>> pete? >> industrials are strong. csx is going higher. >> discretionary spending. u.p.s. they're going to win. >> target. momentum keeps going and there's a shift. >> you bought target. >> i did, earlier in the week. >> a tech name that you can buy, teradyne. >> thanks for watching "power lunch" starts now >> nasdaq sliding once again facebook, twitter, apple are all taking hits. what's taking down these names right now? what's it signaling about the broader markets? >> new day, same drama in d.c. all the president's men racing to say not me when asked if they authored the washington post- op-ed. and the nfl still dealing with the same issues that haunted them last season "power lunch" starts right now

♪ >> hey, everybody. welcome to "power lunch. i'm tyler mathisen glad you could join us on a steamy thursday in new york city dow shroudi isliding 1.25%. chip stocks are fueling the declines, micron, kla-tencor, they're all tanking. we're watching that right now. oil down about 2%, as you see right there. a little more than energy emerging markets keep sliding, too, etf that tracks them, eem is close to bear market levels, down 20% and snap shares, bam, all-time low, now trading below $10 a piece, down 4.5% straight to the market action at

this hour with bob pisani at the nyse bob? >> hello, old friend confluence of events today social media weakness in oil, emerging markets and generally down market but not dramatically so let's look at social media again. fallout from yesterday continues and i want to emphasize this is not just about facebook or twitter. p pandora, zynga, some of these stocks notably off their highs this has been going on all throughout the year. social media doesn't have the cache it used to have. semi conductors, big momentum name ceo of micron was speaking at a conference about weaker nan prices micron is down not quite a 52-week low. energy, we saw oil drop today,

below $70, in the $67 range. schlumberger, 52-week low for that one all the big production names generally down about 2%. emerging markets again continuing to drop you heard tyler talk about the emerging market index, down 20%. here is where you start looking for a drop am those chinese names, very big in that particular sector. a lot of them are down 25% from their recent highs they're looking for a bottom in that right now not a lot of bright spots. one of them is aerospace stocks. boeing is holding the dow up with a lot of nice moves up in raytheon, lockheed martin. one of the few bright spots today. guys, back to you. >> thank you, bob. bob pisani nasdaq down now about 2% this week will we see more drops what's the recent sell-off signaling about the overall markets? let's bring in john trainer,

senior vp and chief investment officer with people's united advisers gentlemen, great to have you here i'll start it off with you, sean we're watching the nasdaq decline that we've seen going on for the past month semis have been down about 5% and some argue that they're the most cyclical when it comes to signals within the tech sector could this be a canary in the coal mine? will we witness a drop by 8.5% you see declines across the board in semis should we be worried >> i'm not necessarily worried about it micron has been a terrific stock. i think it's doubled the last 18 months we're big owners of micron we own it in large cap value fund of all things because it's a tech name that trades at single digit pe multiples. and have a high free cash flow yield. some of the pressure on the chip mab makers is tariff oriented. i think you're getting an

opportunity to buy them at a discount of what their real fair value should be. we break tech into two sections today. we have the tech names involved in e-commerce, like equinix, value suite that we own tech in, cash cows and then we owned a fund nasdaq 100. we use the 200-day moving average to decide if we continue on those stocks or not we might find an exit and go to the sidelines and own t bills for a while. >> let me turn to you, john, and ask about emerging markets, taking it on the chin yet again today. it's an area you call one of the emerging risks to the market explain why and what the transmission mechanism might be back to the u.s. markets if the trouble sort of metastasizes in the ems. >> we've been concerned about the emerging markets, under weight this entire year for currency concerns and more on

the fundamental side we're taking a look at the emerging market and that scared us last year and you're starting to see that. our worry is that as the dollar appreciates, you're going to see more and more pressure we've seen that already. you're going to see increasing pressure on a lot of the emerging market countries to pay back that debt we've seen emerging market crises that haven't caused recessions in the u.s. market or developed markets but certainly have caused turmoil. if we do see some more -- actual bankruptcies or real turmoil you'll see that ripple back into the u.s. market absolutely the benefit, the upside of that is that in a crisis like that, the u.s. tends to be the safe harbor so you could actually see u.s. interest rates decline as money comes to that safe harbor. >> it's sort of like a virtual cycle, though. the strong dollar will cause the rout in the emerging markets and if you follow it all the way

out, eventually rates decline. the dollar also declines and so it alleviates the pressure on the emerging marks when you have a backdrop, sean, like we have in the u.s., corporate prochts the way they are, it could be a flight to safety, ie, u.s. stocks. >> i think so. i think the big question going forward is can the strong u.s. economy, can strong corporate earnings continue? as it does, the comparables get more difficult to deal with. for the remainder of this year, there's cyclicality. in the presidential term, our friends write about this and the fourth quarter has typically been a strong quarter for u.s. stocks in the second year after the election we'll have to see what happens with regard to that. i still think relative to where you could put your money today, i still think you're better off investing in large cap u.s. names or if you're worried about tariffs, buy some small caps because they tend to be less multinational approach and the small caps stocks have

done pretty well as well. >> thank you, sean o'hara and john as well. >> david faber reporting that cbs is offering ceo les moonves up to $100 million to leave. david joins us with the very latest hi, david. >> hi, tyler that's right, deep in talks with leslie moonves if they're successful, it would result in his exit from the company, it could happen very soon joe ianniello would be an interim ceo, at least in title this is all according to people familiar with the situation. the talks between moonves and his board have been going on for some time. they haven't quite reached a conclusion there has been a lot of back and forth about what you just mentioned, tyler, mainly his exit package he is entitled to as much as $189 million in severance.

the board coming closer to around $100 million offer. and that would be made up largely of the cbs stock but also wants right to claw back that situation if at the conclusion of ongoing investigation into sexual misconduct moonves is found to have committed any other inappropriate acts was widely reported by "the wall street journal" and others that cbs and is initiating a settlement as to whether the cbs board has the right to vastly dilute the voting power of national mutuals you could see a settlement between moonves and the board and cbs and nai at the same time they are not linked. officials at cbs did decline to comment. moonves has not been his typical, very focused self i am told sort of having a hand in everything, he has been much more focused on his potential exit and lesser but not

significant extent to the pending litigation between cbs and national amusements. the stock price up almost 4% at one point. investors do seem to starting to focus on life after moonves. new ceo even though interim in nature, would be mr. ianniello he has been intimately involved in many of the things that have gone on the last few years, spin of radio, creation of an outdoor wreath one area not involved with really is programming. that's the area that mr. moonves is best known for being so stellar at one would certainly expect his leadership in that regard and others would be very much missed tyler, over to you. >> what does the -- how does the narrative play out if mr. moonves does leave, does it make

an eventual combination of viacom and cbs more likely, less likely, neither? >> it's a great question as i've been reporting all spring, the key impediment to a potential deal was his objection to the management of a combined viacom and cbs shari redstone wanted backic involved that stopped their ability to get a deal done. you could argue, tyler, his going away might make it more likely as part of the settlement negotiations, at least as reported by t"the wall street journa journal", there would be a standstill nai would not be able to force a deal or bring one to the table to cbs for at least a year and a half cbs shareholders don't really understand that. they would much rather have a majority of the minority

provision for any strategic deal in terms of their vote with national amusements. it doesn't seem, at this point, like cbs is going to be sold certainly not merged with viacom it would appear it's going to have new leadership. interesting times. >> very interesting. very complicated tangled web that they are woven over there david, thank you. >> sure. meantime, sheryl sandberg and jack dorsey face tough questions on capitol hill and the justice department took notice it is now looking into whether social media is, quote, stifling free speech. what's next for the likes of facebook and twitter rare look into the fbi's battle of crypto crime, how bitcoin makes law enforcement's ghngharder and how they are fiti back. stay with "power lunch."

