to 1.33 billion. security up 12% to 627 million. this call starts at 4:30 eastern and we'll be on it. let's get to our panel for some reaction to this move. daniel flack is with us here. >> looks like a beat on weak action. >>. >> i think we are seeing the company is shifting its mix to

more software and services. they are investing in key areas like security where we are seeing strong growth in analy c analytics and cisco is embracing the cloud. that is a key part of the story and is enabling the company to expand margins and return capital. we think it is an attractive story. >> is it attractive enough to get the stock moving again it was such a good story and then it stalled out. where are we today >> i think this is probably not going to be too big of a surprise. the growth relative to the prior quarter in some segments like the application area it was a bit of a deceleration. i don't think this is too big of a surprise. it is encouraging to see the guidance from 5% to 7%. i think this is shifting towards software which is what investors like. i don't know that it will be too big of a surprise one way or the

other. >> does this company need to start answering questions or more laying out specifics around china tariffs which include a lot of their products and some of them made in china? >> i think there is risk from a supply chain standpoint given that many partners are based there and manufacturing there. from a revenue standpoint it is relatively small. i think the bigger question will be whether there is a knock on effect that we see coming. stepping back, i think cisco has demonstrated that even through choppy environments the company has been able to continue to push their mix. >> how would you characterize the job chuck robins is doing at cisco?

>> it's been a difficult transition and has had bumps in the road. i think they need to either demonstrate that they can leverage this shift to expand the traditional market that they have been in, the networking market where they can make some expansion with software components that they add to it or they need to hit a home run in terms of expansion areas in software. they haven't demonstrated that yet. i think a lot of investors are still waiting for that kind of opportunity to emerge. >> thank you for the quick reaction to cisco. don't miss an interview with chuck robins tomorrow 9:00 a.m. eastern on squawk on the street. >> thank you, guys. you don't own cisco, do you? >> i do. >> give me a comment. >> it's the transition to services. if you get the recurring revenue

then you get microsoft gets and that is what the transition that cisco is trying to do. you have to get past the deflection point when youget the market multiple that you deserve. >> i don't own it but it is a solid name. you know me, i'm in the much higher growth. >> thanks. appreciate it very much. let's get a news alert on twitter. sue herera has details. >> twitter taking more action as you know they suspended for seven days alex jones for posting a videoon their site that went against their policies. now they are taking a similar action on info wars. they are banning info wars account from tweeting for seven days because info wars posted the same video that alex jones posted on his account last night and that is in violation of twitter's policies. just a reminder, lester holt will sit down with the head of twitter this evening. you can see that on nightly

news. >> so just to be clear, we knew about alex jones getting suspended. now this is his company info wars because of a retweet of the same thing that alex jones tweeted himself. >> that is the way it appears. >> we will talk a lot about this a little bit later. thanks for the update. up next, macy's leading a route in retail stocks after reporting earnings. we'll discuss whether it is a red flag for the retail industry. wells fargo doing an about face on nvidia. that is the reason why assuming coverage and putting that double upgrade on it. the fast money traders will tell us how they are playing this red hostk.t oc

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from ubs. liz, you want to comment on what we got out of macy's today and what it means for the rest of the stocks >> i think it was a case of high expectations. i guess the whisper expectations were higher than the published forecast. i think it was a decent print. they are continuing to make progress. they gave this higher guidance for the back half which people don't always like the optics of that. >> that is what you get for having a stock go up 100% into the print. >> exactly. >> is that a cautionary tale for any of the other department stores which have also been in favor lately >> i would add that macy's said their gross margin is going to be down below expectations. i think that says is this shift from online for brick and mortar to online is still tough for the legacy retailers to deal with. the margins keep going down. we have seen that trend for many

years. macy's is saying it is continuing. i think that has the market a little spooked. >> what does it mean for the others >> i think nordstrom tomorrow there is this idea there is a floor under the stock price because the family has talked about taking it private at $50. what we are seeing is that the market is still not good. they think that they are at risk for losing a lot of market share. >> the stocks in this space have done quite well. why is that? were some amazon concerns just overdone the environment seems pretty good. the confidence is up. >> i think there are a couple of factors at play. the economy is doing well. the consumer is doing well. we are starting to see sales improve. we are starting to see an inflection point where it is not just about investment. it's not just top line gains. we are starting to see some efficiencies and a balance

