>> and we'll watch the market's reaction >> so a big market day coming up >> thanks for watching >> closing bell starts right now. >> apple on watch has president trump calls on the company to move production to the u.s that could make your next iphone a lot more expensive i'll explain.

the closing bell begins right now. good afternoon a warm welcome to the closing bell >> thanks for having me here >> great to have you back with us we'll get to all of those stories in a moment. first a check on the markets >> it is up 123 points we are flat at the moment. >> it is a bit of a defensive

tone real estate has been leading the market let's begin with escalating trade warfares cnbc has the latest on how apple may be impacted. >> there's an iphone announcement it's worth asking how it might be effected. an overwhelming majority of profit it looks like it wouldn't be directly hit by tariffs. the trump administration said it wouldn't hit with tariffs. any of that could change the bigger dangercould be othe actions. four years ago government delayed the launch of the iphone 6 by about a month the reason, security technology concerns two years ago a chinese court ruled apple l phone devines copy add chinese phone. even though apple has the

resources to weather a trade storm there are lots of little things the u.s. and chinese governments might do or say that could rattle investors as we head into this. they are niche kuwait yatding regard buy backs >> they say money can't buy anything one of the things is time. it is possible for apple to move manufacturing to the u.s it would have to get trained workers in the u.s they are frankly about the size of cities as they exist in china right now. it would take time it would take workers. also, there's a supply chain right now the supplies, the

pieces, materials, components that it takes to build a phone, that entire supply chain could set up in china. finally, you need a different assembly process workers are a lot cheaper than even p minimum wage in theu.s. i guess whether it is a phone would face a similar issue of having to prove that protectidu here >> yeah, not all phones however. samsung does a lot of their assembly in korea. it could avoid some of this.

the market has shown that the customer is largely looking for an apple phone there are delays there are hiccups. red tape could be put on either side that could effect the initial launch numbers we have seen similar things in the past >> involvolvo is the latest caui the cross fire >> it appears they will have plans delayed for the time being. according to this report the parent company wishes a chinese auto maker has decided because of the uncertainties of the trade dispute going on between the united states and china and

also between the united states and europe, it's wise for now to hold off on taking volvo to become a publicly traded company. it was going to have shares listed in sweden right now all of the models sold here in the united states are imported, one from china, the rest are coming from europe. this year sales are doing fantastic. the plant that is down in the charleston area, that production is just beginning. we are not seeing any impact in terms of those rolling into showrooms for at least six to nine months at a minimum they will start truckickling in this is that geely has wanted for some time. volvo had record sales last year they will hold off on putting

that public because of what might happen with trade disputes >> so we have this latest news holding off on the ipo we had that last week about ford not importing cars made in china here to the u.s. have we heard any other sort of impact from automakers and what other company should we be keeping an eye on? >> the big concerns are europe as well as mexico and canada. we are just starting to see the tariff impacts

we get the bulk of the important vehicles >> okay. great stuff. thanks very much china making a last minute effort to maintain financial relations. the chinese government invited top to a meeting on september 16th president trump continues to impose tariffs to the u.s. time may hinder all of hthem they will be sending someone high up within their ranks the hope is chinese government can get some sort of dialogue going with top financial executive as a step in avoiding an allout trade war. there is a surplus when it comes to services. it is an area where potentially

china could retaliate. that being said it is a very small area of trade so far what we are talking about here is halting the progress that had been made because recently kline that -- china of 49% to the all important 51%. it still needs to be made. yes, these tariffs, these tactics worry people but they are not operating on an even playing field c it is an area that shows progress need to be made >> yes we have seen it play out in terms of ownership rates i feel like maybe there's a china trip in the works for you in the future soon >> very soon >> i think this area is clearly an area where they can retaliate. it is not really going to hit

these u.s.banks. let's get to the white house with highlights. >> that's right. coming out to the white house briefing on a lot of good economic news highlights things from small business optimism i had the opportunity to ask hassett about it earlier today he said the gdp rate at 4.2% is higher than the unemployment rate at 3.9% for the first time in over 100 years. given though that that's actually happened dozens of times i asked him if that tweet was true here is what he said