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welcome back to "power lunch. fallout from that controversial "new york times" op-ed rocking the white house. eamon javers is live with the latest. >> reporter: we've gotten a rare statement from the first lady,

melania trump, denouncing the writer of this anonymous op-ed, which criticized in intense terms the president of the united states yesterday in the "new york times. here is melania trump's statement saying if a person is bold enough to accuse people of negative actions, they have a responsibility to publicly stand up to their words and people have the right to be able to defend themselves. to the writer of the op-ed, you are not protecting this country, you are sabotaging it with your cowardly actions the first lady now joining a long list of officials at the highest ranks of the trump administration who are denying that they were the author of the anonymous op-ed piece. take a look at some of the names, biggest names in the administration, mike pence, mike pompeo, secretary of defense, on and on, all denying either directly or through their spokespersons that they were the person who was involved in producing this op-ed in "the new york times." the administration now very much viewing this as a betrayal the president tweeting out one word last night, treason

this is being looked at at the highest levels of this administration it's a distraction from what otherwise might have been the biggest story of the day today and that's the trade negotiations with canada, which are ongoing. officials at the ustr, u.s. trade representatives office engaging with the canadians today. canadian officials on site, saying negotiations are ongoing. i talked to a senior administration official yesterday, who told me yesterday that the negotiations were going very well with canada, that they were optimistic that a deal could be struck this week. and that it's down to a few things, like the language in the original nafta deal that prevent media companies from acquiring canadian national broadcasters just a few details left to negotiate. the official deadline now is not

until october 1st, guys. >> with respect to china, tariffs on american dairy products is that one area where there could be movement? >> yes, dairy supply and management in canada that's been something that's been a sticking point throughout the course of the week we don't know exactly what the discussion is. that's the canadian effort to subsidize their own dairy industry at home, something presumably the united states side doesn't like. we'll see if they can come to any kind of middle ground on that at all. justin trudeau has been very defensive about that item this week. >> eamon javers on the busy white house lawn. relatively calm market a sign that americans are willing to ignore the noise out of the white house if the economy remains strong co-founder of axios and sarah

fagan, political director for george w. bush welcome. mike, i'm going to assume you and others in washington, are trying to figure out who was the author of that op-ed in "the new york times". >> sarah has the answer. she's holding it in an envelope and will open that envelope shortly. meantime -- >> it's la la land. >> yes this is a sign of how fast things change in this white house. late last night they were all floating theories to us by text and encrypted app. i talked to a trump insider this morning. what's happening at the white house today is everyone is using this episode as a way to knife people they hate anyway. if you have a rival, if you have someone you don't like, you're floating their name as the potential mystery official, whether or not you have any evidence of it it's just a way to hurt someone.

that's how the game is played just down the road from here. >> white houses that you have worked in, compare this is the level of, as mike says, knife fighting common? >> not to this degree. certainly there's rivalries in all big organizations. the white house is not exempt. i've never seen anything like this in a republican or democratic white house you know, some of this, the president seems to revel in this subplot of his administration. i think that fuels it. he asks questions, who do you think is good? who do you think is loyal, to the staff, and puts them in these awkward situations professionally i can't imagine president obama, my former boss, president bush, ever asking a staff her to rank his or her colleagues. >> doesn't this sort of fall within the range of -- i don't want to say instability but surprises out of the white house that we've been sort of accustomed to since donald trump was elected? i ask this because we are all

sort of accustomed to a certain degree of this sort of knife fighting, as you put it, in this administration so until it goes out that have range, i don't think investors really care. they sort of just say this could get worse but as long as it doesn't get worse we're okay, the economy is okay. plow ahead with the markets. >> another example of investors being smarter than pundits and reporters. for all the times we've said wait, this is different, i think a lot of people were saying, wait, this is different. there's two reasons for that one, as sarah pointed out, the president reveles in this. this is like the president's conspiracy theory dreams coming true op-ed by an official that republican after republican, e-mailing, texting me, says the deep state is real this is proof of it. right after the bob woodward book fear, which believe it or not, isn't even out. it's five days before "fear"

will even be published in a very woodwardian flourish, september 11th next tuesday. the president has long fed this. sarah was talking about asking questions of people, members of congress house republican was with the president the other day. what did the president ask him what's his idea of small talk? i learned from this congressman the president asked him, what do you think of paul ryan, his speaker. how is he supposed to answer that we have great reporting on axios right now. the president, early in the administration, had a handwritten list in his pocket on one of those cards that says president trump leakers, his quote was there's a lot of snakes in here and we're going to get rid of them. >> sarah, i want to dig to the point you just made, too the fact that there's rivalries in the white house but maybe not to this extent certainly, this is a very

disruptive prpt president in terms of how he's leading things here, very controversially, you could even say not politically correct. the leadership ranks within the white house, within the cabinet, you have quite a number of people who have wielded a lot of power in their own rights. ceos former members of the c suite, self-made billionaires, et cetera how much does that contribute to all of this as well? >> it's an excellent point some of these people have direct access to the president, president trump, in a way they didn't have to previous presidents and somebody can come out of the woodwork, so to speak, and, you know, literally cast aspersions on a cabinet official or senior aide. that alters the president's view of those people. in many ways, what you see the staff talking, so much leaking is that people feel the constant need to protect themselves,

their reputations in the public domain. >> right. >> that is a very -- go ahead. >> i want to jump in i want both your perspectives on this knife fighting is one thing. leaking is one thing but actively trying to counter veil a president's decision making by -- whether it's taking papers off his desk or slow walking orders or blocking things, that's an entirely different kind of thing. it's not the first time it's happened in the dying days of the nixon administration, james schlessinger, secretary of defense, told military leaders not to follow through on any nuclear orders that came out of the white house without first checking with him. the question is, is this a -- some sort of conspiracy to -- to block the president from carrying out his duties? >> i think that's probably an overstatement but it's wrong nonetheless. the president, like it or not, was elected.

