they don't know what the impact of these trade talks are going to be on what the tariffs are going to be, et cetera, as everybody tries to figure out where in the cycle we are. it's been great having you that does it for us here at carnegie mellon. "power lunch" starts now and tepper speaking with scott walker about the rally saying the stock market is in its late stages. so what do you do from here? >> a head of the fda sounding off on cnbc pointings finger at one manufacturer for fueling the teen vaping epidemic we'll tell you about the company. and downgraded but still deadly, hurricane florence begins to pound the care cares we're live with the very latest. you "power lunch" starts right now. i'm courtney reagan.

stocks posting nicely at this hour major averages were high earlier, but backed off after president trump said there is no pressure to make a trade deal with china boeing helping to fuel the dow apple jumping. and microsoft hitting new all-time highs goldman trying to hold its longest losing streak ever, snap shares hitting a new all-time low. but amd rallying the stock trading above $30 for the first time since 2006. up more than 200% this year. >> i'm bill griffith this morning's market is rally petered out for a time dow up about 130 points. bob pisani, a whip saw day >> yeah, turkey raising rates to 24%. that calmed some emerging market jitters, helped us in the pre-open we alsoed that t always had cpi a tad below

expect ta expectations president saying no pressure to make a deal on china may have brought us all to our highs. but we are still up you. take a look at the major sectors. and as happens often, they do better when you get better news on turkey, china internet a little bit better. semiconductors have bounced back after a terrible day yesterday unfortunately, lower rates hurting the banks. they have been doing really nothing for the last month you consumer staples, kroger down on a small miss on revenue. sun trust down today they are citing high valuation and it is true, sun trust is one of the very, very few winners, but most of the banks aren't doing much outperformance is not there. sun trust has had a great run, but most of the other on banks

all underperforming. and the big money center banks, they also have been notably underperforming in the overall markets. jpmorgan has come close, but s&p up close to 8% in 2018, but citigroup, morgan stanley, the big money center banks, big investment banks, goldman down 8, 9, 10 days in a row just recently so well off of our highs on the bank and still waiting for some move up in interest rates to move them along. back to you. david tepper speaking with scott walker earlier weighing in on a host of hot topics from the rally to trade wars. he admitted the stock market has been even bebetter than he thout >> if you ask me what inning we're in, i think it is a late inning game.

i can say it is the eighth inning, but sometimes it goes extra innings. >> tepper also weighed in on the trade war with china >> if with we do the tariffs on china, that will make it a little tough on the market here going forward. i don't know if that is an inning question or not but it does get to valuations and where we should be in we put on a lot of tariffs. not saying we should or shouldn't, but just that is the case so i don't know how that is in the market and the other thing if we don't have it, then we'll probably have the question is how fast will the economy go because china is stimulating and they are stimulating because they think the tariffs are coming so that might push us into higher interest rates. so a little tricky at this point in time. >> as for his own portfolio, tepper says he is 25% exposed to the s&p 500, says the market is fairly valued. so is tepper right or is there still more room to

run? lisa erickson and also ron santo as well. we have a very good economy, low unemployment and the latest earnings reports. so the latest season very solid. i would have to think this is as good as it gets right now, don't you? >> we are cautiously optimistic for many of the reasons that you cite and as we look at it, both on the top down basis, things look very good in fact our dashboard of indicators would show that two-thirds of both coincident and leading economic indicators are still in positive territory. and as you know, corporate earnings are very good so there is reason to be comfortable with the u.s. equity market we are monitoring though as you are reporting many issues to monitor, whether it is where the tariff and trade issues go, whether it is some of the

geopolitical risks ongoing so we believe that staying pat with where you are right now, but continuing to monitor and be cautious at some of those risks is a good place to be. >> and we had a contributor here yesterday making the indicate that maybe high debt levels in t frac industry could be a catalyst and there is the subprime auto loans. there is a whole litany of issues that could end this cycle. you need a catalyst of som what do you think it will be >> i think maybe the fed overshooting or the president overshooting on trade. if indeed as david tepper was saying, and far be it for me arguing with him, but that could be and i'm more than half way through woodward's book. and you see that he simply wants to do this

for some reason the numerical trade deficit is so fundamentally important for him, i think the tariffs are central to and kind of the punishment on trade, central to his philosophy about economics that he is getting from the likes of peter navarro and others i don't know how much interest he has in necessarily settling this without some form of punishment being extracted i think that is a risk >> so lisa, what do you do if you believe what ron believes that this is going to happen, more tariffs will be imposed, negotiations will not really bring anything different with china, how do you position your portfolio? >> we're taking a more wait and see attitude on the tariff issue. certainly it is a key risk to what may happen in the economy and markets going forward, but these things are very difficult to predict and ultimately really whether it becomes more posturing and 150ids are abideso negotiate their way to a conclusion or whether we have a couple more rounds of tariffs is

de so our advice again is not to react at this point, but again to stay positioned in your u.s. equity positions as it is and then continue to monitor that situation. >> and trade and the fed overshooting are really intertwined. we've been looking back. benbernanke's roll and the trade is a trade that we have not yet exited. we don't know how it will play out. >> and i think the fed can look at it as an inflationary pulse because prices go up when tariffs are imposed, or as a drag on growth with the rest of the world slowing down so hard to necessarily understand immediately how they will interpret it and how they will act will they pause or go faster so a double-edged sword there. and we're not fully out of ament request e, we're not fully out of the low interest rate spri

environment. i expect that it is a lower rate today that triggers a pull back in stock >> ron and lisa, thank you both for joining us appreciate it. in the bond market, 30 year bonds are up a fraction. rick santelli is tracking the action for us at the cme what is the tdemand like today? >> it wasn't so bad. ten year was the best of breed yesterday. today an above average auction it was 30 year ponds, we're adding to an already open issue. and the yield at the dutch auction 3.088. really smack dab in the middle of the one issue bid and offer spread 2.34 bid to cover. about 10 auction average