>> i can tell you what is true and the history -- no. let me say that the history of thought of how it happens is not just something that i can engage in like from the initial fact to what the president said that i don't know the whole chain of command, but what is true is that it's the highest in ten years. at some point somebody probably conveyed it to him >> a typo going from 10 years. sanders saying they hope to set up a second meeting between the united states and mr. women, the leader of north korea. it was aimed at denuclearization it didn't get there and now it

looks like there's a diplomatic effort to host a meeting between the two leaders. back over to you >> thank you taking a look at markets right now it's a bit of a mixed picture. s&p up 10 points nasdaq is up 30 points >> s and p down? >> it i don't flow. i need my reading glasses for that we have the dow right near the flat line after starting the day higher it is down near 2 points so largely flat. joining our closing bell exchange today we have hank smith and rick santelli. we obviously had that better than expected wage number on

friday >> at center stone we are value investors. we tend to not incorporate shorlt-term moves. we do but clearly it's a discounting mechanism that has felt some what vulnerable. we'll see if they will continue on the gradual approach. >> what's driving yields and the dollar today issues at home or issues abroad? >> i think it's a combination of both i think with central bank meetings coming up, the ecb two

weeks from tomorrow. it most likely results in a rate increase as we get close we always find the same dynamics. we see the short end of many of the markets moving higher in yield. we want to pay close attention to the dollar. whether may or august of this year the dollar index wasn't highly correlated with what the fed was doing. it is going to be interesting this time around what some of the global issues a little hotter than they were to watch in particular the pound, euro and the green back >> and sticking with currency

for a moment we have continue today see pain in terms of the immerging markets, india, russia, indonesia to name a few. are merging markets a buying opportunity or something to steer clear of as an investor? >> i think they are a buying opportunity if you're a long-term investor you want to buy things when they are down in terms of evaluation or merging markets are very attractive it doesn't mean we are out of the woods i think it is probably a fairly good entry point i think it is more isolated. the major economies are in decent shape, south korea,

china, india >> we use merging markets as an asset class and use it so we don't try pick the winners and losers we are just gaining exposure to the asset class. but of that asset class the three i mentioned make up about 50 pn 50% of the index and those economies are there good shape >> do you agree we don't put them all in one

market stocks are down. usually when we go overseas we kind of -- we might let go of some of the quality screens but we are getting higher quality businesses that i'm not having to overpay for or to pay for that growth. that's a change from the beginning of this year there are opportunities we have found. i'm not willing to say that. >> all right thanks for joining us today. coming up on the closing bell, a giant in the tv industry is out following new allegations of sexual misconduct against moonves. now cbs and moonves could face legal headaches. we'll dive into the fallout. that's straight ahead. a report says one crucial

demographic is starting to lose faith in the company we are back in a couple of minutes. i think that she's a very nice girl... ...you never got the brakes looked at? oh yeah. no. at cognizant, we're helping today's leading manufacturers make things that think and do automatically. imagine that, a world of new digital products and services all working together for you.

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welcome back here are the winners nike, home depot united health. cbs taking ahead it is following allegations of sexual misconduct. it is the course of action now cbs facing -- do they face further legal fallout? >> joining us is diane who litigates major cases. also with us corporate trial lawyer thank you for joining us you say this recorded deal is is unusual, why >> it is creative but quite unusual. at the root of all of these situations it is what is call add morals clause or ability to

terminate somebody for cause in most instances whatever dispute there is or investigation by the company it's resolved before there is a settlement there's an amount paid this is highly unusual because it's not over. what was creative is that the company was creating to a wave of criticism and able to announce it today actually and leave for future determination whether moonves getting 120 million dollars which will be an investigation and then the board will determine whether or not he has violated the morals clause and if so he has an ability to challenge that in arbitration. they have achieved the goal in the sense of announcing they are dealing withit

does the company face legal challenges from the women who have accused moonvesov of holdi up their careers for example >> yes what will happen is the internal investigation will be conducted. it may take weeks. it may take months then they will resol of the issue however it happens the dpaen remains liable for the actions of itsceo.

it could put the board members themselves at risk for failing to oversee, for failing to exercise their fiduciaryduties >> the company faces liability to the people who claim to be victims. the issue will be at any trial it is likely to go before a jury it is uncliekly a claim would be dismissed. there is potential for unhappy public events.

it is significant if a jury twor find he acted within the authority and the thing he was accused of is in the matter of his employment. >> i think what it reflects is that the world is changing it used to be that board members would say these are simply allegations. we need to see what the outcome is now with the reality of the public perception and also sort of the nature and volumehere

the arrangement that it will be resolved and the company will be resolved suggests he may be more likely to challenge by the board. it would not be so public but, again, it depends very much on what the internal investigation finds. i would think that the board would be very sensitive to the court of public opinion and also the consequences were there a raft of lawsuits that will be in the courts and not in an arbitration setting.