he was fairly elected. these are his decisions. they are not other people's decisions and he's going to make them, good or bad. and then the people will have an opportunity to either re-elect him or not. >> right. >> so i don't -- the person who wrote that op-ed, by the way, probably not very senior probably a junior administration official he or she should step forward and they should resign. >> my question for you is that if this is perceive d by the justice department or people on capitol hill as some kind of active conspiracy, that would put the individual who did the writing in some sort of jeopardy it would also put, it would seem to me, "the new york times" in some sort of jeopardy because there might be a subpoena to force the times to turn over the name of that source. you run a journalistic organization what would you do? how would you defend and protect the confidentiality of that source >> of course, we would resist any intrusion into our relations with confidential sources but

great woodwardian, to use the word again, phrase, he talked about the administrative coup d'etat that's the exact actions you were talking about and this is not "the new york times'" first rodeo. i'm going to add something to sarah's thought about the administrative official. if i were "the new york times" i'm going to assume that this person is going to be unmasked and maybe soon are they going to resign, leave? is there going to be a leak? and if that spern unmasked, i want to look credible and on the level with my description of this as a senior official in the administration was the exact wording. i would be surprised if a junior administration official. that will bring a lot of blowback to the paper. when this person is unmasked, and i believe that they will be, we will say, yes, indeed, that

is a senior administration official within the administration. >> i would like to counter that. there are a lot of people with assisted secretary titles and they are very senior in their agency but not in the white house structure. >> i didn't say anything about -- make sure you point out, it didn't say anything about the white house structure. >> right it said administration, yeah. >> people are expecting it's going to be someone in the west wing and there's no evidence of that. >> or a cabinet secretary, and there's no evidence. it could be an assistant secretary. and in one realm they would be senior and in one realm they would be junior. >> how senior is senior, i guess, is what it comes down to. >> right. >> folks, fascinating time we live in. mike allen, sarah fagen, thank you. >> thank you for the conversation. >> you bet. twitters and facebook took big hits when they testified yesterday and now whether social media is hurting free speech what this could anme for social stock down again today, coming up next.

the street still uncertain about social media stocks, following yesterday's testimony on capitol hill by facebook sheryl sandberg and ceo jack dorsey down significantly again today as you see right there 5% for twitter more than 3 for facebook now the justice department may be taking aim. julia boorstin is in d.c. with more hi, julia. >> hi, tyler that's right after listening closely to the senate intell committee

questioning sheryl sandberg and jack dorsey, quote, the attorney general has convened a meeting with a number of state attorneys general, to address growing concern that these companies may be hurting competition and stifling free speech on their platforms. specter of regulation looms. take a listen. >> we don't think it's a question of regulation but right regulation that supports users, is transparent and doesn't squash innovation and we're happy to work with you on the proposal. >> twitter's jack dorsey saying privacy regulations would not impact twitter as much as its competitors because it's an open platform he also said they'll invest to clean up the platform, incurring short-term costs, comments that weighed on twitter shares. hitting shares of snap and google as well take a look, both of them trading lower today.

guys, back over to you. >> julia boorstin in washington for us crypto currency case that they're calling a 21st century stickup. and a new breed of cyber criminals. we'll talk to the special agents in charge of the investigation

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welcome back to cnbc i'm sue herera migrant children would be held in detention centers along with their parents, a longstanding legal settlement which prohibited keeping children in detention centers longer than 20 days but this new rule appears to defy that settlement a day after two russians were charged in absentia for trying to poison an ex-spy and his daughter with a nerve agent, russian putin bears very strong responsibility for that attack,

uk security minister says. >> your behavior is way outside international norms and had international law, that you have made an incredibly aggressive attempt on the life of citizens in this country and an operative linked to a murder here. disney kicking off its annual search of experts to be on its disney moms panel, online resource for people planning a disney vacation. panelists and three guests receive a free trip to the walt disney resort of their choice. i'll send it back to you. >> sue, thank you. welcome back to power lunch, everybody. one of the first major crypto currency convictions new jersey man, louis mesa, second degree kidnapping and first-degree larceny a hard drive containing almost

$200 million of bitcoin. mesa faces up to two years in prison. >> one of many examples of crypto crimes. as part of cnbc's "bitcoin: boo or bust. >> cyber crime is not going away it's a $450 billion market today. bitcoins and crypto currency makes it harder to track the money trail. >> so it's easier to be a criminal and not get caught? >> exactly it's a cat and mouse game. i'm not sure 100% who the cat and who the mouse is. >> here to talk about what the fbi is doing to fight crypto criminals, crime section chief at the fbi managing investigations into the white collar crime both in the united states and around the world.

wow, what a job, steve you're a busy guy. thanks for joining us. we appreciate it. >> happy to be here. thank you. >> i'm curious what percentage of time is now spent on crypto related crimes today versus, say, three years ago. >> we've seen an uptake in the complaints for cryp tochto curr in crimes. there's been an increase in complaints and cases we've opened. >> what's the biggest problem that the fbi faces at this point? what types of crimes we were outlining what's going on in the dark web where you can buy everything from heroin, handguns to fake identifications. most of those sites we visited bitcoin was the preferred currency versus, say, scams within the realm of initial coin offerings? >> exactly two different, you know, points there. you've got the doc now, the

anonymous purchase of elicit goods and then you have the financial crimes that my section covers and the frauds and swindles we're looking at, primarily right now it's a lot of the icos, initial coin offerings. also what we're looking at is a lot of investment fraud schemes, typical ponzi scheme a lot of people are just -- since the emergence of crypto currency eight, nine years ago and with the spotlight being put on it december or so, when bitcoin hit 20,000, that was a big catalyst for us to start seeing fraudsters get into this of how they're going to take advantage of retail investors in all of these security type schemes. we work with the s.e.c., cfdc, partners in other federal law enforcement as well to identify and convict these criminals. >> are we -- when i say we, the government, the people, are we

up to the task to take on these fraudsters in other words, do you have the resources, the technical skill, the ability to win this arms race >> i wouldn't term it as an arms race it's just like the emergence of a computer 15, 20 years ago. we were, you know -- not everyone is computer savvy we used our resources and our training it's what we've been doing 110 years in the fbi, adapt and overcome and we'll adapt and overcome and learn what crypto currency is. we've been training our workforce so they can identify we've been training with our international partners, as well as the five is to learn what's going on in crypto currency. it's another medium of exchange. we'll see where it goes. we're training our workforce years ago, it was during a search of a person or property that we can legally search, you

know, thumb drives were embedded into every little key chain that you might have training the agents and analysts that identify that training our agents and analysts to identify a private key in the desk drawer instead of $20,000 cash. >> you have to know what you're looking for. >> correct. >> steve, put this in perspective. a lot of regulators are focusing on crypto currencies because it's being used by criminals at the same time, bulls for crypto currency will say cold hard cash is still the number one vehicle. what would you say >> correct i would classifies that tha as correct. cash is still king at the end of the day, any time you use a crypto currency, you have to take it out. some way, somehow it has to come back out not too many businesses take crypto currency. some that you can buy retail goods out there and then others,

you can't. so, we'll see where the markets take us, where the crypto currency take us cash is king. >> dumb crooks walk into the bank with a gun. the smart crooks sit at home with a computer. >> that's always been the case the smart cooks have always sat home doing financial crimes that's what gives me job security. >> i think you have plenty of job security. >> plenty out there for you, steve. thank you so much. appreciate it. steve d'antonuo. "by the ko "bitcoin: boom or bust." philadelphia eagles will defend their championship. from anthem controversy to sport gambling straight ahead on "power lunch."