61.7 on indirect direct a bit above average dealers take a small number, 27%. so b-minus what it really means in a bigger picture is 72 billion out the door, interest rates normally they selloff a little bit after an auction, we'll have to wait and see. but most maturities right now are highly unchanged or down one basis point due to the weak inflation data this morning. back to you. >> thank you, rick turning to the latest on hurricane florence, now downgraded to a category 2, it could make landfall late tonight or early tomorrow morning with winds up to 110 miles per hour and effects will still be felt into next week contessa brewer is in north carolina >> reporter: yeah, we're facing down a major deadline here waiting for the impending arrival of a hurricane florence, things have started getting breezy we get little gusts of wind here and there.

and the other major deadline, the last remaining grocery store to be open is pup lyblix, it cl at 2:00. and a number have pledged to stay open until 2:00 the lines are unbelievable and this parking lot has seen a steady stream of business as people come in for ice and bottled water. inside there are bare shelves where the baked bread was and things like that and this is one of the only places that we have seen open for miles and miles. gas stations are closed. ace hardware, home depot's are closed there is no place fto go who -- for a hot meal local restaurants are shut down. and i went inside, saw these long lines of people with carts full of stuff. here is a guy who has put all of his eggs in one basket

no lie he is shopping for breakfast at the local hotel, the sheridan, and says that he is feeding hundreds of first responders how do you like them -- eggs >> nice. thank you, contessa. stay safe. coming up, so did apple wow you you with its new iphones or was it the apple watch that we were all enthralled with we'll tell you what wall street analysts thought about it and more on apple's rush into health care and jeff bezos is giving away some of his money a g mb cuc you how and how mh. binueroming up next.

so there you see the markets liking what they heard from apple yesterday. the stock up about 2.5% today, but not everyone in the analyst community was as impressed goldman sachs for example has now lowered its earnings estimate on apple because of expecting a lower average selling price for the iphone morgan stanley though is expecting a higher average selling price saying that buy the stock on any post event weakness piper jaffray saying we recommend owning apple for the super long cycle one of the products getting a lot of buzz voch the appinvol

watch that can monitor your heart. joining us is skip fleshman. great to have you with us. >> thank you >> it sounds like you are excited about the watch because of all the data that it could make available to biotech firms who want to do studies >> yeah, that is one of the interesting things about the watch and what apple has been doing over the last three, four years. the watch enables a collection of far more data than we have ever had and in combination, apple is using interesting things around collecting data from providers they have over 100 relationships with provider networks where people can download and manage their health data. >> and in terms of the data, we've just come out of a where a lot of people are focusing on privacy of your own data and when it comes to your health

data, i'm sure people will be very concerned, as well. so hoe robust will that data be when it comes to actually being able to use that day that that apple may have gotten from your wrist? >> a couple things to highlight 37 one, app apple is a very trusted brand. they control the data, both the data from the medical records and data being generated by the watch or other third parties and they have the ability to share the data with anybody they want so consents can be used for clinical trials that can span tens of thousands of people out in the real world. >> i get that and i understand why doctors would want this and why the patients want it why do you want it what data are you looking for? >> as a year, i think there are a lot of different things that can be highlighted and quite frankly, some of the sensors would be like heart rate

variability, v o2 max. as a person who uses it all the time, i used for exercise, but -- >> but as venture capitalist, what does the data do for you? >> it enables a whole new network of companies a slew of startup companies to be able to improve outcomes. or actually notify people when they have problems so we're seeing and i will sorts of companies developing digital therapeutics they can begin to actually intervene and help people manage their health on a day to day basis. tak it is a method change. >> and if this were easy, i imagine someone else would have done it by now yes, it got a lot of endorsements from the fda, american heart association, but what if the data isn't accurate and people are making health decision based on that what are the road blocks and things that we need to worry about using it to sfo such for y

you issues >> they are ahead of the game with a lot of the digital interventions. they are utilizing artificial intelligence but what apple has done, i think some of the things have been in-he yesmentin incremental for patients when they are falling and they have gotten fda clearance. >> and so it will do my heart rate and all that. >> you mean eventually >> yeah, what is next? what can this platform do -- >> insulin readings i would think would be a logical one >> yeah, continuous glucose monitoring is definitely the holy grail. i think another one would be a very valuable is measuring and probably more realistic is

hypertension or blood pressure a lot of people are supposed to be measuring their blood pressure more frequently hypertension is the silent killer band if y killer and if you could measure it with your watch, that would be very valuable >> skip, thanks so much. walmart paid more than $3 billion for jet.com and now it is giving the website a major makeover will the new site attraction younger shoppers we'll ask the company's president. and jeff bayeos has a plan to give away some of his money.