>> much appreciated. still to come, we'll speak with the ceo to be granted a full national charter. we'll ask how his company plans to take on the big brick and mortar banks across the country. we have details coming up right after the break. ♪ this is a story about mail and packages. and it's also a story about people. people who rely on us every day to deliver their dreams they're handing us more than mail they're handing us their business and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business the united states postal service. priority: you ♪

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welcome back it is to transition the role to the current ceo. it is down some 4% lotsof questions about why i don't know i figured you could have had a much bigger move it is sort of a topping out of

growth >> yeah. i think it's interesting because the succession plan has been in the work for a decade. so definitely an interesting move this is the one i'm watching upgraded to key bank it compared the gains for the day. the recent pull back is down along with improving merchandising it's creating a compelling buying opportunity. it jumped out at me. she talked about the fact that they do sell over a billion dollars online they just see online as yet another channel. another homeowner is slowly buying furniture they talked about not necessarily offering price incentives

>> yeah. >> i can see it. so we are up a quarter of 1% it is in far lot >> yeah. >> time for for a cnbc news update >> bolton saying it threatens the rights of americans. >> the united states will use any means necessary to protect citizens and allies from unjust prosecution for all intents and purposes it is already dead to us >> setting a goal of facing autoall fossil fuels under legislation signed today by governor jerry brown

it is merely a goal with no mandate or penalty for falling short. hurricane florence strengthened into a huge category 4 storm with 130 miles per hour winds and it's headed towards the u.s. east coast. forecasters say it is expected to be an extremely dangerous storm by the time it is expected to make land fall along the care li a li consid carolina coast that's the update. i'll send it back downtown to you. >> okay. thanks very much now, mobile banking only may be one step closer to becoming the new norm if approved it would become the first only in the nation to have a full bank charter. joining us is collin walsh

thanks for joining us. >> thank you for having me ton show >> so how will it allow you to differential yourself or to take on the big bricks and mortar banks? >> i would say it was founded with the idea that the world sort of needed better banks that were really going to help customers succeed financially. the charter is a big deal. i think there's really two things one is from a product perspective. right now we offer a mobile checking account, lending products after we open the bank we'll be able to offer home equity loans. we'll have a full breath of products we'll have a hard time competing with that product. in terms of how we'll compete with the banks and we'll be able to use our consumer deposits and really lower our costs even further that we can put into lower costs for customers. it really becomes a win-win all

around we'll have much more efficient models because there's no cash handling, no legacy technology >> you order up your savings accounts and it was 1.5% is clearly a lot higher than some of the traditional banks, lower than markets by goldman sachs. how successful have you been in attracted deposits and who are your clients i guess one of the debates of the last five years is do people want to put their hard earned savings with something they don't know yet >> i think the savings is certainly an important part of it but also the fee free banking is all mobile we are trying to design a product which customers love majority of customers is what we could call millennials we are finding there are a

number of them that are really engaging i think it's the combination of it's all mobile. you a full set of products on your smart phone it's free and you get automatic savings and high yield savings >> i'm a millennial. i do a lot of my banking online. there are still times whether it's applying for a mortgage where i like having a face to face interaction with somebody i like getting some of that hand holding. i believe it becomes more important when you don't have a brick and mortar location. >> and we offer it seven days a week we are quick to respond to customers who send us an e-mail or might want to get ahold of us through social media having that support is essential. >> thanks for joining us great to have you on >> thank you >> full approval still ahead, the closing bell

this week marks ten years since the collapse of knee m we have lessons learned and what dangers still lie ahead. company shares of sonos is up we'll find out if the momentum can continue more after the bl.el stick around we are right back after this break. if you're waiting patiently for a liver transplant, it could cost you your life. it's time to get out of line with upmc. at upmc, living-donor transplants put you first. so you don't die waiting. upmc does more living-donor liver transplants than any other center in the nation. find out more and get out of line today.