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and nike debuts a commercial that stars the man who start this had controversy, colin kaepernick mike turico joins us from philadelphia, hosting the pregame and half time show for nbc. mike, this is a long day for you. i saw you on the today show. it's a longer day for those eagles fans out in the parking lot. they are going to be, shall i say, fired up by game time >> yes for good reason. last nfl championship was 1960 obviously not the super bowl era, which began january '67 they waited so long for this title, i think a long day is quite all right. it's been a spring and summer-long celebration for them the banner ceremony will be tonight f you didn't see jim cramers blazer earlier today -- >> how could you miss it

>> yet another season begins i think the league thought they had it solved. they clearly do not. and into this comes nike and colin kaepernick what do you say? >> maybe because there are 32 different owners, not just the one league putting out the policy and some of the owners sided a bit more with the players right to show the protests some were drawing a bright line and some were a little more blurred. that's where the lack of cohesion or kumbaya, if you will, on the owners side comes from to the nike point, ten-year deal nike didn't call the league to give them a heads up, to try to confirm regarding that, from

every report we've heard the ad, when you watch it, is more sports inspiration than social justice however, because kaepernick is on the front and back end, there's that provocative nature that nike has always gone to when it does advertising, that it touches that third rail right now in sports and the nfl and that's the social justice and the protest issue. the messaging within the ad is actually something, i think, everyone, no matter what your opinion is, would get behind in terms of inspiration for sports. but the social justice part does touch that nerve that has been uncomfortable with the league to deal with, i think, over the last year and will continue to be, depending on how much protesting we see. i don't think we'll see more protesting this year, to this point. i think the players might find a different avenue the protesting message has been lost because of the question what does it really mean. >> i agree with you on why the

players initially and kaepernick primary primarily first of all -- >> yes. >> -- took a knee. i think that's been subsumed by the controversy. will nbc show the playing of the anthem tonight >> tonight, yes. it's opening night it's a little bit different night. for the most part -- that's the plan as far as i know. for example, sunday night preseason game a couple of weeks ago with the cowboys and cardinals, the anthem aired but there was a tribute to john mccain right after his passing before the anthem. obviously, arizona and mccain representing the state in the u.s. senate for so long. so that's the story here early on i think, by and large, you will probably see a return to normal practices. and the anthem wasn't always on week to week i don't think it will become an issue across all networks that you're looking at impacted by the protests, more by the content of trying to get the show on, on time. >> let's talk about ratings and where they're headed and the

league's effort to go sort of multiplatform root here. tv ratings, we're showing them on the wall. and the new factor in this is gambling that is going to come online -- already has in new jersey, but in other states as well. do yout affect interest in the sport and change not only the way the sport is covered but the way the fans react to it >> yeah. it's four states where it's legal here early on so i don't know if it's going to have as big an impact as say, the push that was in fantasy football or the draftkings type thing going on a few years ago the league ratings are down. ratings for everything is down when you look about three fifths of the top 100 shows are national league games. the numbers blow away anything else that's done in the live realm. sunday night football's prime time show. number one prime time show on network tv for the seventh

straight year last year. so, yes, the numbers are down in the relative universe and the comparative universe football remains strong. but i do think some extra interest from those involved in gambling would be a slight boost. i think we'll see an incremental impact on that as we go down the line if it was ten, 12 states it might be a different story only four for right now. >> mike, thank you for coming back and joining us. >> always love it. have a great day. >> get a rest this afternoon long night. >> i will. promise. >> be sure to nbc tonight. 8:20 eastern the kickoff the pregame stuff is on, as well eagles and falcons as mike said earlier, one of the team with birds as their mascot will win tonight >> what a prediction. >> yeah. >> all right move over ben & jerry's. there's low calorie protein packed goodness. the ceo of halo top tells us how

he took the crown d atanwh he is doing to keep it stay with us on "power lunch."

well, welcome back to "power lunch. we have arrived at the dessert portion of today's show.

halo top became the best selling ice cream pint in america last year overtaking ben &i jerry's and most attractive start-ups to work for list and joining us is justin wolverton founder and ceo. thank you for joining us we have the flavors here in front of us. low calorie, high protein ice cream. for me that sounds like decaf coffee or diet cake. i'm not sure i'm convinced. >> you have to taste it. >> i will right now. >> we'll see if we can convert you. >> who's buying it >> very good. >> who's your demographic, justin >> we over index with millennials but we're slowly breaking in to, you know, what we call opportunity segment which is are beyond the millennials. we think if you like ice cream that you will like halo top, too. >> obviously a high growth

start-up and you've certainly yielded a lot of attention from private equity and package good companies, are you for sale? are you looking to continue this alone? >> that's right. we are not for sale. we're looking to stay independent. it helps us with our own brand, voice, ethos we don't like people hammering down on the profit margin and cut good ingredients. >> how do you keep the calories down and the taste and the sweetness up 90 calories per servings four in a container. 360 calories you can't go to starbucks and have a latte i don't think that has your calories in it. >> that's right. >> how do you do it? >> we have a pumpkin pie flavor launching for the fall and i think less than the latte at starbucks. don't hold me to that. we don't put in a lot of sugar and use organic stevia

if you cut out the sugar of ice cream and replace it with something that tastes good, that's 90% of the battle we do use some sugar without that it tastes a little bit -- >> well, we appreciate all of -- we appreciate all of the samples here i have a feeling we'll snack as much as we can before it melts justin, halo top creamery co-founder, thank you for joining us. >> thanks for having me. >> very welcome. social media companies aren't the only names taking down tech at this hour chip stocks are sliding, as well we'll tell you why investors are cutting out chips. next let's begin.

