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 the marriott ceo

nfl kicking off tonight signals a new era for sports betting. "the closing bell" starts right now. a very good afternoon and welcome to "the closing bell." i do like jim's jacket i want to get one but with arsenal logos. >> i don't know, you're not a super fan like he is >> but i am of arsenal it's going to be 20, 30 years time at this rate, so no need to fear it in the short-term. we'll get to all those headline stories but first let's check in on the markets the dow coming back after having been down 94 points on the day, and now in positive territory. >> though it's the nasdaq getting hit the hardsh again down 1% again after yesterday's

1.2% slide tech stocks are stumbling. >> not a whole lot of green here the nasdaq 100 on pace for its worst week of decline since march led by tech. and today the chip sector is really ground zero for the decline. swooning after forecasting a moderate rebound, and also saying some memory chip prices fell apple and amazon still pulling back from those record highs for a second session while alphabet is near a 10% correction level from its july high but some of yesterday's biggest losers rebounding today. netflix on pace to snap a three-day losing streak. sara >> all right, bertha, thank you. joining us now for our closing bell exchange to talk more about

our tough tech week, rick santelli at the cme group in chicago. the fact it's two down days, 1% days for the nasdaq right now, what does that tell you, steve >> i think people wanted to lock in some profits and say, hey, let me clip it before we approach that going into end of year you get a little skiddish, there's a chase for performance. but remember there's also a chase to lock in what they've already gained they don't want to give it back. so i think this is totally normal you had them up on capitol hill yesterday. i would look in reversal china large cap tech >> you were pretty positive, so is this a surprise to you this week >> no, i think you have to -- if you look at the chart of s&p, if you look at the chart of tech stocks, you do get these

give-and-takes within that complex, within this sector and within the overall marketplace just look at it in the s&p we're only a little off of 1% off the historic highs in the s&p. so this to me is healthy, natural, you want to see a little give back people back at their chairs after the long summer break. now we'll see where it heads in the next couple of weeks look at what's led, utilities, staples, real estate stocks in the last two days. do you think that's a theme they can hold onto the next couple of months or is it going to be discretionary and tech once again? >> right do you have a thought on that and specifically how you feel about chip stocks which are really taking it hard today. margen stanley saying it's getting worse. >> let me first say i do think steve's right. right now is a breather.

it's healthy for some of these names. i mean amazon up a trillion dollars. i mean, this is record levels. so it is healthy to see that but beyond that i think there is a bit of a difference this time, having been in front of congress i think facebook and alphabet not showing up, there is going to be something done reg lateatorily with those companies. i will say i think there's some hesitation on global growth because of all these trade talks and therefore it's normal to see this pull back in some of the comments on chips. but i still think there's some good value there, and i think it's being overdone, and i think we'd be a buyer actually on dips like this. >> rick, as we approach -- what

do you make of the adps today but then on the manufacturing side the ism manufacturing beat? >> the miss is little confusing to me. one would think we would have done better. the headlines were weak but when you stripped out aircraft, auto, they did better. that gives you a good glimpse into the economy there's certain areas that may be peaking a little bit, but the foundation is good and i think tomorrow we'll pay particular close attention to argument and arguments of demographics and young retirees and people coming in to distort the wage picture a bit. that's not a bad thing everybody climbs the ladder. and finally let me just weigh in, cusandra and steve hit on great issues when you look at history going into the tech wreck '98, 2000,

there was no foundation. and everything collapsed every minute the pin came within an inch of the balloon. this time we're poking that pin in and the foundation of these businesses in general is good. completely different dynamic, and i think it's a good way to vaelt the economy as a whole there are issues, tariffs, all of that. but the foundation is good other than when we were kicking the tires on things in the markets >> so you buying the chip stocks >> all these chip stocks have unique trading aspects to them technically, and i do believe the chip stocks got a little ahead of themselves or maybe a lot ahead of themselves. to me two days ago you saw these stocks sell-off and today workday is up. so i think it's a short cycle, so wait until the cycle plays out in some othese chf these chs they're way extended i think you're going to get buyer opportunities if you let them breathe just a little bit >> thank you very much

casandra, steve, and rick. the guessing game who wrote "the new york times" op-ed claimed to be a resistant movement within the house. the people who have ruled themselves out >> reporter: it's a little bit loud here on the north lawn because marine one is land heeg at the white house we do expect to see the president some time shortly here we might hear from him again on camera as he departs for a rally in montana this evening. take a look at all the officials so far today who have denied being the unanimous writer "the new york times" criticizing the president has been unfit for office or unfits to perform many of hisduraties everybody from the vice president to the first lady to some of the top bold faced names of this administration issuing statements today and now some of some focus turns

to those who have not issued statements of denial not clear whether we're going to find out who it was who authored this op-ed piece "the new york times" has given that person anonymity. we'll wait and see if someone does in fact step forward. i can tell you the guessing game of that op-ed completely consumed washington today. >> do we expect to hear more from the president on this >> they've been calling the op-ed writer a cowered, gutless and other insults. the president used the word gut ls gutless himself. i think the president might stop and talk to reporters. if he has the opportunity to stop and talk, we'll see if he does today but obviously this is on his mind the white house has issued a number of statements about it. they've been very focused on it inside the building today and we'll see whether the president has something to say about it.

>> i want to discuss when this first hit yesterday, as to the reason why you wouldn't do this publicly where resign and make clear your views and who you are. and of course one of the lines we all focused on in the op-ed is they're saying they have a job to do to continue to guide the president to do the right thing from inside the administration but you look at these people who have denied it, mike pence, steve mnuchin, nick mulvaney, many more, all sensible people that would all be left there to continue to goad the president is that opf ed somewhat undermined from the list of people that would have remained there anyway >> it is with some of the denials. so that's a good question if you assume that this person has a moral obligation to resign and announce publicly their frustrations with the president and declare to the world what's

happening. then you could argue there'll be other people who are left in place. but the argument from the writer is that he or she needs to remain in place in order to continue to protect the country. that's an awfully big thing for someone to assert they know how better to protect the country than the duly appointed president of the united states that's why i said this morning this feels to me not like a constitutional crisis but an unconstitutional crisis. you have people inside the administration who are taking unconstitutional means, that are not expressly laid out means to address the terms they see for office this person is laying out another remedy which is sort of a cabal of senior officials working to stop the president on the inside >> now with the markets seeming to continue to shrug off these