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jet.com is getting a makeover walmart owned jet is keeping its features where consumers have the option to lower cost by making choices like using debit cards or foregoing returns but the website wants to humanize e-commerce with more local choices, faster grocery delivery, new partnerships and more joining us now to discuss the relaunch is the jet.com president. simon, thanks so much for joining us this is a pretty big change. you started with jet earlier this year. very different from the messaging when jet first launched is this an admission that that is not urban millennial customers want >> i think what you are seeing today, it goes a big day for the business but effectively it is the culmination of a lot of work since we joined the walmart family we made a change to refocus the

business on city consumers and we see an opportunity to create something very different for customers in the city. this is really focused on a great experience and a differ enyaltsed experience if you are buying groceries, it is different than if you are buying home and fashion. and what we're launching is something that brings all that together in a different way. >> and you also get to use the power of walmart when it comes to scale to offer more competitive prices for something like grocery to snork citnew yo. is that part of the reason why you want online grocery to be a center of the new strategy >> it is great being part of the business we get the access to the scale of the walmart business. but what we're lunching tod inw end to he saephe said -- end see it is bringing all of it

together that makes jet i think very different than other things that people are doing in new york. >> so nike was sold on jet.com as a third party you are working now directly with nike. why is that important? >> what i like about nike, and similar to the partnership we apple, we have a shared view about what retailing is about and the future of retailing. for me retailing is about creating great experiences, creating inspiration and discovery for customers, not just transactions. nike shares that whether you want to use nike practices for basketball or fashion, you need a different experience and our site will reflect that experience we also believe that retail can take a different approach. it is not just about access to everything it is about providing customers choice and doing what retailers have traditionally done a really good job of, trusted service and together with those partnerships, that is what we bring together >> it almost sounds like you want jet.com to feel different

from the walmart.com experience. so i live in new york city, i've ordered on walmart.com grocery is not available in the city i can order groceries via jet, but not via wall marts isn't th -- walmart isn't that confusing to the consumer >> we have a very korm complementary offer. to give you an example, we have a delivery partnership so customers can order in three hour delivery shots. a and as we get into the holiday season, last minute essential gifts with same day dlifrt eliv. >> you really aren't going after the walmart customer, are you? you are going after a different consumer out there that that urban consumer, the new york consumer that wouldn't necessarily be shopping at walmart. >> i think this is a very complementary offer to walmart

when we were acquired, we refocused on to areas where walmart doesn't have strength. >> meaning you are not overlapping. >> absolutely. and this is the first foray of that and what you are seeing is just the start. we will learn lots over the next few months and we'll take it into other cities around north america. >> but you are data sharing presumably walmart gets the data from the new york city shoppers that jet.com has. >> i think the areas where we look to share, buying scale, sharing infrastructure i think that gives us an advantage that we can pass on to customers with great prices and access in a certain way. >> got it. thank you very much. appreciate you being here with us so the world's richest man jeff bezos 45s announchas annou charity and he kicked it off with a 2 bh$2 billion donation. robert frank is joining us what will he do with that money?

>> he announced that he and his wife are announcing a new fund called the day one fund. they have committed $2 billion to its launch and it will focus on two things. first will target the homeless problem by giving to existing groups bezos has had a lot of involvement in the seattle nonprofit mary's place that has the mantra no child sleeps outside. and the second thing is resch l preschools they will operate in underserved communities. and he said that he will use the same set of principles that have driven amazon. this follows criticism over his portion of the billions and pay for some amazon employees and of course the seattle homeless problem. this is also after increased attention on his philanthropy. until this announcement, he had given away less than one tenth of 1% of his information dhun.

-- information ghun. so this answers all the critics. he's saying now he will do it. >> why is now the right time >> are well, i think he announced over the dumber that he was soliciting ideas over twitter, he has processed those ideas. so this is sort of the end of that process that started june or july of last year actually. >> all right thank you. and you have a question for him, don't you >> yes, fair market territory about 20%, i imagine not a lot of billionaires in china are upset with the chinese government >> they are, but not the kind of government that can have a lot of $100 billion in losses for tmost rich people. and according to bloomberg, 56 billionaires have lost over $1 billion each topping the big

loser losers is jianlin down to a mere 19 and also pony ma lost 9. and jack ma over $5 billion. you would think that they would have most countries these rich and powerful would have influence over the government saying forget the tariffs, let's solve this, we're losing a lot of money but even before the tariffs, they were under a lot of pressure and they were taking away a lot of their wealth. >> smallest violin playing >> exactly >> no crocodile tears here they will still be fine. >> robert, thank you up next, if you have teenage kids, you probably notice jewuu. but looking back, what could cause the next cry

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this week marks the ten year anniversary of lee plhman broth collapse and as we reflect on that

anniversary, we could trigger the next big crisis. >> the owoone existential threat remains cybersecurity because all the capital and all the liquidity and all the resolution plans in the world do not work if the customers cannot access their money if the bank cannot access its systems >> and in fact his comments come on the heels of a new report out pointing to cybersecurity threats as one of the biggest risks to financial stability so how worried should we be about that michael farr and lynn saunders is joining us. good to see you both >> i mean, there are a number of bogeys out there 37 we've be we've been talking about the next catalyst for the next crisis but cybersecurity is concerning

because we've already had some companies that have been hacked at some point. how worried are you at schwab? >> i think we all need to be worried about it i can say at schwab we take this very seriously in terms of what we are doing inside our own organization and within our systems as i'm sure every other financial institution is but i think -- i have no greater than anybody else to speculate on if it happens and how big it is but i think there are a couple factors to consider. it does represent potentially something systemic that really kind of moves into the entire global fnkts system. but maybe just as important would be what it would do to see you coal g you -- psychology. if you think back to 2008, there were many reasons why the market went down as it did. but a lot of it was pure fear.