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good afternoon, everybody. here's what is on the menu for hour number two. more of the ice cream if i had my way but meantime, chip wreck semi stocks crushed today and it could matter big to your money our own jim cramer says a big player in the space is the key to this market hospitals banding together to make drugs in an effort to combat shortages and high prices the details and the ceo behind the company leading that charge.

and nothing but net. from three nba championships to investing in technology, forward iguodala is busy even in the offseason and joins us live in studio to talk about the investing approach and much more "power lunch" resumes right now. i'm my lis saleh breaking news out of washington. ylan moi has the details. >> reporter: exactly what tax reform 2.0 will look like. house republicans are meeting right now to get briefed on the bill and also offer their input. here's what we know so far this bill makes the individual tax cuts permanent it would also loosen the restrictions on retirement accounts including eliminating the age limit on ira contributions. but also would allow businesses to write off more start-up costs. a problematic provision, this bill would make permanent the

cap on state and local income tax deductions that could be a point of contention for republicans from new york and new jersey. guys, today, speaker ryan once again committed to holding a floor vote on tax 2.0 before the end of the month back over to you. >> we'll be watching that closely. thank you. i'm morgan brennan a day down on wall street. nasdaq down more than 1% that index is now on pace for its worst week since march 23rd. you can see we have the s&p lower by almost half a percent, as well. the dow is up about 20 points. the worst dow performers, though, right now chevron, apple and goldman sachs. all of those down 1% or more and energy among the big decliners, as well. the xle is on pace for its fifth straight day of losses

melissa? from wall street back to washington where the hunt is on within the trump administration to identify a senior administration official who wrote a scathing op-ed about the president in "the new york times. hi, ammon. >> reporter: we know who it's not or says it's not them. take a look at the long list now of white house officials from the very top on down who have denied that they wrote this senior administration official in "the new york times" yesterday that denounced the president, all but calling him unfit for office and saying that there was a group of officials inside the administration who are working to thwart the president's agenda and blunt his worst instincts. the vice president all the way down to conway and other major figures in this administration now denouncing that. or denying that they were involved in producing the op-ed. meanwhile, the white house calling the person who wrote the op-ed a gutless coward sarah huckabee sanders issuing a statement in the past couple of hours saying that people in the media to stop trying to find out

who it was simply called "the new york times" she recommends that comes after yesterday white house officials and the president himself demanded that "the new york times" turn over the name on national security grounds of whoever it was inside this administration who penned that blistering op-ed, melissa >> eamon, thank you. this op-ed another sign there's major division within the white house but despite the drama the economy keeps humming along. as the president tweeted this morning, consumer confidence near 18-year highs third quarter g dp 4.4% but will the distraction slow the economic agenda? joining us now is kim wallace, the u.s. managing director at eurasia group. thank you for joining us. >> hi. >> will it will it slow his economic agenda >> well, the president's economic agenda really consisted of tax cuts and other than that, it's the fundamentals of the economy sound basically for the better part of two years

the question i would ask is, what blunts the economy in the near term? and what's the definition of near term? so no, i don't think that this episode will affect economic fundamentals i think we have much more to worry about coming the fundamentals in 2019 and 2020. this won't be a factor. >> so if this is not to be worried about, what is >> oh no i didn't mean to say it's not to be worried about in the economic sense. i think we have a problem in washington and it's clear now that there is a crisis of management at least inside the white house and that there's a group of people and there have been other media outlets reporting throughout the day and the week that this person represents dozens and dozens of other senior officials so the problem is deep rooted and it's reflected in the style of the president and his management of the white house. that's a problem that's been around for a long time it's surfacing now because of the books coming out and this essay. >> kim, you mentioned the

potential economic problems that could surface in 2019 and 2020 and trade, a pending deal with nafta, potential deal with china. from an investor standpoint even at the margins, should this be a concern? verizon investments wrote this morning the spectacle of a president under siege may soon become disconcerting to investors around the world who want to see stability in the united states. we are looking at markets at peaks basically right now, at highs and we have got these problems as you put it looming even at the margin, do you see this could be a problem? >> i think it could add as a trigger to the list of problems that greg is referring to and i think he's right going into the first quarter of next year, for example, not only trade frictions with china increasing more than likely, the questions of what's happened to nafta and the affect of tariffs on the economy we haven't seen mixed gdp because of tariffs yet

you also have fiscal uncertainty. the debt ceiling comes back to be renewed in the first quarter and of course you will have the fights over top line spending that come back as we get closer to fy '20. there's a lot markets have to chew through including concerns of china and its debt load, growth in europe and related issues down in latin america when's been keeping the markets able to ignore what's going on in washington has been the fundamentals but as the atlanta fed and others note and consumer confidence, those are concurrent readings that look backwards the future is a lot darker than the previous year from that standpoint. >> what about the idea of individuals in the administration and washington trying to thwart the president in what does that do to the president's ability to behalf on the behalf of the united states when leaders of other countries may say, what the hell is going on there >> i think it's a great point,

and it's not just people scratching their head about the uncertainty. it will be some allies and a lot of adversaries contemplating now to test washington because you see that the white house is for lack of a better term broken and that the relationship between the institutional relationship between congress and the white house is not as healthy as one would imagine in a unified government and so i think that's a good point to pay attention to geo politically and a macroeconomics standpoint getting into 2019 and further. >> kim, do you think this has any impact on midterm elections? if so, how do you think that shapes policy moving forward >> another good question if there's an impact it's likely to show up in turn yoult as we have seen in the middest and the upper midwest and the south, tariffs have blunted the affect of what should be a buoyant electorate, not just the president's base but other republicans and some independents and it's going in the opposite

direction because those people are concerned that tariffs are going to change their lifestyle or at least change their company. so you look for turnout. and we talk about strategic turnout. not the total numbers on november 6th or when the ballots are counted. it'll be what's the turnout in 50 to 60 competitive races that was 20 to 30 competitive races these are the number that is republicans in the house are looking at they're concerned about and that concern is not abating. >> kim wallace, thank you for joining us today. >> thank you. chip stocks crushed today. concerns of oversupply and china trade fears driving the stocks lower leading to declines, micron and jim cramer saying that micron is the key guest romit shah with us good to have you with us.

>> thank you to be here. >> they painted a grim picture what is the picture you like investors to see >> well, you know, what we're seeing in memory is oversupply and memory is kind of like oil if there's just a little bit of extra supply pricing gets crushed and so for both d-ram and nam seeing pricing come down people remember back in 2015 when pricing started to roll over you know, companies like micron from making a lot of money to losing a lot of money and that stock in particular, you know, went from like the mid-30s to a single digit and so i think there's a lot of fear of history repeating itself here. >> i think that's a really apt metaphor to use in terms of comparing it to the oil industry because the booms and busts are as dramatic in this particular area, the chip sector. is this an oversupply problem? is this -- was this micron

making too many chips or is this in part a demand problem i guess what i'm getting at, is this going to indicate weakness of demand for the chips and weakness in other parts of the supply chain >> yeah. it's probably a little bit of both certainly we have supply increase i think demand is weaker, well documented that apple's been carrying quite a bit of inventory throughout the year. i think what's going on between u.s. and china in terms of trade has had an impact as well. so it's both demand and supply >> so in terms of what it is forecasting for the rest of the sector, this may go beyond your coverage but in terms of past cycles, has this indicated broader tech weakness? some argue that semis are most cyclical area of the tech

sector. >> i think the sector is very fragmented and seeing in memory today doesn't necessarily mean it spills over into other areas of analog or wireless. a name we like is qualcomm you know, independent of what's happening in the smartphone space, you know, this is a company that seems very close to settling with apple and their disputd. we think greater than 50% probability of resolution by the end of the year and qualcomm could go from $70 to $80. >> all right we'll leave it there thank you. >> thank you and coming up, fed up with drug shortages and sky-high prices, a group of hospitals are doing something about it well, how? by making their own drugs. we'll have more on that story ahead. plus, the me too movement checked into the hotel industry. where panic buttons could be standard in your room.