between a focus on top line growth and a focus on operating margins stability for many of these companies. so i think the balancing act that they have to play as they compete against amazon is definitely difficult. >> as the consumer is doing well and we are seeing wage growth, how do you play retail do you want to expose yourself to accessories or brands or to department stores? >> i think you want to be in stocks where you don't have a lot of tariff risks. and then -- >> are they all importing goods from china >> coach and kate spade less than five percent come from china. those are two brands on the upswing. >> my process of your answer you have made the pie like a one bite pie. >> it's not as small as you think. there are a lot of companies who diversified into different parts of asia. they can send that production

from china to other countries and then shift to indonesia to the u.s. there are ways the companies can deal with the situation. >> who else doesn't have china >> if you look at a name like skechers they have a small percentage of their business that is imported to the u.s. from china. the valuation is low, the fundamentals are getting better. maybe that is a stock you can sell. a lot of the market is afraid of the stocks like lululemon. a stock like skechers or tapestry seems more reasonable given fundamentals are getting better. >> is that how you are looking at retail? >> i think garpier global brands are a place to be. global brands versus domestic retailers who are sort of at the mercy of whatever the tariff structure will be. i think global brands have more opportunity. we see a lot of these self help stories. now they seem to have gotten their houses in order.

i think tapestry's results were obviously impressive. these are good brands. there are some that are trading at kind of high multiples like underarmer where i don't think the fundamentals have caught up with the valuation. >> that is jay's favorite stock. kidding. >> we rate it under neutral. >> 300-page note. >> i think the athletic space is still strong. if you want to play the athleisure trend skechers is a great name. >> they had an awful quarter. >> on expenses. the sales were good. it's one time expenses made the stock go down. >> wal-mart, what should we expect >> i think people are focussed on traffic there because the traffic has been slowing. it is still positive but slowing. very focussed on traffic and the

on the growth in e commerce. they are walking a very fine line. >> thanks. earnings right in front of us. thanks so much. still to come, wells fargo is now a believer on nvidia. whether investors should buy the stock today. and senator elizabeth warren telling mad money's jim cramer that corporate america should not be accountable only to shareholders. we will discuss whether employees and others should get ent metoorraoice and more money wh icos cpote decision making.

shares of nvidia losing steam throughout the day after a wells fargo double upgrade. the firm more than doubling from $140 to $315 per share. he said it was a new analyst coming in. >> the analyst took over coverage in june after nvidia climbed in the past year and 1,000 percent over three years. is it too late to jump in? let's bring in the fast money traders. what do you guys think >> well, i think kudos to the analyst for making a very bold call in front of the earnings. i think he strayed on a couple of the 18 or 19 within where the

street high is of 20. i love nvidia. i wish that the stock had really gotten hit. it is just ever so slightly off the highs. there is a lot of positive expectation going in and a couple of reasons to be a tiny bit nervous. this china gaming thing maybe resolved quickly. i would rather see it get hit and buy it then so i don't own it. >> it is difficult to buy the stock up here given the lofty sort of valuation and how crowded the trade is. as we have seen with other tech names when you see a bit of a miss from an expectations perspective this could trade off significantly which i think will set up to be a buy on the weakness. i think the long term setup for the stock over the very long term is concerning for me based on some of the competition that is around the corner and a lot of builds, if you will, from

cloud or a.i. plays. the proprietary nature of a chip going forward is going to be really the in house chip or technology. i think that is on the horizon a year out or further. i think you can own the stock and see 20% upside. i continue to buy the dips just from a trading perspective for the next several quarters. >> if you don't like the val valuation here you will never like the valuation of nvidia. >> i agree. it is the big picture story. there are interesting trends going on. google is building their own in-house chip. you think about ai and a differentiation between this competitive landscape and cloud is going to be that differentiated gpu. they are not allowing the guys to walk on the floor where they are developing the chip. so there is a competitive landscape that is building

underneath that will impact the stock. it could be three quarters from now, a year from now. keep your eye on that. very important to watch. >> the group as a whole got hammered again today. some big declines. looking at micron technology down six percent. do you want to be anywhere in the space? >> the semi conductor got crushed today. that is why i was hoping that nvidia would see some pain. i have a little bit of exposure to the space. other than that it is not a big area for me. fast money traders at the top of the hour. >> tonight on fast money a top strategist says brace yourselves because the sell off is just the beginning of more pain to come. he'll explain exactly why. let's take a look at how we finished the day on wall street.