and that can feed on itself too. and versus something say like a natural disaster that isn't necessarily going to instill that pervasive fear, i think a cyberattack would. >> to some degree we all get lulled into a false sense of security baud you theecause youe plenty of security services out there that their mission is to prevent this from happening, but then it happens. so are we really that safe from that kind of an attack >> no, but we never really are and we haven't been for the past few years. when i think back to 2007, we were talking about subprime and we were saying that we understand how subprime could be a threat we didn't know that the banks were levered 40:1. most of us didn't know we didn't know that there was 3 billion dollars of off balance sheet sieves

i didn't know what is sieve was. so my point is i actually think that the earlier guest was a bit of an optimist by saying that this is the one remaining threat it is not the one. we have north korea, iran, a nuke that could go and cybersecurity is big but we have to i think look at the fundamentals underlying the economy and where we are and you know, it has been a long time since we had a recession something rather unexpected over the next few years will likely trigger another one. investors shouldn't be surprised, but we will be. >> but going back to the element of fear, when you think about a cyberattack on the financial systems, think about the jpmorgan note, the greatly liquidity crisis, highlighting that there are so many products/assets in passive vehicles and when volatility spikes, there could be an absencely liquidity. multiply that by impact of a

sish he attack cyberattack on a party and we could see a flash crash times ten. >> sure we could i think that there are differences in terms of the structure of the global financial system, the interconnected nature of it, the capital cushion that banks had, the leverage that global financial institutions had versus today that is not to dismiss and say nothing to see here if we had a cyberattack that was global in nature i still think it would be a serious issue, but there are some not just back stops in terms of market functionality, but a background environment around the global financial system that is different and arguably at least marginally healthier than what we had >> and all week we've been looking at lessons learned and i'm interested on your

viewpoint working at charles schwab and how the every day mom and pop investor has changed in the time since the financial crisis are portfolios krublgted constrn different ways, is the long bull market washing away the fears that we might have had in the years immediately out of the crisis >> that is a great question. and i would say one very important generalization that i would make is we look across what is obviously a very large swathe of individual investors many investors in particular those that did not take a disciplined approach to managing their money, they didn't have a plan, they sort of just winged it as opposed to having a strategy or long term allocation plan those follow bks who decided tha the structure they needed to have, they have come through this bull market with much more

sort of hope around what it means for their future financial success particularly if they follow the discipline of rebalancing. those investors that for whatever reason still are not under some sort of plan and advice structure and asset aloe case structure are the ones still much more fearful that they are not going to meet their investing goals. so i think that is the key takeaway >> and i know you have to go so we'll thank for you joining us and we'll release you. michael, before you go, we had people talking about how it is probably prudent to be more defensive with your investments right now if we are in the ralae innings of this bull market. do you do it now not knowing exactly how long it will last knowing that you could miss out on some more gains or is it prudent to be more defensive >> i think if you have a

discipline, that is what will protect you over time. so if your discipline says that you should be 60% in stocks and 40% in bonds, markets have run up, make sure that you are rebalanced, make sure that you have your near term cash available. i'm always worried i even worry about worry fatigue itself you know, i've been hearing we're in the 7th inning. people will get tired of hearing that and they will start to discount it. so you always have to be ready for that reckoning hour. the toughest part in 2008 for me as a money manager was when we faced a aboutbarrage of news an got scared should i tell them to stick with this, is there some point where i should say no, you have to head for the hills it is the tough emotional part

of in-vising a -- investing. and you have to have that to get through and i think client are much better off. >> all right michael, thank you and if you missed our on cnbc special last night, what were you doing? don't worry, you get another chance andrew ross sorkin's documentary called crisis on wall street reayers monday at 7:00 do not miss it now to our headline. >> thanks so much. here is what is happening. house speaker paul ryan weighing in on the number of people who died in puerto rico following last year's hurricanes it follows president trump who trooeted in-being tweeted in-realaccurately that count of 3,000 was wrong >> i have no reason to dispute the numbers. this was a horrible storm. i toured the entire island and it is an isolated island

that lost its infrastructure and power for a longtime >> researchers at columbia analyzing data from 14 240urks college freshmen reporting one in three reporting some kind of a mental health disorder depression and anxiety were the most common as well as panic issues and starbucks announcing that it will design, build and operate 10,000 xwreern storgrees the stores will focus on energy distinguish city, reyou newable energy, water savings and waste diversion. that is the news update this hour back to you. coming up, a closer look at juul, the company dominates the ecigarette market, but some being a could you see accuse it.