and he's best known for moves on the basketball court but andre iguodala is netting nice returns off the court, as well he jons us live with investor ntveiagy and take on nike's new cororsl ad andre joins us next. you always pay your insurance on time. tap one little bumper and up go your rates. what good is your insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782

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we are just a few hours away from the nfl season kickoff. a month away from the start of the nba season at least training camp while the nfl is facing a number of challenges, the nba saw record attendance last season and the highest tv ratings in five years here to talk about the state of the league, the push to get more athletes into investing, the latest nike ad and more is andre iguodala of the defending nba champion golden state warriors three-time nba champion i should point out. you have been on all three of the teams, right >> nice ring to it. >> i'm sure you have the rings to show for it i want to talk about you as an investor how did you get interested in investing and who have been your mentors along the way? >> watching "power lunch," actually. >> right answer. i knew i liked you. >> it started with e-trade account and my business partner rudy klein thomas, he was pushing me to learn more about the markets, what my money was

doing, not just leaving it to someone's hands and trusting them to do everything but to actually understand how my money was working and he said take some money, not throwaway money but money to be risky with and play with and get an account and find myself starting to pay attention to what stocks were doing, watching cnbc, watching the channels i watch on a daily basis now and then knowing what's going on. >> it is a little bit of a competitive game, investing, right? >> yes you have to be up to date with what's going on, understanding why the stock's going up, down, looking at earnings. you start actually paying attention to competitors watching the sector or whatever that market is you start seeing different things, see how political influences are on each stocks and, you know, that's what led me to getting in earlier you start there and then see, how can you make more gains or where are they making larger

gains and different series rounds of investing. >> is that where you concentrate now? in other words, i'm sure people come to you with -- because you well compensated and would have money. do you put more money into private deals than into the public markets i know you have some private companies you back. >> yes private companies. the majority is in the safer investment vehicles. but you always have to tell yourself that, you know, when you invest pre-ipo, no matter the series, abc, right in the first round, that that's money that you have to swallow that pill if it doesn't go well or you could lose money you know you have to understand how the percentages work and more risk involved with investing in private companies. so you know, you have your diversified portfolio and, you know, you pay more attention to what's going on in each investment. >> what stocks are in your portfolio now? >> fang is big right now.

>> you like fang. >> facebook, apple, amazon, netflix, google. i had a good conversation with warren buffett i had a unique opportunity to have lunch he had some really good advice he said invest in companies you know will be around in ten years. and when you look at that, i mean, how many companies are -- you know, are around for ten years that do really well? >> and that's what he's done he's invested in the coca-colas of the world and the burlington ones and those companies let's -- look. i want to ask you why you have become kind of an evangelist among players for financial responsibility i'm sure you have seen guys who have gone out an burned through with 25 cars or whatever and lost a lot of money. >> well, i'm an older guy. so - >> 34. >> i've been able to stick around for longer than normal. going boo the 15th season. i've been able to see a lot of different things

i have been able to build a platform to where i'm known to be in the tech space and a position now bringing other athletes along with me so not only am i able to make an investment in private company but also able to bring other guys into the deals with me and also give them the education. >> did you come into the league the same year lebron did >> a year after he did. >> a year after. you played the best defense against him that anyone has seen. >> i tried to. >> that was 2015, right? >> yes. >> 2015. you all won that. >> yes. >> let's talk about the nike ad. colin kaepernick, a san francisco player formerly fronting an ad for nike. you have been a nike guy. >> yes. >> what do you think about it? >> well, i think that it speaks for itself he says sacrifice -- making a sacrifice to stand for something. and i think what gets lost in translation is what this is all about. and at the end of the day it's all about everyone being treated

equally and standing up to an issue that we have win the african-american male community which is the abuse that we have taken from our justice system and, you know, the many african-american men, those that are not documented that have been mistreated by police brutality. that's what it's all about and not about protesting the national anthem and we're bringing light to that. >> sort of a same point that mike tirico made in the last hour, that some of the point of the protest has been lost in the fog of controversy. >> yes. >> whether you agree with it or not and but at any rate. from the business perspective, is it smart business for nike to do this? or risky business? >> it's actually smart business. grand scheme, culture, is moving product right now. especially apparel and look at michael jordan everyone wants to have that michael jordan influence on how

to move sports apparel and that was from the culture. what michael jordan, air jordan basketball shoes are, you know -- i think he sold 3 billion last year in just michael jordan apparel and shoes, nike did. just michael jordan. that's a cultural influence and understanding the african-american culture move it is thread with apparel and standing behind the community that has put nike in a position it's in right now. >> what's it going to mean having lebron in your division any. >> it's going to be a lot of fun. >> you're going to be working hard. >> see him a lot more than i would like to. but actually, you prefer to play against the best competition so, you know, at this point he's arguably the best player in the world. he's probably the best player in the world. kevin durant is right there. i keep pushing kevin tofinally take him over this season. that's going to be a lot of fun. he's doing great things in the community. he's representing, you know, not just himself and his team but

the entire nba and the endeavors he has off the court. >> we'll have you back soon. >> would love to. >> good luck this season. >> thank you. >> thank you. social shake-down. the sector hit hard again. facebook on pace for the worst quarter yet. sorry, andre more to come on "power lchun." when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.