dow jones finished off the lowest levels of the day. dow finishes down 137. nasdaq got the worst of it today as you see on the right-hand side. nasdaq finished off by 1.25%. tech very much in focus not only here but chinese internet stocks. russell 2,000 down, as well. let's get to other big stories that happened in our rapid recap. >> stocks are set for a lower open as concerns about turkey and trade tensions return to the forefront. >> turkey's president doubling down on the trade war with the united states jacking up tariffs on american made cars, alcohol and tobacco. >> what happens in turkey doesn't necessarily stay in turkey. >> tencent profit drop capping off what has been months of pain for the group. >> twitter has restricted the account of alex jones for violating its policies. he will be blocked for posting

on twitter for seven days. >> i feel any suspension whether it be a permanent one or a temporary one makes someone think about their actions. july retail sales up half of one percent, better than expectations. >> shares of macy's tumbling even though the company reported better than expected earnings in sales. >> most analysts are pointing to profit taking because macy's shares gained about 40% in the past three months. the home of corona beer announcing an investment in canopy boosting the stake in the cannabis industry. >> consteilation is taking a first mover advantage of that. how about those new tariffs that president erdegan slapped on the u.s. it is a good thing that turkey is our 29th largest goods export

market. we exported $9.4 billion worth of goods, practically nothing. this effects about a billion dollars worth of goods. >> this is after the threat of don't buy electronics. >> which was not seen as a big threat because turkey is not a big market. >> the twitter story will get a lot of talk over the next many hours and days. i don't know. when my kids get a time-out -- >> we'll see if the time-out works for what they are trying to do. >> it feels like they are all making it up as they go along when it comes to how they deal with fake news and inflammatory comments and insighting violence. it's problematic. >> it's a good point and one i know we want to ask about coming up because i think he has

thoughts about this new landscape that all these companies find themselves in. we will go to sue herera for a news update. >> hello again. here is what is happening at this hour. vice president mike pence with a warning for turkey. the vp demanding turkey release american pastor andrew brunson saying turkey should not test president trump's resolve. turkey's foreign minister says it wants to discuss issues with the u.s. but without threats. rescuers continuing to look for survivors in yesterday's bridge collapse in italy. more bodies were pulled out of the rubble today. authorities say 35 people were killed, a dozen are in serious condition and three people are still missing. a proposal to make denmark a totally cashless society by 2025. a bank executive making that suggestion in the newspaper article saying it would cut down on crime and money laundering. some are worried about how it

might effect tourists and the eld elderly. take a look at this. a fan catches a foul ball and then gives the ball to a child standing nearby. that kid finds an even younger kid and gives the ball to him, clearly making his day. and then the two young fans shook hands. so cute. that's one of my favorite stories of the day. i will leave you on that upnote. >> scott would have kept it. >> never. that's like the unwritten rule. you give it to a kid. >> it was so sweet that the other kid found somebody younger. it makes you feel good with all the negative news that is out there, that is a feel good story. >> kudos to the kid. if you get a foul ball and you are an adult, you give it to the nearest kid 100 times out of 100. >> i would never catch a ball

because i would dodge and be scared of it. up next, scott mentioned we will talk to alexis ohanian telling us whether he thinks social media giants are right to ban or suspend controversial people like alex jones from their sites and whether a time-out can work. constellation brands raising its stake in a cannabis company. bar rescue host john taffer explains what suds and buds means r e tu othtw industries. o

twitter announcing that it is suspending info wars from its platform for the next seven days following the founder alex jones having his personal account suspended for violating twitter's content policy all coming in the wake of other social media companies and apple removing jones' content. >> jack dorsey sitting down with lester holt to discuss whether suspending jones will be enough to change his behavior.