the dow is down. when we come back we'll talk to the former ceo and his trade tensions with china and what it could mean coming up next. chairman and ceo terry duff duff will yojo uins. that's coming up here on closing bell don't go any where hi, i'm joan lunden with a place for mom,

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foot locker raised to $58 a share from 50. heading for a conference discussing latinos on the u.s. economy. that is where we find paul jacobs great to see you take it away >> it is a pleasure to be back paul is sitting here with me former ceo and chairman. good to have you here. >> glad to be here >> it is beautiful why doesn't everybody live here? it is fantastic. we want to get to your new ventures in just a minute. first, it has been at the center of one of the most exfreud nar corporate events when they came out and basically labeled the company founded by

your father as a national champion and said that what did you think as all of that was happening? >> i definitely did not expect president trump to come out and basically say they couldn't take the company over i thought that the process was just going to delay until there was -- but really the big issue is are we protecting technology and mobile technology is a global marketplace the business model that we look at right now is how do you drive innovation forward and how can you invest that makes that innovation go. that's what drives the economic benefits >> the underlying premise of why it should not be taken over; they were concerned about chinese control. was it valid in your opinion were you supportive of the move the administration made? >> the chinese companies have

been working together for many years to drive new technologies. a lot of growth has come from working with chinese companies the business model is a technology transfer business anyway we license the technology. so that's part of it and so i think, you know, at the end of the day it will be a global eco system that drives new technologies forward >> the narrative is that the chinese are ripping off companies, their ip companies, are they >> qualcomm had discussions around the licenses business it was resolved and a large number of companies signed up. so what happened with qualcomm

and they have decided they want to push hard on 5g i think it would drive the whole wireless eco system forward as well >> but are they taking advantage of us? >> i think it was a partnership. >> so when you left the board in march it wasn't by your choice you made it clear that you thought qualcomm should be taken private. dare i ask, is your funding secured? >> i won't give you an update on that it has been an interesting journey so far we continue to look at the potential for this there is a lot of benefit for being private. so there's a lot of pressure not to be making the kinds of investments that are needed. we felt it had to happen we felt during the time when we

are now trying to decide we have already started in our new company to develop new technology, extensions of 5g and looking at 6g. >> i haven't even gotten to 5g yet. >> it will do a lot better >> why do we need it >> there are a lot of things we don't like about our phone the service isn't always reliable we were talking about making sure we have connectivity when we need it health care, you don't want your phone to drop when you're having a heart attack when the doctor needs to look at how to take care of you. there's a notion of this and some of this is being built in >> it is a way to say speed like how fast things move >> how quickly when i say

something does the other person get it a great example, if i have a bunch of self-driving cars one up front breaks i want the cars behind it to know because you move distances in short periods of time so it tells how many feet behind each car it can be the closer we can impact the cars the better aerodynamics there are all sorts of benefits. it is a very way that delay -- >> it could be very problematic. >> you don't want that to happen either >> thank you so much >> thank you guys, back to you. >> thank you very much we have 11 minutes left of trade before the close we are down slightly on the dow. we are a long way from the high. markets as a whole holding up all right.

s&p and nasdaq down about a third of a percent we'll be heading for a look at the biggest movements there. >> bridgewater associates will join and weigh in on what wall street has learned and much more that's tomorrow at 7:00 a.m. eastern. we'll be right back. do you wants and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online.