reports of disarray in the white house, it does raise questions about how the government functions. to weigh in we're joined by matt bennett, former white house deputy assistant under the clinton administration matt, thanks for joining us. what's your take on the op-ed? would the writer have achieved more of what they're looking to achieve if they'd resigned and made these points publicly >> i think they would. but if has to be emphasized how insane this situation is i served in a white house where the president was being impeached while i was there. like any white house there was plenty of leaking going on, and people giving quotes on background of senior administration officials and stories. that happens all the time. there were efforts to find out who was leaking and documents and that kind of thing but to have an all-out assault on the president either within the white house or the senior ranks of his administration is without parallel in modern

history maybe with the exception of the nixon administration. this is crazy, unlike anything we've ever seen. to your question, though, i think he or she would have achieved more if they had simply come out publicly and said i resign and protest, this president is unfit for office. you need to know what's happening and i'm going to tell you. >> matt, as crazy as this is, do you see any real impact on policy >> well, it's a good question. with allthe tumult around president trump, right now for example he's trying to cut a deal with mexico and canada to redo nafta he'll need congressional approval to do that. with a dysfunctional administration that's going to

go from very hard to probably impossible it could have impact or it could be more of the same trump lunacy >> matt, what do you make from the push back from the president and administration officials against "the new york times" in particular and a further question, if the anonymous writer had come out today to deny publicly it was them, would "the new york times" then have an obligation to say that, the anonymous writer was amongst that pack? >> i don't think so. i'm not an expert in ethics and earnalism. but i will say mark feld who resigned after he was revealed by woodward to be deep in the watergate stories denied all the time denied it from the very beginning. he was asked this over and over and over and his anonymity was maintained after he died, which was the deal bernstein cut with him. i think that it's ridiculous for

the white house to complain about this they complain all the time about background quotes and anonymous sources but they use them also so they're speaking on both sides of the mound >> i think one thing we're trying to figure out and investors is does this have any imp lk implications for his high stakes negotiations going on with mexico, china, europe, canada, all going on at once did it undermine his negotiations and his relationships on foreign policy with president clinton >> well, i think it's possible it did a little bit, but president clinton was an incredible compartmentalizer he was cutting deals with the impeachers in the house over a budget at the same time they were trying to impeach him so that guy just believed, you know, you got to get the people's business done with trump everything is so personal that it's very likely

that foreign leaders are concluding he will be too distracted to be an effective negotiator so i think you can see foreign leaders even in hostile countries but even in countries of allies, it could be different. new details on tax reform 2.0. the proposal just released in the last hour. guess what, there's tax reform on the agenda. >> reporter: it's been a busy weekend and going to be a busy month, sara. house republicans just wrapping up a meeting on details of that bill told republicans, that, quote, the best is yet to come. here's what we know about it so far. it would first make the individual tax cuts permanent and also loosen restrictions on retirement savings and allow businesses to write off more of their startup cost thou, there were two big

problem, though, with this bill. the first being that it would make the caps on local and state income tax deductions permanent as well. and that's going to anger republicans in new york, new jersey and even in california. this bill is also estimated to cost $627 billion over the next decade now, price tag is pretty high. now, brady told republicans in the meeting that he considers this a modest investment in-house holds and that he believes deficits would be even higher if tax reform 1.0 hadn't been passed. republicans are expecting to release a tax bill and have a hearing on it. >> thank you for that. quick moving still to come on "the closing bell," china sending a warning to the u.s. today saying it will retaliate against any new tariffs. head we'll break down the impact

the trade war is already having on america's ports and after the break, new details about a potential big exit package being discussed for embattl embattl embattled cbs ceo les moonves. reach out to the show on twitter, facebook or sd aenusn e-mail "the closing bell" back after a quick break with the dow up 62 points making my dreams a reality takes more than just investment advice. from insurance to savings to retirement, it takes someone with experience and knowledge who can help me build a complete plan. brian, my certified financial planner™ professional, is committed to working in my best interest. i call it my "comfortable future plan," and it's all possible with a cfp® professional. find your certified financial planner™ professional at letsmakeaplan.org.

some sad news to tell you about just breaking out of hollywood. sue herrera with the detail. >> indeed, thank you the iconic american actor bert reynolds has died at the canal of 82. he died of cardiac arrest. he made more than 50 feature films and a number of them we probably have seen "deliverance," "boogie nights.

he was quoted as saying my movies are the kind they show in prisons and airplanes because nobody can leave he recently sat down with the "today" show on nbc talking about his health he had heart surgery about seven years ago and he had been doing quite well, but he passed away today at the age of 82 from cardiac arrest wilf, sara, back to you. >> sue, thank you for that now new details breaking today which could determine the future of media giant cbs and its embattled ceo les moonves. hey, julia >> hey, wilf sources telling cnbc that his departure is seen as likely. cbs shares moving higher on this report we see cbs shares up nearly 3.5% which removes some of the uncertainty which has been weigh in on cbs stock. david faber reported earlier

today the chief operating officer is expected to replace moonves as interim ceo with ongoing negotiation about moonves' exit package. he see due up to $180 million in severance. but david faber offers the board is offering roughly $100 million with cbs stock and the right to claw back with some of that compensation with ongoing allegations into sexual misconduct this comes as sources tell me cbs and sheri redstone's national amusements is has ongoi ongoing litigation no comment from either back over to you >> julia, thanks very much for that let's continue the discussion with allen luke and also joining

us on the phone is bob johnson, long time media executive and chairman of rlj companies. how big a loss would it be am moonves was out? >> i think it would be a tremendous loss to cbs shareholders and i would even go as far to say cbs staff. he was one of the finest media executives in the country today, and he is very difficult to replace because of his unique instincts about the media business, particularly content and also i believe because the market had had a long, long relationship with les' leadership even under consolidated so it will be an impact on certain stock holders who believe in les as i do

>> allen, what does it mean for investors who are trying to figure out the future of this company. not only its leadership but other it's going to ultimately merge with viacom, which it doesn't look like it's leaning that way >> i think the stock is already largely discounted, the thought there's a large chance or large possibility that les would leave the company. i mean the company is trading at under ten times earnings or was until this morning and that was because some investors were saying, hey, it's uninvestable with les leaving. we were contending at these prices the stock was already discounting les leaving. if it was discounted with viacom we think cbs would be better standing alone or merging with someone else merging with viacom it would be even less expensive.