>> i feel any suspension whether it be a permanent one or a temporary one makes someone think about their actions and their behaviors. >> you think alex jones will change his behavior based on a time-out >> i don't know. we have found that it does have the potential to change behavior. so whether it works within this case to change some of the behaviors and change some of the actions, i don't know. this is consistent with how we enforce it. >> you can catch more of that interview tonight on nbc nightly news. joining us now to discuss more on this is the co founder of reddit. just finished ringing the closing bell at the nasdaq entrepreneurial center in san francisco. >> thank you for having me. >> why don't you react to what dorsey said and the bigger picture of what all of the companies are faced with, the sort of new territory of how to

deal with content trolls and everything else. >> jack is right in that one of the effective ways we have seemed to enforce content policy is through trust and safety team using a combination of humans and software to create these time-outs to create bannings to do things to enforce the rules of the site itself. >> he told his followers to arm themselves with battle rifles to attack the press. jack dorsey is giving him a time-out, that sounds right? >> i can't speak to the content policy of twitter or platforms, specifically. i think this is an important discussion to have right now because this speech is not new to social media. we have heard this before on every other medium from television to radio to whatever before that. but i think what has changed now is it is so visceral and so real

time. being able to adapt to it requires different things than we might have needed in an age of radio or television after that. >> but you can probably speak to dorsey seems to think that a, quote, time-out would work. if you were still running reddit, would you -- you have faced this issue with trolls. it's not a new issue for you personally. do you think you need to be much more harsh to enhance, even save the user experience? once you lose that what do you have left? >> it is really important. i'm no longer day to day at reddit. i'm consistently pushing the idea that we need to make reddit a home for as many people as possible. that means telling some people that they don't have a place here. the only way to do that is through policy and enforcement.

it will come down to the platforms deciding what their policy is and how they will enforce it. the hard part is doing it consistently. that's the most important part because unless you enforce the rules consistently they have no meaning. >> is there a company that you think besides reddit that is doing this right it looks like apple was the leader on this. facebook is trying to figure out how to do it but they did pull the contents. spotify pulled the content from alex jones. which is the right way what should form that opinion? >> frankly, i think it is too early to tell. there are a lot of these platforms that are still figuring this out as it goes. the scale with which this is happening and the speed with which this is happening is certainly without precedent, seeing more and more people coming online through social media. i think there are lessons to be learned from all of them. i think it is absolutely right

for a company to be thinking about its long term interests. in the case of reddit the interest is trying to make sure everyone feels like they can find their home there. >> so what is it about the electronic billboard business that has you so excited right now that you are investing in it maybe that is the free speech. not all of us got billboards for giving birth. >> i joined the board of ad quick which we were one of the first investors in largely because i felt like this was a huge opportunity for out of home advertising which hasn't entered the digital age. so many we have seen have not come out of it until ad quick. i have found that whether i have been doing political activism billboards well placed can

produce great r.o.i. in terms of awareness and buzz. i think it made my wife happy. >> you made husbands everywhere look bad and fathers. >> they just have to step up their game. >> thank you for joining us. >> thank you. >> good to speak with you. >> you are going to do that for your wife. senator elizabeth warren has a reputation for going after wall street. she sat down with jim cramer on mad money to discuss the legislation she introduced. two former ceos weigh in on the latest piece of legislation. you are watching cnbc, first in business worldwide. no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to

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senator elizabeth warren penning an op-ed in the wall street journ al saying companie shouldn't be accountable only to shareholders. >> senator warren explaining more on mad money. >> let's get these corporations to charter fand have a couple of futures. let's put employees on the board. let's change the compensation structure for the ceos to say that the ceos will not be permitted to juice the price and then once they juice the price

make a quick sale and keep emphasizing the incentives for short termism. want to get rid of it. >> joining us now cnbc contributor bill george. also with us is bob johnson, the founder of b.e.t. bob, what do you think of what the senator wants to do? >> first of all, i think that the senator -- i give her an a for good intentions. i think the boards are already engaged in many of the issues that she has raised. most companies and most boards look at all of their stakeholders, not only their shareholders, but employees and community where they reside and do business. they look at the vendors that they do business with. i think it is a solution in search of a problem that is absolutely not necessary.

i believe in her best intentions to channel robin hood. it has the dangerous potential of channeling karl marx and putting us on a slippery slope. >> bill, what do you think >> i think bob said it very well. first of all, senator warren shows a miss understanding of the law. most corporations are governed by delaware law. it says that the board should consider the interest of the company and its shareholders. it is not strictly its shareholders. there are 19 states including minnesota that say they may take into account interest of customers and employees and society as a whole. i think what has happened the ceos and boards have moved towards where bob johnson is that we take into account all of these things.