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>> welcome back. we are seeing a bit of a bounce in certain names. those are some of the names that are leading the nasdaq t tesla down over 12%. concerns about his behavior and comments helping to lift that stock. j.b. hunt up today truckers leading transports to a new high amgen, positive test results on a cancer drug. not with standing future terrors is apple's event on wednesday.

apple down for the fourth straight day today coming off of its all time high about a week ago. a number of folks, if you take a look there the stats show when apple has one of the iphone events usually a week later apple is higher but so is the nasdaq and so are chips. we are seeing a little bit of that bounce back today we have the chips sector up about 1% already today take a look at some of the leaders there. broadcom up about 2.7% one week later. we may see early buying there. back do you. >> thank you very much for that. up next we'll be back here on the stock exchange with the closing countdown. a senior executive is leaving the company. we'll discuss the challenges and shares down below $10 today.

if it's time to sell the stock that's coming up on the closing bell

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but hoeltding onto gains after quite a volatile week last week. the s&p was down 1% last week. the dow is down about 50 points. despite the dow being low utilities near the top and financials and health care down at the bottom but only down slightly just going to show the dollar. it can't really work out >> more importantly immerging

markets. >> that's the index overall today. >> right but against the immerging market countries. >> you mentioned this but we broke the down trend for the last six lower lows and lower highs, that's a problem. i considered today a victory the reason we have it, apple not having a good day. ciscoe at a multi-month low. when you get those names on the weak side it is very difficult on top of that you see some of the big rollovers. consistently moving. relative new low here then we had health care. we have citi group downgrade today.

so anthem, humana, cvs i wasn't delighted >> the dow is down a full 60 points we are holding onto gains. ringing the bell here. that does it for the first half of closing bell. over to you. welcome to the closing bell. let's get a look at how we finished the day on wall street. a mixed picture on the first day of the first full day of trading. earlier in the session the s&p

as and nasdaq snapping a four-day losing streak the nasdaq is up at 7924 there was a record today the dow ans sport logged another high in terps of what lead utilities, industrials, healthcare, financials and energy >> this week marks the ten year anniversary coming up. we'll have have his take of of what the financial industry has learned and what the risks are now. joining us on the panel today we have mike santoli. welcome to all of you. mike, i begin with you >> yes

it is jewish tone. >> yeah. i have a feeling it does it has been a pattern it has been verien -- very unusual. kind of keep grinding i head it really doesn't have a lot of energy behind it >> the sectors kind of justify bli given negative headlines on dmien. you esz enshlgly had an 8% run i

can't say it raises any alarms you do have a more mix in selective take when you had this rally. >> what are you watching right now? you have inflation data. we had the strong enough jobs report you have midterm elections coming up. what do you see as sort of the risks or maybe the next kind of big movers for the market? >>. >> it is very interesting the defensive stance. >> as much as morgan stanley or some of the others are down you can find one that's up

you can see it come out here and those that really want to get in they will get in and be in for the long term. >> there was negative headlines as it relates to china how do you do that do you think the market is successfully pricing in the trade risks at the moment? >> i don't think it is successfully pricing in trade risks. i think they believe klichina a the united states, yes, there is positive news out of europe. the potential for problems rela related to china still remain. with that being said i like the market believe it is going to be resolved there is too much at stake for both countries i think china doesn't want to be in a position anymore than it has been impacted. i think you'll see some sort of

resolution i don't think it is priced in quite yet. if it doesn't play out positively but i do think there will be a resolution >> let's move on and talk about the transports which climbed nearly 2%. can that rally continue? i'll come to you what's your view on the transports at the moment >> transports obviously are hitting highs here they are lagging tech but clearly transports are painting a positive sentiment for economic growth. again, back to what we were just talking about, transfers will be effected just like gdp growth will be effected for the time being the transport names are doing well it is understandable considering where gdp growth is and what the federal reserve has said they are not going to raise as fast as people feared.

>> mike, the transports? >> yeah. this is kind of gravitating towards anything that gives you a pure play on domestic strength that's where i see most of it. it is obviously trucking it's the air freight to a lesser degree that's not as much by china. i think it's an echo effect of that the rest of the market is pulled in different directions. to the extent you can get the consumer strong and u.s. business investment is strong and we are moving stuff around this that's what we are seeing in the transports. >> and i think it is presenting industrials which should be down given the trade issues with these tariffs. i think it is giving a little bit of lift to industrials right now. >> and it is opposed to the dow. >> absolutely. shares of tesla surging more than 8% today.

he wrote investors should ignore the drama and buy the stock as it will be competitive advantage for the company in the long term >> it was down from 375 to 260 or something like that in a very quick matter of weeks. i do think it's much more about

that than it is investors looking past the possibility that you have had at the company. the chal ledlenges, it is absoly revolutionary. when you have your head of accounting all of these senior roles exiting that tells you there is absolute lay challenge with the management of the company. you might miss a big run are you missing out on something that could be catastrophic