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this is a juul i'm told. i won't tell you yu u you who is to but the fda is considering banning them saying that they lure teens the fda commissioner is taking direct aim at juul the company aditi roy is joining us from san francisco with more on this story. >> i have one too, bill. they are very popular. fda commissioner says ecigarettes are a teenage epidemic around the world. he blames juul take a listen to what he said this morning >> there are probably steps they could do to perhaps shut down their online sigtes. and we are willing to step in. we think that they are one element of what it making the products appealing to you. >> and he says he believes many 18-year-olds are buying products online and reselling them

16-year-olds juul is intended for current adult smokers. no minor should ever try juul. our packaging includes a label that clearly states for adult smokers. juul's popularity has skyrocketed. the company is now you valued at $15 billion since being spun off just more than a year ago. their investors include if i delg i fideli fidelity and shares are growing they have 72% of the market. product has become so popular among high schoolers that juuling has become a verb. and the fda is also investigating whether the company intentionally marketed toward youth back to you.

>> forgive me, i don't know a lot about this industry. there is nicotine in a juul product. but not tobacco. >> yes, basically what it does purportedly it gives you the nicotine and it is meant for again people who smoke cigarettes to transition them off of cigarettes. and so it delivers nicotine without some of the other toxins like tar that is in a cigarette. >> but nicotine is addictive so that is a concern with teens. >> and we have seen this plaintiff in the liquor industry with some of those wine spritzers from many years ago and other fruity drinks. that are made for adults, but because they are fruity, they ared are attracted to the younger crowd. >> and fda considering banning the products >> i think that is a bargaining chip >> and it is the flavors that really appeals to youth. they have flavors like mango

and cream is the one i'm holding right now. and the colors, the pods come in dli different colors i know one person in our newsroom was talking about the fact his middle school child says that everyone in his middle school is doing it so it is even younger than high school >> that is what i've heard, yes. >> all right thank you. coming up, a company working on a cure for aging. you won't want to miss that story. what's inside? a moment of joy. a source of inspiration. an act of kindness. what will it bring?

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american age demographics are shifting older people will outnumber people under 18 for the first time in the country's history. in the interim, working towards curing the effects of aging and like -- >> thank you very much thanks for having us >> most people when they think about aging, they think about creams and things like that to make you look younger. but you're actually talking about targeting what causes cells to age, basically. die.

>> we're focused on, our mission is to create medicines that lengthen the period of time that we call health span by creating drugs that will either slow, halt or, in some cases reverse specific diseases of aging we're doing that targeting a particular powerful biology that has been emerging over the last ten years, which is essentially aging of an individual cell and then how it affects or drives disease. we think it affects diseases from something as concrete and specific as arthritis which is the primary reason it hurts to be old to loss of cardiac or pulmonary or vision as you age things that we have come to accept as part of the normal course of aging, that's what we're challenging is what we have come to accept. >> walk us through a specific example, if you can. just so we can understand how this works if we're targeting cells and

we're trying to get them to either go away or be eliminated for a particular disease, your pick, how does that actually work and how does that make the quality of your life better? >> first off, cellular , if a cell doesn't die it stops cell division and goes into park and over time it persists and it starts excreting a number of harmful factors and proteins and these harmful factors and proteins have been known for some time to drive disease so, the big insight is in the last ten years is that the cells are actually like little disease factories driving specific diseases and that the elimination of these cells so in the case of arthio arthritis both in the lining and in the cartilage and we will administer a drug, we're doing this now in the clinic, directly

into the knee and we want to eliminate those cells. specifically those cell s leave healthy ones in tact and remove the root cause of the disease. >> i know we live in a gee whiz world and we are doing things with communication and everything we couldn't imagine 10, 20 years ago this one sounds a little bit too much out there to some degree. theoretically this all sounds viable, but, realistically, realistically, are you going to be able to do this >> absolutely. we're building on probably 30 years of very rigorous aging biology. work done by many centers principally academic centers aging used to be thought of as one thing that nobody could figure out how to untangle what happened in the last 30 years component parts and drivers of aging have emerged and ones that are amenable to treatment and it is one of those. and the evidence is mounting

both in our company and outside that you can intervene and you can change the course of these specific diseases. >> i'm getting ahead of myself and sound like a real amateur in all of this, which i am, but at what point do we stop aging then in other words, okay, i'm 62 years old, is this the age i stop aging i'll be 62 for whatever amount of time or start at 35 or whatever >> it's interesting and the way we are looking at it i would have to answer you disease by disease. certain diseases start onset at certain times. in the near future we would like to treat the diseases as they emerge 30es, 40s, 50s. you could go into the clinic once or twice a year and have your senescent cells removed and maintained in a more vigorous state. >> before we get to that stage, though, what is the farthest phase along within clinical

trials that you've gotten for any disease? >> we're in phase one in ost osteoarthritis and it's the furtherest along we hope to see results from that in the first quarter of next year and those results should tell us if we're engaging the target and doing what we think and that should lay the pathway for further clinical development. >> by the way, the stock which is up 18% has halted right now for volatility, we hope you come back once you get the results from phase one keith, thank you very much coming up, more from outspoken billionaire david tepper you heard his market take, hear what the new nfl oer hwnad to say about the national anthem controversy. second hour starts after this' ts ts last longer than any broadway run.