a via comacquisition would slow down the growth rate of the company. >> do you think it's a done deal mr. moonves is leaving have you spoken to him at all recently >> no, i haven't spoken to les i think the question of is it a done deal probably is better answered by les more so than the board. les is a kind of an executive, the kind of a man that if he felt that his continued involvement with cbs would have a negative impact on the staff at cbs and to some extent on the shareholder and the future of the company, he loved the company, he believed in the company, and he will willingly step down if he believes there's going to be that negative drag for the board, i think the board has to examine the question. it's is cbs under les with

whatever cloud you want to toss on les' behavior, imperilled for the long haul? you know, that's a tough question i'm not sure that's the case, but i'm not on the board and so that's a question and les himself is going to -- the thing to say is i'm going to be all right. les is going tobe more than al right. he will be very valuable in the marketplace to someone else, another company or even if he wanted to go out and do his own thing. there's plenty of opportunity for a guy as good as les in defining and creating media content. >> well, i think it depends what happens with the results of the investigation that have been going on an sexual harassment after that new yorker article. guys, we've run out of time but we'll talk to you more again after we no more, especially on that exit package. what does that say about what they found, i think?

>> well, exactly and it goes back to that question if there's no specific hard laws or rules broken, it might still mean that a departure is necessary, but they can't re-claim some of these options and clearly if there had been a totallyamicab total total totallyamicable departure he would have been due all these options. the silicon valley could be facing a major showdown now with jeff sessions anthe pad dertment of justice what that could mean for the tech industry straight ahead k y. how many kids? my two. his three. along with two dogs and jake, our new parrot. that is quite the family. quite a lot of colleges to pay for though. a lot of colleges. you get any financial advice? yeah, but i'm pretty sure it's the same plan they sold me before. well your situation's totally changed now. right, right. how 'bout a plan that works for 5 kids, 2 dogs and jake over here? that would be great. that would be great. that okay with you, jake? get a portfolio that works for you now

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welcome back to "the closing bell." the dow is hanging tough up 62 points as the s&p and the nasdaq fall for a third day in a row. we're off the lows, though nasdaq down 0.3% wanted to point out some some of lieuers in the dow today, chevron, apple, goldman sachs, exxon those are the laggers. >> time now for a cnbc news update house speaker paul ryan says the anonymous senior administration official who wrote "the new york times" op-ed criticizing president trump shouldn't work for the president. he added congress has no role in investigating who wrote that article. >> a person who works in the administration serve as that pleasure of the president.

it's a person who obviously is living in dishonesty it didn't help the president so if you're not interested in helping the president you shouldn't work for the president as far as i'm concerned. a judge increased the bell for a chicago police officer charged in the murder of a black teenager the judge increased the bail by $2,000 at a hearing today. and the academy of motion pictures says its proposed new popular film oscar category needs further study. as a result it will be not be introduced as planned at next year's oscars. the academy says it'll seek additional input with regards to implementation >> i do want them to bring that in eventually, though. i've never locked the oscar winners. i've liked the ones they don't like >> i know exactly what you mean.

and i think that's where they're going. also it'll help their ratings. >> it will indeed. mission impossible, james bond, they never win oscars. >> movie nights, also bert reynolds didn't win for that still to come, the hotel industry announcing a major step today to protect its workers from sexual harassment the ceo joins us live to explain the move plus insight from his meeting with president trump which happened earlier this week and up next, america's shipping ports keeping a close eye on trade war escalations as tariffs start to hit their bottom lines 'lta you to the port of new orleans for a look how it's dealing with the fall out. substitute teacher. don't assume the substitute teacher has nothing to offer... same goes for a neighborhood. don't forget that friendships last longer than any broadway run. mr. president. (laughing) don't settle for your first draft. or your 10th draft.

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welcome back to "the closing bell." here are some individual winners on the dow today boeing up by a healthy 1.5%. visa and merck also up industrials having a decent day. second best performing sector. utilities towards the top up, 2.3% the port of new orleans

already starting to feel the impact of president trump's tariffs on imported steel. more on the story, hi jackie >> hi, good afternoon, to you, sara, that's right based on the trade story and what we know the port of new orleans say imports of of steel have gone down 25% every day there's a new threat added to this story. and of course the american association of u.s. ports say if the retaliation continues, if these trade escalations continue to move up and ratchet higher we could potentially see across the board at all ports a 10% decline as a result of it. it would be very significant and it would impact their business now in new orleans the vp of ports here says for about six months they can navigate and weather the storm. wake balance things out, try and move things around in the

budget but if they see a steeper cline d cline and it starts to go into 2019 things will potentially suffer one would be spending less on infrastructure not only do you have less steel so revenue comes down but the price increase on infrastructure would also go down here in new orleans there haven't been any layoffs just yet, but that could be strg tomg that comes down the line if things continue to get worse has to do with the u.s. and all its trade partners we're talking about mexico, canada and the eu as well, guys. back to you. >> i'm wondering if you're hearing anything, jackie, about clients front loading activity, and shipments ahead of what are expected to be more tariffs or if they're in a sort of wait and see mode

>> we are. and that's a great point, sara because some people are mistaken that with the notion there's new business of or increased activity it isn't really. it's to stockpile against a potential threat that could be coming down the pipe of course that creates situations with the supply chains as well if you front load ahead too much you could put yourself in a situation where later down the line you need more, you still have to import at a higher price. so it's a very tricky situation. >> jackie deangelis, thank you, at the port of new orleans today with the threat of a another $200 billion of chinese imports getting taxed. >> even if that doesn't happen given that point and exchange you had with jackie fascinating to see what the q3gdp does dow still green, the rest red. though the nasdaq was down about

a percent at it top of the hour, dow was up51 points. we've got a mystery stock for you, sharply dropping today. an earnings report why the company is blaming sears for the plunge plus hotels on sexual harassment in the workplace, marriott's ceo will join us exclusively next on "the closing bell."

welcome back to "the closing bell." we've got 17 minutes left of trade. and we're well-off the lows of the session. the dow is now positive. it's up 45 points. the s&p is still lower, down 0.3% the nasdaq is down meaningfully low, but it was down over 1% a few hours ago. the hotel industry announcing steps today to improve conditions for workers after a backlash in light of the me too movement.