>>. >> your view on this bad note today. >> yeah. i think tesla is a stock that you can't buy it if you're buying the stock you're buying based on one thing. it is your optimism and he will be able to turn everything around and his ability to tweet the stock up. next year it is 3.7% today what's your take on this 4% declined? it's not that big. >> $15 billion for one man leaving in a year it's not too bad either

the stock itself has been caught up it hasn't been training on its own kind of management of operations at the moment i don't think the market knows how to view it fully it is sort of a -- seems a pretty well pretty well ork straited plan. >> even with a very well planned we get much more than 4% decline. >> absolutely. >> he is ceo today and it wasn't before today but yes, i do think that point stands that it is an insider, knows the bibiusiness taking over. i'm not surprised to see the stock down this much

i have been there. when you look and see what that company is doing the global map they have showing the reach they have around the world i think it is caught up in what's happening right now not only with chinese stocks i would not discount this stock. i think at this point it still is a growth name i think they have big names even if he is moving on >> what's your view on this as it relates to something we all know is crucial. keeping the relationships smooth with the government. will it beharder it is well telegraphed

it is the type you would like to see in every large company he would want to see that continue and be transformative in the world i personally think being down this much may be potentially another opportunity here >> okay. thank you very much for joining us thank you very much. now, cbs today out of the more chargesover sexual misconduct. we'll take a look at who could replace. >> we want to hear from you. you can reacouh t. the closing bell is back right after this break welcome to the xfinity store.

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emphasizes launch. >> i want to point out the nature of the stock. back to you. >> thanks very much. >> and remember not long ago one of the discussion points is this is not a new tech company. it has been around for 15 years or so. this third party device could become the hub for whatever you subscribed to. >> it is a growingarea

has enough been done to avoid another crisis like that i'm joined by chairman and ceo good afternoon to you. thanks for joining us. >> thank you appreciate it. >> take us back to that day, the day when lehman went under how bad did you fear it would

get? we lad the federal reserve to talk to our clients about what it meant i had tony blair there he went from talking politics to talking business it was quite afascinating day. >> i testified 10 to 15 times

about what the regulation should look like. it's amazing i said unfortunately if we didn't have new regulation we were heading for the stone age we had to have something unfortunately you're always going to take the needle and move it too far in one direction. i think that's what we did it doesn't make it right, wrong or indid i have rent. it has not done the regulation behind the u.s. market is one of the reasons we are seeing the u.s. grow. we had the rules of the road in place. if anything the rules should dealt back more towards the

center >> yeah. u.s. banks certainly stronger today. what did all of that regulation and the reaction mean for you? the amount of futures, what is the bot totom line >> i was looking at statistics just the other day if you look at it we roughly had 63 million contracts of positions open on our books. the value of that is about 10 trillion in 2008 today we have roughly 125 million contracts open with the value north of 21 trillion of value sitting on the books so what does it mean for us when you look at the growth of people needing to manage the risk to where we are at today?

you still need to manage and mitigate your risk >> that said if you look at the markets more broadly equities near record highs. >> i will look at some of the fundamental factors the housing debts are the biggest. the two i look at are credit card debt and student loan debt. 1.4 for credit card debt those are huge numbers of debt one is not forgiven under the bankruptcy law, as you know. the younger people coming in to buy homes, assume debt and

assume lieblt assume liabilities are a little more at risk if any economy is going to grow you have to introduce some risk. it doesn't work. i am a little concerned about those and i'm a little concerned about the spending power of the young people going forward for the next 10 to 20 years. >> i want to come back. what's your take on that if it went away do you think the truth would be a lot morre risk taking or a burden in cost >> i think it's -- yeah.

it's a great question. i think it's a combination of both there's no reason why they shouldn't as long as it is under a limit of some kind and not just reckless-type trading it allows trade on the cash side it is traded and they are not allowed to trade that market to me it needs to be looked at, revised in some way shape or

form >> thanks. clarm and ceo. >> now, coming up next, shares of snap tumbling after a 14 year announced he is leaving the social media company we'll discuss whether or not snap is a buy on this pull back today. >> chief executive of cbs after another round of sexual misconduct came to light should some ofhela a t bmelso lie with that board? we'll discuss that coming up