we have had ice cream, the nfl, we have had the nba it is now time for trading nation social stocks crushed again today. snap, facebook and twitter all sinking in the last week this is facebook on track for the worst quarter in six years boris sloshberg is with bk asset management and bill baruk with blue line futures. why does facebook stand out to you right sneer. >> i like facebook but first i got to say i'm a baby boomer and unqualified to comment on snap so i'll keep my commentsto twitter and facebook facebook i think is sort of a jewel in the rough at this point. simply because the market is

ignoring the massive potential of instagram now, facebook is obviously made all of the money through advertising but if it can make the pivot to transactions, most importantly, make a pivot to shopping on instagram and perhaps online gambling on facebook itself, that could be a massive source of revenue the market is underpricing at this point. clearly a matter of execution and moving in that direction i think they recognize the fact that advertising story is done at this point and because of they have an aggregation of eyeballs and a very engaging experience they can turn it into a more transactional product and if they do it's a new story. >> you're betting on a second act from facebook basically? >> yes, yes, i am. >> bill, talk to us about the technicals show you. >> both charts do not look very pretty but with facebook you can salvage another ugly week. back it out a little bit look at the weekly chart there's a trend line at the beginning of 2017 and in here

against the low of today 161. you don't want the see it close below there. you have the 100-week moving average that lines up right there. a close blow for senior citizfoe selling and then multiple indicators at 139 to 142 and that's where you have to be careful. not closing below 161 it would salvage the week and with twitter looks ugly you don't want to see it close below the july low it looks like it could it failed the 100-day moving average. below the 200-day moving average and i don't see it as a buy until 27 and you could find some value down there you also have to look at the broader index and the nasdaq 100 has a trend line dating back to april and moved through that today and comes in at 7360 so you want to look at support in that index there to keep this thing from falling. >> all right the killer bs, bill, boris,

thank you. for more trading nation head to the website or follow us on twitter. follow us there at trading nation morgan coming up, what a group of hospitals is doing about shortages of drugs and sky high prices and tariffs impact. we are live at the port of new orleans. that's next.

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welcome back to "power lunch. let's get a check of markets right now. off session lows the dow up a little bit, about 22 points. nasdaq is the laggard of the

day. led lower by the tech stocks again. s&p is also lower, down about half a percent or 13.5 points. energy, the worst performer. as crude prices again fall with that, over to sue herrera hey, sue. >> hello, morgan hello, everyone. here's what's happening at this hour day two of the senate judiciary committee's questioning of brett kavanaugh. he was noncommittal regarding whether he thinks the roe versus wade abortion ruling is correct. >> one of the things i've done is studied very carefully what nominees have done in the past, nominee precedent. and justice ginsburg but really all the justices not given hints or previews and justice kagan i think captured well as she often does talking about questions like the one you're asking you can't give a thumbs up or thumbs down and maintain the independence of the judiciary.

united is the latest airline to ban plastic straws and stirrers starting in november, it will replace the plastic with bamboo versions both american and alaska air announced similar measures earlier this year. and authorities executing a search warrant at the home of a new jersey couple who raised money online for a homeless man who now accuses them of spending the cash on themselves the two raised more than $400,000 through a go fund me site the homeless man's attorney says there's no more money left in the fund the couple denied the allegations. you are up to date that's the news update this hour melissa, back to you. >> thank you, sue. fears of a trade war continue as some of the biggest ports expect to be hit by tariffs. hi, jackie >> reporter: good afternoon to you, melissa that's right here in new orleans, as a matter of fact, they have seen a 25% drop-off in steel imports in the first six months of the year other ports around the country have actually seen an increase

in business but it's not necessarily an addition. it's more like stockpiling trying to front-run the affect of the tariff. the ports are concerned, difficult to plan, difficult to operate in this kind of an environment. a quarter of u.s. gdp is tied to port revenue 23 million jobs depend on port cargo. here in new orleans it is a port that brings in a little bit more than $50 million in imports and they have been saying that they're operating on a conservative budget. they're trying to forecast ahead as best as they can and again this environment is very uncertain and that's difficult now, it's not just a china issue or a steel import issue. when it comes to tariff. for example, in alabama, they actually produce as a state 8 million tons of steel production so they were watching the talks with mexico very carefully because they export steel down there for auto parts that was a concern men time, wisconsin, soybean

exports suffering as a result of tariffs and a difficult time right now. as the country waiting for clarity and every day we have this tit for tat and supply chain is waiting for clarity and a lot is at stake here back to you. >> thank you at the port of new orleans. will trade and the white house turmoil hit the markets or is the economic backdrop strong enough to keep the rally going let's bring in contributor ron and michael. gentlemen, thanks for joining us today. ron, what say you? >> you know, it is hard to call. this is the nothing matters market no matter what headlines hit, it seems like the markets now are resumed the up-side movement but, you know, we have the possibility of the tariffs kicking in on china tonight after midnight we have the possibility of fed raising rates giving the strength of the economic numbers and we have the political

overhang none of it seems to be affecting the dow at least and so i'm not sure first time i would say in the last many years that i simply don't understand what the stock market is trading off of except to say that, you know, the economy's strong and economy's good and how it works. >> michael, do you think that continues to be the narrative moving forward strong economy, a tight labor market strong earnings here is that the thing that continues to push this market forward or when you have tariffs, more tariffs going in on chinese imports tonight, all of this latest round of drama from the white house, are these things now risks to the market? >> well, i think the biggest drivers of the market's performance lately, historically and probably going forward will be interest rates, how quickly, how much, you know, inverted curve and impact from there would be trade the uncertainty regarding trade and the impact on the strong dollar's taking everybody by surprise this year i think and the extent you have trade issues, you have a run to, you

know, safety type of thing that's also impacting the markets and long-term impact, u.s. growth through less experts so that's an issue and currently the strong fundamentals in the u.s. economy i mean, unemployment's low gdp going fantastic. two years ago secular stagnation now we're talking about 3% to 4% gdp growth the big question is sustainability over the long term and so there's reasons to be cautious but also some fundamental reasons why things have been going up this year. >> michael, you say that and i'm looking at notes here and you like gold and silver right now why do you think them? >> i think the strong dollar has to lot to do with it and impacted global growth a little bit. we are long-term believers in global growth and no question it hiccupped this year and gone slower than we thought and impacted commodity prices in general and our view over the long term would be inflationary

pressures. supply/demand picks up inflation pressures exist and from a long-term investment standpoint and valuation, been so beaten down, not participated that they make sense as a compliment to a portfolio at this point. >> ron, the market as you point out is kind of played past everything. >> yeah. >> and often it's the thing we don't expect that ends up tripping the market. what could that item be? the thing we don't expect. >> the people that are down playing the emerging market currency crisis and has the contagion risk people haven't fully baked in the risk of the fed raising rates too far too fast the economy could be overheating. if it is doing that, the fed more rather than less aggressive unless the trade war slows global growth and variables that make the biggest difference to the market and it doesn't seem like politics or even

geopolitics playing any role in the behavior of markets. >> might be low probability and high impact if they happen. >> yeah. >> all right. >> okay. >> i would - >> go ahead, mike. >> tie it up. >> i would agree with ron's point and only issue in the political environment is i think that there is definitely more thinking going on with respect to tech and some of the fangs and the potential changes in the business models by what's going on in d.c. and that is a long-term factor to keep in mind in that sector. >> yeah. >> especially if the house flips. >> yeah. we'll leave it there especially another major data point tomorrow with jobs report. thank you for joining us. coming up, a group of hospitals teaming up to combat drug shortages and high drug prices. the ceo behind the company leading that charge joins us next. panic buttons in hotel rooms. just one of the safety features that some major players in the industry are implementing to address the me too movement. more on that ahead