representatives from major hotel chains like marriott, hilton, windham gathering today in washington to announce several new safety features across their hotels including deploying panic buttons for their employees. our own seema mody joining us now from washington with marriott's ceo >> thank you for joining us on cnbc today >> thank you glad to be here. >> new announcements from ceos like yourself unveiling these new safety features. talk to me about the timing. why now when employees have been complaining about harassment in the workplace for quite some time in. >> we're constantly evolving as an industry, a company, and that includes technology. which is becoming more and more accurate and more and more efficient. one of things we've been wrestling with the last couple of years is how do you find a technology solution to be able to call somebody when it's

urgent, whether you're in a 50-story stacked high rise hotel or a spread out resort, so that the technology is simple, can be accurate so it knows that you're on the 22nd floor instead of maybe the 21st floor and of course you've got external factors in the environment that we're watching, too. we're all aware of the increased focus on this area, and we want to make sure we do everything we can to use the technology available to us today. >> here's the panic button you're deploying across your hotels, across the nation i should say how does it work so it arms employees and helps them alert security personnel when they feel they're in danger >> that's right. and think maybe house keepers first. they won't necessarily be the only ones that carry these devices. it'll depend again on the precise configuration of the property the signal will be a signal of urgency. now, it could be that the housekeeper is herself or himself under some urgent

situation. it could be that they've found a circumstance which requires some kind of an emergency attention that signal will be sent depending on where the hotel is, how big it is, maybe to the front desk if it's 100 room suburban select room hotel, maybe a security center with lots of rooms. >> now, you did meet president trump earlier this week. what did you discuss >> well the single purpose of the visit was to talk about inbound visitation to the united states there's a global increase in international travel, and in manyermen many respects there's a global competition for where that travel is going to go. now you see people all around the world voting with their feet we have been losing share the last few years actually we've been losing share the last couple of decades our estimates is if we had share comparable to what we used to have, the roughly 70 million

visitors we had come to the united states last year would be in excess of 100 million visitors that excess is about $80 billion in incremental exports because people come to the u.s., leave their money here, not just hotels but shopping and that was our message to president trump >> sara eisen has a question from the studio. >> just to follow-up up on that arne, i'm wonder what sort of reception you got from president trump? on one hand as someone who operates a hotel in this country but on the other hand the trade ban and travel, not necessarily optimistic >> he's obviously focused on a number of different areas but one of them is to drive exports. so when you see that there is a

very concrete possibility to drive $80 billion in incremental exports, that's something to stand up and take notice to. by the way, we didn't go in and say that requires us to compromise security concerns in the united states, for example we actually this can be done while maintaining a high level of security and in fact by having more visitors come to united states, they go back home and tend to be more positive about the united states. it was one meeting we obviously have not gotten to the point of taking concrete steps afterwards but i think the reception is quite good >> talk to us about marriott >> i mean, it is -- i think the way i would describe it is it is good today >> but will you look to cut jobs if this continue snz. >> no, we're adding jobs today remember the united states is a

huge country the overwhelming majority of travel, business and hotels is domestic travel. our estimates are about 4% to 5% of all occupancies across the industry in the united states are from international arrivals. so really what we're talking ability is what are the enhancements that can be driven here and those enhancements will create even more jobs today. >> we're looking forward to hearing how your conversations go with president trump. but we'll leave the conversation there, arne. >> seema, thank you very much for that thank you also to arne sorenson, the ceo of marriott international. well-off the lows on the dow. we're currently up 50, so a nice little final half an hour of trade taking us a bit higher the nasdaq was down 1% and now down only 0.8% wynn is falling today.

we'll complain that take and why wynn is down 9%, that coming up. and tomorrow on squawk on the street we've got an exclusive interview. this is his first interview since being named ceo last year, the parent company of ritz crackers, oreo cookies and many other snacks all coming up on cnbc and it's an exclusive we'll 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.

welcome back just passing by saying we're paired up, paired off as we approach the close as we've been discussing the last two hours or so we've had a nice mini rally into the close it dow is now. >> you've had groups like energy today with an oil slide and technology is the worst performing sector group. but as you say not as bad as it looks. >> reverse performance today for sure let's check in on the individual market movers. wynn is falling today on a note that shows the firm is getting coshes on the gaming sector.

it may pose a risk to macao. yes, the mas market gaining growth is still strong but weakening currency, the possibility of capital controls always correlates with gaming numbers. >> speaking of poorer performance in these stocks has been brutal. the mystery mover today is lands end. the retailer falling after reporting a miss on revenue and earnings this morning. weak revenue largely due to a decline in same store sales at lands and shops at sears comps there falling almost 7%. for the over all lands end were down a little less than 7% remember lands used to own them but spun it off into a private company. up next we'll be back with the closing count down we've got 5 1/2 minutes left of

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quem back to "the closing bell." a couple minutes left of trade let's have a look at the s&p 500 intraday chart you'll see the swings we had quite a big sell-off, down the best part of 1% around lunchtime or so. and as we've approached the close we've had a nice little two hour ride. all four indices for you you see the nasdaq the underperformer. the dow in fact now positive if we look at the sectors you will see of course tech towards the bottom that's why the nasdaq of course has underperformed today it's not the worst sector, though inenergy is. down significantly and technology down 0.8% we do in fact have more sectors positive than negative now as we approach the close those relatively boring sectors, tellco and utilities

>> a little bit lower -- >> lower against the pound >> i think the important thing today is off of our lows but not for the key sectors we've been watching tech particularly semiconductors and social media stocks really didn't rally at all even though the rest of the market did great story on cnbc.com, talking about tech stock sell-off could be the beginning if we continue to have a trade war with china, and look at the semiconductors, really weak day. we had a conference going wn with citigroup, and micron also spoke at the citi group conference social media also did really bounce again today twitter really down 5% or so big declines over the last couple of days overall not a big bounce one big bounce we've been

talking about emerging market stocks all these beaten ups, brazil, mexico, south africa and the eem itself all modest rallies today. >> thank you very much there goes the bell. as we close, the dow is up about 20 points. s&p just slipping a little bit, down 0.4% of the close nasdaq the laggard but not down a full percent that does it for the first hour of "the closing bell." sara, back over to you welcome to "the closing bell." i'm sara eisen here for kelly evans. wilfred frost coming back in just a moemt let dow finishing higher, the only one of the major averages up 21 points s&p and nasdaq down for the third day in a row down almost a full percent remember yesterday closed down 1.25%. but this only takes us back down