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back to you. >> it certainly does we have yet another computing contract as this contract which is kpped to be valued at as much as 10 million dlarsz it includes amazon and others to be competing >> when do we hear about that? >> the next couple of months potentially. that will probably be a long way to play out. snap taking a hit today down

more than 4% after a company said the chief strategy officer is leaving after almost four years on the job he will remain in his job before stepping down. a turn around in thestock. they have become a better probably more profitable company it is difficult to see what the catalysts are.

and so now you have a company who is not growing their users and they are losing talent i think it is up and they will not be able to replace one single person. do we get somebodygreat?

so it was a similar story. we'll have critical envie vonmental and social investing and how important it is. as always, it kicks off after closing bell the only major index was up 0.2%

let's get to some of our other stories. >> he is pushed out of the media giant amidmo more allegations. >> i think he will end up getting zip. >> i recommend you pick up the phone and buy today >> the company says the chief strategy officer is leaving after almost four years on the

job. >> trump has a suggestion for apple. he is calling on the tech company to make products in the jiets. >> quite a lot of negative headlines. >> yeah. i don't think there's much new about 2 trade story or the rest ofthem >> he has been in the game a while. >> it's time for sue >> here is what's happening at

this hour. a teen fatally shot in his own apartment holding a news conference he was charged with manslaughter his mother spoke about her son >> good morning everyone he was my middle child i stand in the middle to represent them the pope covered up a now disgraced american cardinal. new carolina panthers owner showing off his moves at his box at the bank of america stadium on sunday. his team won its opening regular

season game 16-8 over the dallas cowboys. congratulations to him he is one happy camper that's the news update i'll send it back down to you. >> i think it might have been on loop >> it could have been one continuous -- there you go it does look like it's looped a little bit >> i hope we see similar moves >> absolutely. i'm sure you will. >> he is a great guest see you tomorrow >> we will all be tuning in for that moonves, we'll look at what role the board played, a look at who could replace him as well. we are back there a done l of --

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reducing the stake in phillips 66. it is according to the latest

sec filing it shows it holds 22.18 million shares down just about 12.5 million shares from holdings reported as of june 30th back to you guys >> thank you moonves is stepping down it could leave some bofrd members on the ropes >> questions around what did the board know and who is to be held responsible? joining us is jeff thanks for joining us. lots of changes being madehere

they do have a reserve just in case i think they are right to change out this board particularly with the three you just mentioned >> it was such an open rumor by mid-july it was fact checking their story

people loyal to moonves. they had to have two and they haven't finished this investigation. this is not like robert mueller. it is about a week's worth of investigations they should have closed this a lot sooner it is terrible it dragged on this long. i'm very optimistic about the future >> does it not mean it has ban bit unfair that he has been pushed out before the final findings of the investigation have been madepublic >> it was abuse of power with

six employees as an executive maybe not as ceo but it violated 40 years worth of standards. this stuff is pretty growth. it is pretty crude it is not ambiguous. it was pretty bad stuff. it should have been punished a long time ago. it was definitely tainting to keep them on so long shame on the financial analyst you remember just about a week after all of this no analyst asked him anything about this on the earnings call. the stock took the biggest plunge they create a legend out of this guy for no reason. the truth is he was the show picker but he was supposed to be the ceo. he is not picking around every

tv show. he took a company of the exact same period of time. he increased the shareholder value. the market cap of disney is 260% beyond what it was when he came in what is it here? up around 50%. moonves was being paid twice as much it fell 6% here last year for moonves and we are paying him $70 million. he was making 36 when it went up 7%. >> we still have a lot of uncertainties around the board, around sort of the immediate future of the stock and potential liabilities but looking at longer term future, the succession plan you have joe who will be acting ceo do you expect him to more permanently take that position

>> he seems like a financial mind set he is not to take this visionary forward. peter was at fox for 20 years before the warner brothers show time he has done a fantastic job. he really built up the fox brand and is a good easy guy to work with as opposed to moonves it is a very inspired person it is another fabulous choice. she becomes available. she knows the media business as well as anyone that is in it full time. they know technology, probably the smartist person these days she is absolutely brilliant. you know, thinking of one of our old friends is jeff from cnn

it includes this network i think he did a fantastic job she an enormously talented guy he could steph in tomorrow they let it stretch on way too long >> jeff, some fascinating picks you have here for potential successes. it tends to be a great job it could have a big impact first, not even recent erratic behavior we have more coming up next. ♪