my colleague brought forth the notion of shared value for your customers like wal-mart and amazon. it's value for your employees as they have jobs and get well paid. the better the company does the more money they make. it creates a value for society. that is the way you create shareholder value. you can always create great products and services for your customers. if you don't do that you will be out of business. >> there are many controversial parts of this perspective legislation. i want to read you a part of the op-ed today and get your reaction to this line. she says to address self serving financial incentives directors and officers would not be allowed to sell company shares within five years of receiving them or whin three years of a company stock buyback. that got my attention as something that i would expect

ceos to have an issue with. >> absolutely because you have to remember that millions of people, not rich people, millions of people own stock in the american i would say, corporate america, and if a ceo is able to drive value in the share price of the stock that same value is going to accrete through the individual small mom and pop shareholders so i don't think anybody would begrudge a ceo from creating value and after a period of time, you know, selling that stock. that's what we hired a ceo to do, to create value and we reward them for that value again, i think that the senator, i said her intentions may be great, but putting the government in the middle of how corporations in this country are run is a slippery slope toward a socialist economy that does not, in my opinion, work in the

american system. i'm a direct beneficiary of what capitalism can do, you know. >> i grew up in a family of ten, first to go to college because of support from the ceos like john malone and the cable business, i was able to create a multi-billion dollar company on the strength of that kind of support and commitment i got from an industry and from an individual, and i think the same thing applies to any entrepreneur who wants to grow they can find ways to compete and compete in the best interest of the community as well as themselves, but a lot of the people who were onboard and i've served on a lot of boards. they believe in a double bottom line do good and do well. in fact, i don't think you can survive in this very competitive economy unless you are willing to take into account all of your stakeholders who are necessary for you to create significant value. >> well, that's a good point >> final word, bill george, if you can keep it quick.

we're running out of time. this idea that ceo pay is tied to equity, more and more these days and so they have a financial incentive to reward shareholders above everyone else >> no, no. i think the financial incentive to run the company all of what i know and all of the stock grants are all time-based, three to five years. so we're doing it. you can't just take stocks and sell it the next day you have to be vested. everyone is doing it this is a good thing we're aligning not just the ceos, but all employees with the shareholders' interest we want alignment and that's the way you run the company and she has things that are flat-out wrong. the idea that they've extracted 7 trillion from the economy and they've created 7 trillion that's wrong the figure is closer to 37% as nyu said she doesn't really understand how a corporation works. >> we can debate this for a lot longer there's a lot in here, but we'll

leave it there for now and i have a feeling that we'll talk more bill george, bob johnson, thank you. >> be sure to catch my full interview with elizabeth warren tonight on "mad money. >> after it announced a $4 billion investment in a cannabis etr 's gs d those detailan whheit aood pick coming up i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth. she said, get the one inspired by dentists, with a round brush head. go pro with oral-b. oral-b's gentle rounded brush head

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constellation brands taking a big bet on the marijuana business john popper host of "bar rescue" joins us here on the nyse when we come right back

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constellation brands upping its stake in pot company's growth, as marijuana in the hospitality business here's the host of "bar rescue." how will this change your industry >> oh, big time.

we're starting to think that cannabis is the fourth leg of the industry beer, spirits, and cannabis. there's a delineation between the products and there's cannabis with cannabis and alcoholic beverages with cannabis >> that sounds scary. >> they don't need help selling alcohol. >> no, alcohol is doing well and beers are doing sluggish they have two mexican products that are two of the hottest beers on the market, corona and modelo it is underperforming compared to wine and spirits. >> is constellation and other companies doing this because millennials choose pot over beer or are they just trying to get in on the growth area? >> you know, i think that we've seen from the beginning of cannabis, now we're seeing sell through. they are products are selling through and growth is occurring. i think a $200 million investment of 10% and putting their toes in the water. this is a significant investment

to quiet 38% of the company. so this was a $4 billion investment i think this is a jump in and not a walk in. >> the first jump in of others that we'll see, do you think >> i do. i think so i don't think that anybody will let constellation control this space, so i think they're the first one and i think they're aggressive and the next ones will be more defensive. >> good having you on. we'll have you back soon jon taffer have a good vacation "fast money" begins right now. >> "fast money" starts now at the nasdaq marketsite overlooking times square tonight on fast, tech stocks feeling the heat and taking the brunt of today's sell-off as one company says this could be your best chance to buy tesla in turmoil elon musk's own board can't control him, and how can the sec step in in his own deal to take the company private in