to levels we saw at a the end of august russell 2000 and small caps down and s&p is down and the dow is still positive going into friday jobs day football season kicking off today as does it big season for fantasy sports betting coming up the chief executive of fanduel matt king will be joining us to discuss the season joining us today is mike santoli, john blank is here from zack's investment research and john levine is at post nine. and boeing, chevron was the biggest laggard. on the s&p, cbs was the winner on the day on some news broken by our own david faber, and micron was the big decliner. and mike, all day you've been talking about i think you're call tg a gut check for technology, another down day

what does that tell you? >> two days in a row most of the heavy selling in the glamour cap tech stocks. and it's been relatively absorbed by the rest of the market, it seems i don't think you can extrapolate it into anything more than a pretty overheated segment of the market. it's september the tape is little bit squishy, and i think really the take away today is that the s&p went back down to the old levels that were the highs since january, kind of held around there and bounced again. they tried to get them back below january's low and it bounced. >> the dow quite a significant outperformer in the relative sense the last couple of day snz. >> right so it's not as if it's a broad scale flight away from the market obviously the old economy kind of the big caps in the dow have managed to pick up the slacks in pretty positive words. and some of the industrial

stocks well on their highs it is some kind of rotation happening at least on a short-te short-term basis i'm not convinced this is long-term shift necessarily. >> john levine, is it an opportunity for profit taking or is there fundmentally something concerning this market >> i think today was important as all days are, but it did reflect that the large companies which have more commodity exposure, more financial coverage and more international exposure have been under more pressure i think the latter have been really weaker, and it's just a shift in preference, it seems like a normal market kind of situation. >> john blank, when you see these very significant tech stocks that have been such a part of the rally start to fall back particularly on a first week of september with volumes higher, does that worry you. >> it does, wilf

and i'll tell you why. i watched micron quite closely and the february 2018 lows from micron are 28 a share. and all we are is tracing back to the lows in february. so basically i think the chip stocks, the pricing, all the bad news probably going down a few more days and then you're going to bounce. because the p ratio for micron is 4.5 times forward earnings, which is incredibly cheap. anyone telling me there's more bad news telling me thore 4.5 earnings and i'm a buyer >> another big mover today, big story, cbs, it rallied after our own david faber reported they're in talks with the company's embattled ceo les moonves. sources say the company is

offering moonves a sizable exit package, roughly $100 million. cbs's interim officer will become the ceo of cbs. mike, surprised by the share price reaction >> i wouldn't have necessarily predicted it would bounce hard, but it has been so beaten down so any sign there's a bit of clarity out there in terms of eventual management, resolution of the issues with leslie moonves and also perhaps by some of the reports a lesser chance at least from investor's point of view they'll be put together with viacom anytime soon those are separate strands of the story, but it's not surprising a beaten down cheap media stock would get this lift. >> we're not really an expert on cbs. jack murphy, my partner had me meet les moonves when the stock

was 10, and now it's down. >> john blank, what's your view on this? is cbs old mead yush it's the past, irrelevant of who's leading it or does it look attractive >> you can look at an s&p 500 and that's the cbs stock chart what you'll learn is cbs over ten years have been a phenomenal investment however the p/e ratio went from 18 to o10 now and the stock migrated from a gross stock to a value stock. so the bottom line here is this is not a new age stock, it's not a new age management team. and if he gets that job it's going to stagnate for a long time and more to come. >> guys, i've got a news alert here on the toymaker making a big announcement they are launching a new the

theatrical film division as part of the business. and the company has announced it's hired an academy award winning producer to head the mattel films creation of the films allows us to unlock value across our ip, so intellectual property so think barbie movary or hot wheels movies. it really gives you a sense of where this company is going. if you didn't already know they've got this new ceo in there and his background is actually as a studio executive he comes from fox kids europe and is now leading what has been a manufacturing toy company. they've got 30,000 employees working to build toys, taking it into a direction of content and

movies and something we've seen from hasbro >> with disney and something like this it was kind of a turn around this is the reverse of that. it's a totally different sphere to deliver your expertise into >> the direction in film making right now is known characters, where you base cloe know who they are, any known franchises and then you can expand them into a theatrical release or tv show you mentioned hasbro, you have the transformers, the little ponies and the rest of it. it makes a lot of sense i guess to be a direct participant and hedges of amazon have shone you you don't have to have a

studio lot >> and also valuable ip for brands for barbie and hot wheels and fisher price dominates the market, let's you do that. >> there's a lot of toys here. i'm looking at the list. porky pig, i've never heard of him or her >> you will. we have an earnings alert. it's on five below hey, leslie. >> not much here is below wall street estimates big beat and that's sending the stocks soaring in after hours trading. up more than 7% right now. we'll get you the numbers o. on the bottom line the company reported 42 cents on an adjusted base whereas it caw compares to the 38 cents the street was estimating top line revenue also a beat up about 23% year over year and

compares with $335 million that the street was estimating. comp sales also higher up 2.7% versus about 0.1% that the street was estimating there. this company has been opening stores left and right. their guidance was also higher for the full year than what the street was expecting they also recently announced they were opening a flagship store in manhattan now, their conference call is today at 4:30. so we'll be listening in and letting you learn what we know >> leslie, thank you for retailer up around 135% the last 12 months. >> you have to believe the beneficiary of just increasing short traffic. it's kind of an if you happen to walk in, that type of thing. and i think they're respective for being able to keep the mix fresh what they have in the stores and higher turn over for

merchandise. >> do you like consumer stocks and what about the subsectors? >> discretionary is kind of being driven by amazon, so we can kind of throw that one out the door it's a trump trade, and it's still not turning itself around. five below, the basic point here is that something that's cheap is like mike pointed out, something that's going to get the business off the street, and that's the retail poll that we've got to start paying attention to retail is not dead, and five below shows it >> i would add trendy to the cheap analysis john, you've got an interesting play on the consumer i don't know if this is leap, but you wanted to talk general motors because shares have been hit so hard with some of other auto makers, why is it a buy to you in. >> i will, but i'd like to answer your question in a different way saying it was at the core of the conference

yesterday. i'll be quick with the negatives. people are scared the auto sales are peaking or the stock market is peaking again 20%, 25% of earnings in china and $18 billion in pension fund but the thing is grossly undervalued. earning $6 a share and softbank to it the deal of autonomous cars worth 7 or $8 a share and their electric vehicle is probably worth a lot more they said yesterday their goal is to have an auto industry with mow accidents, no congestion and no environmental emissions it's an amazing goal you can see how general motors scutistically is worth $60 or $70 or $80 a share the only thing i want to say is the buyers know that and the sellers know that. >> it's going to have to be almost recast in a different