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>> came out and showed our clients taking more exposure to the market over the last since february what is really interesting to us is for the month our clients were net sellers our millennial clients, it was a the number one traded stock by them since the tweet you just mentioned and number two, the millennial clients turned to buyers about a week ago as the stocks started to get hit. so they still see the long-term buy in this stock compared to maybe some others who got nervous. even with the pot smoking incident it didn't slow them down from being net buyers from the stock. >> so if a lot of people, millennials were buying it after the august 7th tweet about going private with funding secured do you think it is sort of

misleading the tweet given millennials might not be experienced traders were drawn in by the fact that musk put this tweet out and it sort of shows lack of responsibility taken by him >>. >> so some people may have sort of gotten into that. it's not really up to me it will be more for the corporate governance to decide whether it was misleading or not. tts normally one of the top ten traded stocks. so many people have an interest in what went on with that tweet so it is a stock that appeals across all generations millennials and as i said, they

were the ones who kind of lead the buy back over the last few days it will be interesting to see where we go from here. that and the stock square were the only major differences in population and our overall population you know, as i said, this year we continue to see tesla being a primary focus of all investors back and forth >> j.j., you mentioned that overall clients are kind of rebuilding exposure to the market, but it was a pretty significant peek back late last year it came down hard with the correction, and you really haven't necessarily seen them fully reembrace the market yet, at least by the measure of this index. so i guess that could suggest that people are not kind of all in at the moment. >> i agree with you, michael so if you look at what happened last year, our clients increase their exposure every single month starting right at january, they decreased their exposure for five months in a row now starting to increase

exposure again i think one of the most interesting parts of the index this month is not only the stocks but they also bought fixed income and fixed income related stocks you know, like an at&t and a ford, 6% dividends not necessarily the most attractive stocks perhaps in the world at the moment but, again, they are looking for yield, which i think is quite a comment on sort of the faith of will we get to above a 3% yield on the ten year even though it seems we have an imminent rate hike coming so i thought that inside there was one of the most interesting things over all that we have seen and seen in a while, is our clients taking much more exposure to fixed income we'll have to see what happens there, too as you said, a very cautious and directed way of getting back in. >> yeah, certainly interesting thanks for those millennial insights j.j., chief market strategist at t.d. ameritrade. well, if you're in the

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this is ans appreciation so it would be like putting a tariff on stocks >> now sotheby's and christie's and asia week in new york recently sent a letter to the u.s. trade rep saying the vast majority of chinese artwork

imported into the u.s. comes from other countries and that putting tariffs on art from china, quote, would not result in increased demand for american made art the art sales in new york this week of china has been strong because people want to get in before the tariffs come into effect good this week, later on we'll see. >> robert, thank you very much see if that applies to broader gdp. coming up, jamie dimon reflects on the financial crisis after a short break. 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.

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this week marks the ten-year anniversary of the financial crisis on wednesday cnbc will air a new documentary produced by andrew ross sorkin. jpmorgan ceo jamie dimon discussed the outrage some americans felt towards the banking industry >> there are people who say that the country would have felt differently if certain bankers whose firm went under or was close to being rescued lost their jobs or i don't know if they went to jail. what do you think of that whole sort of sentiment? >> i had a it it when people repeat that over and over. if someone broke the law, they should go to jail.

there's a good chance people didn't break the law they went bankrupt they did something stupid. in america you don't put people into jail for that people did go to jail. people lost their money, they lost their reputation, they lost their pride, they lost their future opportunities it's not like they didn't suffer there was no old testament justice. maybe the punishment should have been higher in certain circumstances so i do understand it but i think you have to be careful saying that they should go to jail. >> "crisis on wall street the week that shook the world" airs this wednesday at 10:00 p.m. eastern. >> one not to miss thank you, morgan, very much for joining us "fast money" begins now. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square i'm melissa lee tonight on "fast" just say yes pot stocks ripping higher. the char