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every step of the way. you may need more physical therapy. ugh...am i covered for that? yep. look. grandpa catch! grandpa duck! woah! ha! there you go grandpa. keep doing that. get ready, because we're helping leading companies lead with digital. i'm courtney reagan here is what is on the menu for "power lunch" where the wealthy are investing right now. why they're getting a little more bearish hurricane florence zeroing in on the carolina coast with catastrophic flash flooding, high winds and massive storm surges we are on the scene with the latest plus, we fed an island

chef jose andreas packed up, boarded a plane and headed to puerto rico to help with the food shortage after that hurricane. he joins us to tell his story. "power lunch" starts right now welcome to "power lunch" tech and energy shares rally the dow is up for a third straight day and s&p 500 up for a fourth straight day right now up by 13.5 points. tech and real estate the leading and consumer sales are lagging micron and remains very bullish on the name. that stock is up by 5% apple is also higher on its product, that's up by $5.60. kroger sinking in same-store sales and 10% decline that we're seeing a little bit later on a sharp reversal midday after being up more than 2% after

hitting a 52-week high in the session and now down by 3% and here's another one to watch. we just spoke with the ceo of unity biotech which is working on curing the effects of aging the stock soaring 17%. it is still halted on a volatility halt, bill. >> thank you, melissa. we begin with the president calling jamie diamine and 3 sthoun people died from hurricane maria in puerto rico last year. an active day on twitter so far. let's get to all of that with ahman jabbers joining us from the white house. >> one of the nation's biggest bankers what the president tweeted earlier and the president saying the problem with banker jamie dimon running for president is that he doesn't have the aptitude or smarts and nervous mess otherwise he's

wonderful. i've made a lot of bankers and others look much smarter than they are with my economic policy what is he reacting to as they were carried by abc news >> i said it before trump was elected. get a wealthy new yorker elected president, i was dead wrong. by the way, this welty new yorker actually earned his money. it wasn't, it wasn't a gift and i grew up in a poorer part of queens than he did, but i am a banker i am part of the elite i don't think the american public look at trump as part of the elite. i'm as tough as he is, i will be fine i would fight right back >> so, those comments seemed extremely confident. nonetheless jamie dimon walked them back within an hour's time. walking back the comments that you just saw, dimon saying, i

should not have said it. i'm not running for the president and moves i am not a good politician. i want all sides to come together to help solve big problems we'll see if that war of words continues on through the afternoon. the other tweet that we saw from the president, bill, his tweet about puerto rico. he's calling into question recent estimates that nearly 3,000 people were killed as a result of the hurricanes in puerto rico last year. the president saying that that never happened and blaming democrats for coming up with those estimates in order to make him look bad that's a comment that has not been well received around official you saw the speaker of the house come out and say there is no reason to doubt those estimates of the number of people killed in the hurricanes in puerto rico just as another hurricane bearing down on the united states the president disputing some of the casualty figures from a previous hurricane, bill >> thanks. >> you bet well, president trump also

tweeting, we are completely ready for hurricane florence this as the hurricane is moving closer to the carolina coast let's get the latest from kaitlyn mcgrath. >> no longer about the category with florence but the size of the storm. florence has reenergized and now impact a larger area to a greater extent than what was forecasted those strong outer convective bands moving onshore and the hurricane force winds about to pick up and portions of the coast have already seen flooding as the atlantic moves over sand dunes through portions of the carolina a live look outside from north carolina this camera sitting off the coast about 25 miles to the south and east of carolina beach. you can see the wind whipping, camera shaking and the surf continuing to pick up. that hurricane warning in effect for the coast of north carolina, down through portions of south carolina, as well. let's break down the timing and what we can expect as we head through the next 24 to 4 hours

we're already seeing that rain and wind pick up later tonight, those hurricane force winds will arrive. florence expected to make landfall overnight and early on friday morning and that is when we are going to shift our folks to the high tide, plus the storm surge tide coming in a little after 11:00 for most of the north carolina coast you add in the storm surge and the storm tide and we could see multiple cycles of that. at the peak 9 to 13 feet above high tide. we are talking about a really catastrophic flooding situation starting tonight and lasting really through the weekend much more on hurricane florence coming up at 3:00. for now, back to you >> kaitlyn, thank you. not as much of a wind event as a water event. a photo to show you taken by the space station. the massive size of this storm that kaitlyn was talking about let's check in with people in places in its path

jackie, what's going on? >> good afternoon to you, bill as you can see, the wind is picking up here as the storm is about 100 miles away from wilmington we are getting the first of the outer bands. the rain hasn't started yet but what is remarkable to watch is the ocean behind me. the waves have been breaking and the water has slowly made its way all the way up to the dunes and all the way up to the wooden boardwalk, as well this has been downgraded to a category 2 but make no mistake those winds are still going to be more than 100 miles per hour and the concern is the storm surge, the flooding, the rain accumulation. that triple threat can be very dangerous even potentially life threatening. now, the president has put emergency personnel in place more than 4,000 federal employees. the coast guard, army corps, health and human services and also more than 1,000 fema personnel ready to respond and help, as well. people are certainly going to need it. power is going to be a severe issue in this storm.