light, right some of the parts is probably there, but i think thinking that you're in this weird part of the auto cycle where you're past peak and it's more than an albatross than an opportunity is definitely going to stay there, but it is demonstratively cheap. >> let's talk china because the trade war wages on today marking the end of that public common period on president trump's proposal for an additional tariffs on $200 billion on chinese imports the new tariffs would hit consumer products, really for the first time and we're talking products like furniture, tires, bicycles, car seats for babies, food the list is long, mike and consumers -- u.s. consumers could feel this this time around >> you know, at some point it would filter through i don't know it's going to

surprise the market. i think probably if you had to force people to give an answer they'd say, yeah, more than likely lare woeg to get these tariffs in some kind of response i think it would help if it seemed it was part of an an going process as opposed to being tit for tat. but that's where we are right now. look, i think consumers would notice it over time but you also have a more general deflationary environment that's kind of given a head start to a lot of consumers. and it doesn't necessarily seem to me it's going to be a shock to spending or anything like that but not welcome. >> i want to bring up the dollar yen, sara, because it's taken a leg lower in just the last minute or so it was already down, the dollar against the yen today but a wall street journal headline on trade has weakened it further and the headline suggests president trump wants to bring japan into the trade fight category as

opposed to one of it country's it was getting on relatively better with. mike, another country thrown in. it's not groundbreaking. it's more of the same, but it's not helpful. >> right, at a time when already critics would say we have to mean chosen adversaries in this trade fight already. >> it's not hard to see why he would choose japan we have a trade deficit with them it's not as big as china but it is a big one >> when the president first got on this anti-trade cake in the '80s it was japan, not china so this is an old one, not a new one. >> and also it has to do with a lot of japanese cars americans like to drive. >> although most really are manufactured here. >> does this worry you, the fact what we're hearing are reports are instead of making trade deals wer getting escalation of

trade fights and potentially new adversaries? >> the way i'm looking at this if you look at the s&p 500 versus the rest of the world, basically stocks, what you'll see is that the break in march or april happened between these two sets of indices. and what you've got to look for inside that indice is that the bad guys are brazil, turkey and italy. so what that tells me right now the market is basically pricing in the people in the emergency room and that makes sense to me. but if we keep going down this 8% correction mode because of this chinese trade tariff stuff, we're getting into different stuff which are the non-turkeys, the non-italys if these countries blow up, and they'll blow up in a hurry, that's when we've got a story to tell and that's when it's going to bite us

>> the dollar was already down against the yen today and it just accentuated the move we've seen thank you very much for joining us up next u.s. attorney jeff sessions looking into weather -- plus the nfl season kicks off tonight. coming up matt king tells us what it means for fantasy sports his company's move into the sports book business and if it at all speeds up a possible ipo.

welcome back to "the closing bell." we've got an earnings alert on broadcomm. >> the guide here, wilf for q4 is about 5.4 billion that is bit above.

and just looking at your revenue by segments, so wired infrastructure, chips for networking, $3.2 billion wireless communications, chip enabling, wi-fi, bluetooth, gps, 1.2 billion. on this call analysts are going to have a lot of questions about acquisition of ca technologies for $19 billion. some analysts say many investors seem to be uneasy with that deal, and that's created a kind of overhang for the shares heading into that print the stock was down 6% yeto date. also call your attention to octa reporting a loss here of 15 cents. analysts had been looking for a loss of 19 cents a beat there this company develops security management software. it was already up 135% year to

date, guise. back to you. >> josh, thanks very much for that nice jump there from broadcomm >> down with the secker and also as josh mentioned down since that deal was announced. still not all that clear what they're getting besides a pool of cash flow >> we'll wait for the headlines on that call meantime attorney general jeff sessions has announced they'll be look into social media bias complaints. and he's attempting to enlist the aid of attorneys general of several u.s. states. >> joining us to weigh in john carline from morrison and forester and elin myers from news picks thank you both for joining us. you were involved over the last couple of weeks in helping to brief staffers or members of

congress that were involved with the hearings yesterday what were the sort of questions or topics they were asking you most about you can give us insight on >> the topics were pretty basic. they were looking for alternatives they want to have us as news pick weigh in on the online incident, alex jones, et cetera. >> john, as someone who has served in the justice department what do you think that attorney general sessions is after here do you think he's looking at anti-trust concerns or more an the censorship side? where's the trail i you? >> i guess maybe i'll present this maybe as a hope than an

analysis but a time we know nation states are target our providers, i hope the justice department will to continue to focus on make shurg our elections are free and fair and any foreign involvement is called out and i think the senate intelligence committee hearing yesterday was a model of a thoughtful hearing, talking about problems that are hard to solve. i know when we tackle child pornography on social media and then later terrorism and now nation states, it presents hard choices because on the one hand we need to stop crooks, spies and terrorists from taking advantage of this new technology and on the other hand, we need to do so while improving what we all hold dear as americans, our first amendment rights >> john, does that first amendment mean it's highly unlikely they'll be sweeping new laws from congress, forcing these platforms to alter the way they do business >> i think when it comes to new

laws or new regulations from congress, if there are any they're an the safest ground that clearly are illegal that under false pretenses are trying to influence our elections when you move from thereinto trying to have the government let alone the justice department regulate speech online when it comes to people's political views that's when you're getting to the core of what the first amendment is designed to protect. >> and i mean it's kind of a wonder they're trying to enlist attorneys general, if in fact this is about going to private companies and pretending there's some kind of a free speech obligation that they have. this is kind of a non sequitur when it comes to all that. what's the likely outcome, do you think? is it just going to be a matter of one other way to criticize these platforms, are these platforms trying to police

themselves >> i think it's the american public's opinion they're the ones who can move the needle what these companies are doing on their platform. if the result is calling for companies to be regulated or saying they are not in keeping with free speech online, that could have an impact how conservative users on these platforms think. but i don't see any regulation coming anytime soon. it's hard to imagine >> in terms of what you say public opinion might swing towards, is it close to getting to that point or are we still a long way off. >> i think we're a long way off. facebook having to ask every single user before they sold their data to anybody else would be a very difficult proposition to keep their profit margins or really their revenue streams >> john, are they hurting competition? and do they have too much say in what sort of news and content people get >> i'll say, look, if you were

to look at it from purely an anti-trust perspective -- and i'm not an anti-trust experts -- the one thing i can tell you as a former career prosecutor at the justice department it's not helpful if you're going to look at anti-trust, to have the executive, the commander in chief call out and criticize these companies from the point of view of one political party before you start an anti-trust investigation. and i think you saw that somewhat influence the way the at&t merger was reviewed traditionally or anti-trust reviews are based very much on the law and the facts and not the political views of one party or the other and it should stay that way. >> you don't see anti-trust on -- >> i don't see it coming, no i mean i guess the only way you would think about it is google has 90% share and surge, do they utilize that in a way to the source of their news --

>> and competition so that nobody else can -- >> it has been argued in europe that's what they're doing and europeans tend to be ahead of us we could see that in the u.s. but i don't think it's likely. still to come a group of hospitals are teaming up to manufacture their own generic drugs. coming up fast money traders will tell us whether that's a prescription for trouble for the pharmaceutical stocks. but first we'll speak to the co-ceo of footwear startup allbirds plus find out whether the company -- "the closing bell" back in two.