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welcome back hospitals fed up with drug shortages and high drug prices are doing something about it teaming up and making their own

generic medicines. meg terrell is here with the fascinating story. wow, meg. >> this is interesting we remember of course when martin shkreli was in the news and heard from hospitals that it puts a squeeze on the budgets and more than 100 products listed in shortage by the faa and now a group plans to manufacture drugs itself mayo clinic, hca and four others are teaming up to form a nonprofit company alled civica rx with a goal of of stabilizing supply now, the company's hired a ceo formerly chief quality officer of amgen and consulting with department of veterans affairs and a big project. >> fascinating joining us now in a power lunch exclusive to talk more about the

company, the president and ceo of intermountain health care, dr. mark harrison. dr. harrison, great to have you with us. >> i'm really glad to be here. this is a good day for patients. >> this is amazing how does it work and have the drugs actually been chosen >> the drugs have been chosen. but there's no way we're going to reveal what they are. because we do not want a response that's premature. >> i see okay so would only the hospitals that have signed up to be part of that have access to those drugs or do you foresee pricing will be lower for all of the drugs whether they're manufactured by civica rx or not because there's more supply in the market? >> so, more than 120 health care systems representing more than a third of u.s. hospitals have already been in contact with us so we think we will have really great scale. all of those hospitals will have access to drug at the same price and we welcome all hospitals,

forprofit, not for profit, small, large, rural, urban to be part of the process. we hope that by starting this project we'll start to get some rationality back in the market and some of the players who are bad players are going to modify their behavior, get rid of the shortages they're creating and get the prices back in line with what the market really should bare. >> doctor, when you say you don't want a premature response, you're focusing on what are you afraid might happen? companies might just react on the specific drugs what kind of reaction do you expect when you announce the drugs you're focused on? you want the drugs on the market as soon as next year. >> yeah. we need to get the contracting if place with the systems that are going to be our customers so that we have assured pricing in place before we get what i think is going to be a panicked response from some of these bad actors look you know, most of the generic drug world is good companies doing the right thing for patients, not creating

shortages, not driving up prices they know who they are and nothing to worry about it's other folks, creating shortages and then having crazy increases in prices. they have a lot to worry about and i think will react. >> this is i imagine one of the hopes to put pressure on overall drug pricing coming to the specific drugs that civica rx will manufacture, whatever generic drug maker makes that same version they feel the pressure to bring prices down. >> that's exactly right and where have there been inappropriate increase in price, et cetera? we have no problem with people making a fair margin on the product they create. that's what the economy is all about. what we don't like is behavior that penalizes patients. >> doctor, we'll have to leave it there hope you keep us updated on this venture. appreciate your time. >> can't wait.

this is going to be good. >> marc harrison, ceo of intermountain health care and our men meg terrell. t tyler? safety features across hotels, seema modi joins us with more >> that's right. ceos gathering in washington, d.c. today to unveil new security and safety measures including the rollout of the panic button which will better protect hotel workers from the threat of sexual harassment. it's been a longstanding issue that the hotel industry has been trying to deal with. in seattle, washington, alone, over 50% of hotel housekeepers say they have dealt with harassment over the course of the career, that data according to unite here, a labor union representing the rights of workers in the industry. now, in addition to arming employees with this portable safety device to be used to

alert security personnel when they're in danger, hotels today implementing mandatory anti-sexual harassment policies, enhanced protections and but it's the role of technology that american hotel and lodging association president katherine luger says plays a role in continuing to drive hotel worker safety listen in. >> technology's evolving but it can really range from a button that you push and it makes a loud noise to a button to push an gives geo location of where that room attendant is >> and this is just the start. hite ceo saying we continue to apply fresh eyes to keep pace of these changing needs, revising house keeping guidance and as you can imagine with the me too movement front and center the hotel industry will have to be smart and speedy how they implement these safety measures

and also implementation of the panic device to go nationwide by 2020 we're going to continue the conversation with marriott ceo sorenson on "closing bell" as to how it works and how much it ex "the closing bell" how this implementation will work >> looking forward to that interview, seema mody. coming up back from the brink. a look at fanny and freddie ten years later. what the future could hold for housing that's next.

today marks a big milestone for the housing market they were bleeding cash and so the government took them over. they're still under government control. a look back at what happened and what the future now holds for the mortgage market.

diana? >> reporter: yeah, a decade ago fannie or freddie owned or backed at least 40% of the mortgage standing. and if they had gone under the mortgage recovery would look nothing like it does today >> everything worked and a housing crisis people said could last for decades lasted several years and home prices quickly started to regain value. if anybody said that they saw this in 2008 or 2009, i think they're kidding themselves it's been remarkable >> under government conservatorship, they drew from the government and ten years later uncle sam is reaping the rewards. they drew 191$191.4 billion, an they continue to pay some argue that profit is part of why congress and the

administration have done very little beyond offering proposals for reforming the mortgage market and the market today is nothing like it was a decade ago when lenders shut the doors to anyone but the most pristine borrowers. >> it was probably the most tricky time for myself and all mortgage borrowers also regulations, licensing laws, continuing education, it was a challenging time in the marketplace for sure >> lending is now open again the biggest difference today, though, borrowers must show they have income and must prove they have the ability to repay the loan much more on cnbc.com. >> diana, multi-million dollar question here, is there legislation to take fannie and freddie out of conservetership

>> there has been legislation and there is legislation in the works. so far the legislation has gone nowhere and no one expects to go anywhere in congress at the very least until after the mid-term elections and possibly even longer it's just a political hot potato now. >> and the check for this "power lunch" will be delivered in just a moment duncan just protected his family with a $500,000 life insurance policy. how much do you think it cost him? $100 a month?

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well, there was no happier person in america than jim kramer when the philadelphia eagles won the supervisor bowl last year, and i guess it spawned an amazing jacket he's sporting today can we take a look at the jacket there it is. that is fly eagles fly jacket. jim is going to have his program on tonight from outside the stadium there in i believe it's called lincoln financial field, where the opening night of football begins. brian roberts of comcast and nbc will be his guest tonight at 6:00 p.m. on mad money and you can go right from thereinto football night in america. the festivities begin about 730 oim on nbc >> there was a museum theft, it was in philadelphia. apparently thousands of rare bugs were stolen sand spiders, rhinoceros roaches

and apparently according to the owner of this he says that they are very easy to sell. the enthusiast market is quite strong with exotic pet shows and that kind of thing >> you can rule my wife out as a suspect. she detests bugs >> on that note, thanks for watching "power lunch. >> "closing bell" right now. it's time for "the closing bell." i'm wilfred frost at the new york stock exchange. the nasdaq having its worst week in five months we'll address how investors should play the space. i'm julia boorstin in washington a shakeup at cvs the company tells us the company is in talks with ceo les moonvulmoonve about a possible departure coming up on "the closing bell" we'll speak exclusively to th