duke energy saying that one of the power plants in the path of the storm, the brunswick facility is going to be shut down nuclear energy is usually used as a back-up source of power that's something to worry about. also saying that more than 4,000 of their customers in north carolina are without power at the moment and 1 million to 3 million can lose power, as well. that's pretty severe when you put it in context of what is going on down here only 20,000 personnel available to help at this time, guys we're going to monitor this. still waiting for the rainfall to start here, but definitely picking up probably within the next hour or so. >> thanks for the update back to the markets now. stocks well higher but well off earlier highs. mike joins us here at headquarters for a change and you know what is interesting, mike, some of the sharpest news we're seeing up a percent. seems like almost a bounce off of being sold off. >> exactly the stuff beaten down the most and oversold the most, exactly

what we're seeing. i do think a few pressure points on the market that got some relief emerging markets are bouncing back, as well. the dollar is down and that measure by turkey to try to stabilize things over and chinese stocks are up, too but it still jumps out at me that through almost two weeks of september, the market has been relatively stable. it slowed down, it stalled out at these levels but not really pulled back beyond the old january's highs. >> this market's version of a correction >> you wonder if that's what it is the defensive sectors are holding things together and the volatility index has ebbed a bit, too shows you a not a lot of built-up anxiety i think the dollar down is being the key today. >> you put out a note earlier hired prom plenty of people defensive in this market defensive issues have lately been outperforming the stocks, right? >> the last three months since mid-june the low

volatility segment of and etf for this, of course, has outperformed the high beta or high-volatility stocks by 8 percentage points. that's partly because treasury yields well behaved. but also just that sense that some cyclical sectors are kind of in this mode of wondering if we've seen the peak. >> stocks meaning like consumer staples. >> utility some big tech is in there, too and some financials, as well, even though financials have not really helped out this market at all. >> thank you very much >> thank you >> appreciate it. the s&p now on track for its biggest quarterly gain since the fourth quarter of 2013, some of the nation's richest people are turning more bearish michael is the founder and chairman of tiger 21 an investment club for the ultrawealthy and $365 billion in assets so, what exactly are they worried about? this scares me a little.

we always want to follow the smart money. what is the concern in the markets for the ultrawealthy >> i think our members get together every month in meetings and talk about issues and opportunities. yesterday i was in a meeting and they were balancing out the positives of this economy on the one hand low employment, high growth with the negatives. where are we going on tariffs, what is happening with interest rates and what's going to be going on with the deficit. when you balance it out, they think that it's kind of choppy waters, getting choppier, but our members are confident they'll power through it i wouldn't say it's only half bearish, it's pretty mixed but things are changing. with interest rates rising, exposure to real estate is coming down a little markets are a little frothy there and investors taking buildings off the table and hedge fund slightly up that's an indicator of rising interest rates hedge funds do better and lower fixed income, again, because of higher interest rates. >> i saw the break down of your club's holdings. you don't own any commodity right now? >> almost none

>> why aren't we in an inflationary cycle right now? the beginning of one >> it may pick up, even at its peak we are talking about individual investor so commodity expertise is limited and also getting it through the stocks that have commodity exposure they can get it in lots of different ways so, actually, owning commodities has never been a high point for entrepreneurs or learning how to have a balanced portfolio. >> this is not a reflection of where you think that market is going. you just generally don't own commodities. >> i don't think the commodities -- >> too volatile for your type of club. >> a much better reflection would be interest rates, public stocks, private equity those are the things that our members are much more competent in because they built great businesses >> is the cash allocation of 10% normal or is that high >> actually, it's slightly low over the last decade it would have been closer to 12%. so, nobody is panicking even though people are starting to get concerned. they're not heading for the

hills. they're actually picking investments. when our members get together, we have 50 groups across the globe meeting every month. when they talk about investments they're really looking for where can they have an all-weather portfolio. that's the magic particularly for entrepreneurs having a balanced portfolio is really tough because entrepreneurs focus on one thing during their career and learning how to diversify is the process that we drive through our meetings >> we talked broadly about sectors. let's talk about individual stocks and some of the names you own. some big ones that stick out to me here. tesla and apple. a lot of volatility on that tesla stock. >> let's distinguish between the two. apple has been our number one holding. when berkshire piled in, apple is part of all of the fangs. tesla is not a top holding but talked about a lot last year i was in a meeting when one top manager gave his thesis it was on tesla, i shorted tesla

but i drove here today in a tesla that i bought from the profits with the short >> entrepreneurs in your meeting, they are entrepreneurs who made their own fortune do they feel for elon musk >> totally the struggle for an entrepreneur elon musk is having some problems today, but he's revolutionized space and automobiles soon to be trucks and the problem with tesla is not the car, it's amazing. the stock may be overpriced given the competition that's coming down the pike from mercedes and other car manufacturers. so, you have this difference amazing car, maybe the stock is a little overpriced. >> this is the dilemma almost from day one and are you betting on the jockey or on the company itself >> totally >> you may like the car but is elon musk the guy to take it to the future >> compare it to bezos and amazon jobs. >> comparing to anybody. but elon musk is a unique

individual but is he the kind of guy, is he the adult that can take it forward or does he need an eric schmidt like they brought in at global >> i would argue the issue is not his entrepreneurial but whether he can build achievements and when you have mercedes and bmw and other global car brands out there. no matter how innovative you are, hard to have. >> michael, always instructor when you stop by to tell us what the ultrarich are investing in right now. new developments on preventing a government shutdown and on the new tax bill. live on capitol hill for us with more on that story ylan >> lawmakers from both the house and the senate have now reached a compromise that would keep the lights on across the government through december 7th that would efebtifectively delan

fight over a border wall until after the november mid-term elections. most of the government funded for the entire fiscal year and hold off to any changes and most controversial spending package and that is for the department of homeland security until at least december separately today the ways and means committee was considering tax 2.0. that would make the individual tax cuts permanent and also extend the limits on state and local income tax deductions. kevin brady who defended that decision despite objections from his colleagues in new york and new jersey >> the other day, if we unlock the cap on salt, half of that goes to households of a million dollars or more. most of it to the top 1% we think tax relief ought to occur in the middle class. >> the ways and means committee is expected to vote on that package of bills this afternoon.