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another earnings alert now for josh lipton on palo alto networks josh, give us the details, please >> sara, palo alto networks, revenue also looks stronger than expected, 658 million and also looking for 633 million. and strong q4 billings, too, versus expectations that q1 guide also above their top and bottom that stock was already up 50% year to date, and you can still see it shooter higher hereafter hours. guys, back to you. >> josh, thank you very much for that >> all birds >> the online shoe brand gaining

momentum for making what it calls the world's most comfortable shoes has just opened up a flagship store >> allbirds plans to open eight more stores in the u.s. over the next year. so as retailers like sears and crew scales back on brick and mortar -- we really have seen this with casper and parker. they start online and go into brick and mortar where does the actual physical store fit? >> i think it's specific to every company and each market. we're a material science company, a material innovator. more than anything we happen to make shoes

but we do on wool, we've done stuff with fibers. and i think touching is feeling that is incredibly important >> does wilfred need sneakers made out of eucalyptus fiber or merino wool? >> i contend he's both i think he needs both. >> you talk about the neck naelg behind this. >> it's a greats question and we absolutely do. this is not just about shoes it just take as long time. we've been working on the sugar cane product for three years it's a labor of love, and getting this into a real category is real challenge so when it's right we're

absolutely going to do it. >> i'm kind of an old guy. you came here and asked if we have a pairof these. what fascinates me everything you're saying fits into this mode of younger people want to know the story of the product, what problem are you solving, as opposed to this being oh, this is fashionable shoe, like how it feels, i'm going to wear it. >> information is so efficient now that if you do something and it doesn't support the mission you're behind, people will find out and they will punish you for it so we absolutely stand up to the promise of making what we think are the most sustainable shoes in the world and we also try to do that as an important benefit. but it enables the most comfortable shoes in the world while it speaks to millennials it transcends age. we have people of all ages and

demos attracted to our shoe. we've got cool celebration after only 2 1/2 years we're attracting customers >> sara particularly likes to talk ability the power of celebrity influences leonardo dicaprio invested and tweeted about your business. did you see an immediate tick up in sales when that happened or is it more of the fact he's there for the long-term? >> he's there for the long-term. leonardo has been fantastic. that was an organic relationship where he loved the product and realized his whole advocacy was our company's mission. when he found that out it kind of came together and gelled. it was such a nice authentic side we expect to do a lot with leo in the future. >> it's interesting because i

wouldn't have thought that shoes would be so disruptive environmentally. >> they're moving in the right direction. adidas is using ocean plastics for instance >> thank you for joining us. did you hear that quote in the middle of the interview. mike santoli, i'm kind of an old guy? >> do you believe i shouldn't have qualified it that way, wilf >> you said it not me. >> i've heard of allbirds. i apologize for being detached from the culture >> how old >> huge spike in 45 to 65. >> i'm in there. >> we don't call that old, 65 plus >> thank you very much for joining us we will continue to follow the

rise of the company. let's take a look how we finished the day on wall street. swing on the day for the dow was plus 90, minus 90. nasdaq down 0.9% tech and energy the worst performing sectors time now for a cnbc news update with sue herrera. >> hello again, sara here's what's happening at this hour, everyone india's top court struck down a colonial era law that had made homosexual acts punishable opponents of that law celebrating outside the courthouse california's insurance commissioner says the victims of that state's two largest wildfires this year have filed more than 10,000 claims totaling more than $845 million the college of the ozarks in

missouri has dropped nike as its apparel sponsor following the company's decision to make colin kaepernick the spokesman for the 30th anniversary of its just do it campaign. the college said nike is promoting an attitude of division and disrespect towards america. and actor burt reynolds has died the cause was cardiac arrest he was best known for his roles in smoky and the bandit and deliverance, of which he said he was the most proud reynolds was the highest grossing actor from 1978 to 1982 he was 82 years old. you are up-to-date that's the news update, guys i will send it back downtown to you. up next hospitals are fighting back against high drug prices by banding together to make them on their own the fast money traders will tell

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mid-terms are going to be a catalyst i think once mid-terms are over you can start to see this space take off >> when i was in london, wilf, i spent time they would say to me, you know what, that's bulks and you know what that means, i'm going to tell you this whole

story, they stay bollucks. that's completely acceptable ever since president trump tweeted about the high stock price of drugs, probably the highest jump its had over a six week period over the last ten years. i think it's still a buy at these levels >> thank you very much for that and our apologies for viewers in britain for those expletives gents, thanks very much for that and on fast money, of course, later you don't want to miss it. scott wren from the wells fargo investment institute is one of the many excellent guests. mike, in terms of those drug

makers, what's the latest? >> it seems as if it always pays to buy these sort of headlines whether it's been about consortiums buying something, the jp morgan thing. but i do think longer term they seem to be going after the industries, the high volume generic. >> david mentioned the mid-termasesmid-ter mid-terms. >> the heats off the banks as well >> speaking of social media and that issue, breaking news on twitter. leslie picker with the detail. >> twitter is planning to permanently suspend alex jones' personal account at info wars. twitter making the announcement or planning to make the announcement on its own platform writing that they took this action based on reports of tweets and videos posted yesterday that violated their

abusive behavior policy, in addition to previous violations they saw on that account they went onto say they took this move to announce jones' suspension in an effort to be more transparent that historically they wouldn't make this announcement, they would just do it it's important to note he won't be re-create his presence after the actions on his account were taken. >> mike, i meantimi timing of this -- the timing is almost like going along with what the pressure should be as opposed to actually being transparent and sticking to your guns and sticking to your rules >> although you have to know what's going on in the last 24 hours on this account. and it seems as if -- it's interesting because dorsey gets criticized on one point saying they leave stuff up too long and

they're not taking objectionable material off there we have a process, we have a discipline and we have standards and when people cross it, we get them off and also it's interesting alex jones has become kind of the lightening rod on both sides of this i'm not sure that people who think that certain views aren't being aired want alex jones to be the representation of freedom of speech necessarily. >> especially after yesterday, the little scuffle with marco rubio. okay, are you ready for some football eric chemmy is in philadelphia, and he's ready a new challenge facing the nfl this year. eric, take it away >> that's right, sara. we're in philadelphia. the super bowl champion eagles kick off the nfl season tonight. gambling is now legal across the country thank tuesday the supreme court. we're going to talk about what that means for the league when "the closing bell" returns

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welcome back sara just had to run to capture a train or flight, not sure which, to boston for her exclusive interview tomorrow with mondelez ceo dirk van de put. we are hours away from the kickoff season where sports gambling has been legalized in several states we look at the challenges this poses for the nfl. eric >> that's right, wilf. it's american football, just to

be clear and sports gambling will be legalized and it's starting to get legalized across the country state by state and it's starting to look like the uk now new jersey is just a couple of miles away from philadelphia you can already bet online on your phone and the bet's on this game throughout the season $2 billion. that's the number to keep in mind that's the number nielsen said could be the incremental revenues to the nfl if sports betting becomes widespread state by state around the country and it poses many challenges for the league balancing integrity for the game and the upside engagement and opening up a new cat gore per sponsorship and getting higher tv ratings and he's the nfl most senior media executive and here's what he had to say >> i do think if it's rolled out in a responsible way i think fan engagement has the potential of increasing and that will lift our entire business, but i think some things have to get sorted out first before that happens.

>> so you might think it's going to change the media broadcasts right away, but those broadcast partners are more conservative right now. they're not willing to jump fully into sports gambling during the television shows and we talked to kurt warner, the nfl hall of fame quarterback who works for the nfl network. he thinks you will see the broadcast a little bit conservative, at least this season here's what he said. >> i think our approach is always, let's talk about the product on the field let's talk about the players let's hype the players and let's build our blame in the x and 0 part of it and the fantasy football part of it, that builds our game, as well, but it's not really our area of expertise >> so people will be rooting for the teams like the eagles tonight, but if they can't win on the field they're hoping to win extra money on the side. back to you, wilf. >> eric, thank you very much enjoy the evening. i'm sure it will be awesome. the nfl kicks off the huge season for betting and also

fancy sports for the first time will be able to see sports betting outside of las vegas let's discuss all of this in an exclusive interview for how his company is adapting in the changing marketplace max joins us >> thank you for having me >> follow beerec's hit there, it is interesting what kind of this can do to the image of the sports who is advertising it and going from fantasy sports to betting is quite a big step. do you think this is a risk that it can hurt average americans and it will be a negative for the sport? >> i don't think so. the risk is minimal that that will happen because at the end of the day, companies like ours is improving the fan experience and taking a sport everyone loves and making it better and we've been working closely with the leagues and with the teams as well as the regulators about the right way to do that as a company we have a history of being able to do that through

the company, and we feel like the risk is really minimal >> you have a great starting base with the user base for your fantasy sports you'vealready launched the sports betting app in states like new jersey which have legalized it how quick is the takeup been with people signing up with that sort of service. >> the sports betting app just launched today and so the -- its early results and the early feedk bah has been great we haven't been in a soft launch period for a couple of days and the reviews on the apps have been awesome the retail sports has been in july the consumer response has been amazing. we've seen an incredible amount of traffic and volume that's far exceeded our expectations and generally people having a great time we couldn't be happier with the earliy days of the new jersey experience >> you expect the activity to be dominated over time by quantitative betters and it's a data processing issue, isn't it?

and to what degree will that limit the appeal >> it's a great question and one we spend a lot of time on. our general view is we want a product that is appealed to the widest fan base possible and that's everything from the types of bets you offer, how you focus the user interface on making it easy for small sports or for more casual sports fans and how do you feel confident in the bet we're making them see the data >> we always talk about the ratings and not just the traditional sports, nfl. could it boost other international sports which, around the world, fans bet on heavily whether that's something obscure to americans like cricket or soccer. do you expect that >> we think it will increase fan engagement we think it will increase fan engagement in broadcast. we also think it will increase it online and you are absolutely right that it will make the long

tale of sports in terms of outside the majors much more relevant and interesting for people and that's the pattern you've seen globally. >> cricket is a good sport to have a small, healthy flutter on >> matt, thanks for joining us great to see you >> thank you >> matt king, fanduel ceo. comcast's brian roberts weighs in from the mad money set in philadelphia about the state of the media iusy.ndtr we'll be back in a couple of minutes.i'm ken own substantial. so i switched to the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy. and last year, i earned $36,000 in cash back. that's right, $36,000. which i used to offer health insurance to my employees. my unlimited 2% cash back is more than just a perk, it's our healthcare. can i say it? what's in your wallet? whenshe was pregnant,ter failed, in-laws were coming, a little bit of water, it really- it rocked our world.

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brian roberts speaking to jim cramer in philadelphia about the changing state of television. >> we are doing well and we are continuing and i think that's because we have connectivity and we pivoted the whole company and said okay, video is critical, but some video customers don't want the big package fine we are focusing our video on the full experience we call x1 it's been great, but over in broadband, we now are selling broadband untethered we are finding lots of customers really enjoying that product and then we move to business services with broadband and we've had a $7 billion business that didn't exist ten years ago. the company is more connectivity company than it's ever been and

we're having great success. >> you won't want to miss the rest of jim's interview on "mad money" at 6:00 p.m. eastern time and catch the football after at 8:20 p.m. eastern time that does it for "closing bell." today. thanks to mike sara missed the last ten minutes or so. "fast money" begins right now. "fast money" starts right now live from the nasdaq marketsite overlooking new york city's times square. i'm melissa lee. the traders are tim seymour, and tonight on fast, cover your eyes bitcoin is crashing and there could be no end in sight to the carnage. we will explain. plus the problems piling up for tesla's elon musk. andrew lest and musk won't stop talking. he's his own worst enemy the chip stocks taking down the nasdaq for the second day in a row. this after morgan stanle