it's expected to pass and then head to the house floor by the end of the month guys, back to you. >> ylan, thank you coming up, david tepper says the president's take on -- he sat down with scott and he'll join us next with more. plus, no man is an island but chef jose fed an island. his days and weeks and months in puerto rico while he was cooking for victims of hurricane maria he'll join us live, ahead. the leaked google video that is helping conservatives make their case a liberal bias what was said in the video and much more on the floalut coming up "power lunch" is back in two

welcome back to "power lunch" hedge fund david tepper sat down a short while ago here on cnbc. a lot of market headlines from that interview, but some of them were colorful comments were made on the president and his stand on the national anthem controversy. scott wapner joins us with more.

>> i was proud of myself because david tepper put me on the spot on live television he cares deeply about this anthem issue one of the first moves he made when he was approved to buy the carolina panthers sit down with team leaders of the panthers and discuss this very issue. i asked him to, once again, weigh in on it today in light that it is still a very big part of the nfl conversation and he shot back and shot back strongly against the notion that players are not patriotic as the president has put forth. let's listen >> the biggest power ever. these are some of the most patriotic people and best people these are great young men. so to say that makes me so angry. it's just wrong. it's just dead wrong now, listen, everybody is standing this season because i think people understand it's what you do in the community and what you do out there.

we have a lot of good guys and the players good guys and doing a lot of things out there. i think if i was going to -- i'm not criticizing anybody, but if we can do a better message saying how much people do better in a community is what i would want to see happen >> interesting comments certainly from david tepper that will resonate around the league in the days to come. we, obviously, also talked to him about the state of the markets. he made a very famous call back in february of 2010. what we now coin the tepper rally. stocks rallied hard off of that day sitting near record highs. so, what does he think now he's a little bit concerned about what is going on with the trade talks and tariffs and admits that he has taken his position and stocks down just a touch and then we got him to weigh in on one of the big battleground stocks. it has been hammered lately as most of you know the question is it hammered unfairly and here's what he said to that question >> we, obviously, think so

it is one of the stocks we haven't reduced as much. if they come, even though we start portfolio bigger than it was before we did reduce it somewhat, but less bigger part of our portfolio yeah, i think people aren't taking into account a market that it wasn't before, three layers when you see things and signs like those street players acting rationally which happens a heck of a lot more than anything else >> and if you put up a chart of micron you're going to see the reaction in the stock when tepper, for the most part, defended the move that he has maintained stocks pretty much highs of the day and maybe a touch off of that we also asked him about another big position of facebook which he has reduced his overall market exposure. when it comes to the markets, i

think he got a clear view from t tepper that the number one issue the trade talks with china and whether the tariffs will be put in place and whether they'll stay and what the ultimate impact will be he characterized his view on where he thinks about where we are in light of other comments of the innings that we might be in or the inning saying we're in the late innings but who knows how long it could last the game could go into extras as we've seen sometimes in baseball but, guys, the nfl comments that i think you're going to see played around for a while. tepper was willing to wade into that debate quite forcefully >> when you get interview subjects who tell us what they think especially with someone as influential a voice as mr. tepper thanks. cleanup in aisle six disappointing same-store sales

adg ti itrinnaons going to sort it out that's next.

welcome back to "power

lunch. this is trading nation today we're looking at kroger getting crushed. shares of the supermarket chain plunging 10% after reporting earnings this morning, the stock now tracking for its worse day since back in march. mark and matt. how much technical damage is being done >> a certain amount but the stock is at a key technical juncture the one thing, this stock sees gap moves in both directions i'm not as worried about it as i would normally be. to talk about why i say it's at a critical juncture here the stock earlier in the year in the spring it made a higher low and then in the summer a very nice higher high. when it made that high, it broke above the trend line going back to the 2016 highs. now this decline especially with today's move has taken it back to that line breaks below that line any significant manner it will be negative for the stock hold the line thus giving us another higher low, it will be

quite positive quite a coin flip right now but i don't have a strong stance on it but whatever way it moves after today, a lot of gaps what happens after the gaps is the most important >> what comes next will be your tell way to take a position mark, i talked to the company management this morning. we kept our annual guidance and we expected sales to slow this quarter and we're on track to hit our targets, but it is a competitive space and a really volatile stock, especially since amazon got in with whole foods are you a buyer? >> i don't hate it, but we would not be a buyer this is definitely one of the most dominant players within the grocery space, but there's way too much competition you know, they're not only battling the mom and pop stores any more, but now battle amazon, walmart, target and those companies are absolutely killing them same-store sales came in below estimates where all the other guys had great quarters.

so, all this extra competition is going to really dent sales and margins. this industry is just undergoing a fundamental change with technology playing a bigger and bigger role as more and more consumers shift towards more online shopping. the good thing is online sales rose more than 50% the bad thing is they're decelerating last quarter up 66% the quarter before that, they were up 90%. they're making lots of smart acquisitions to resolve but avo their debt load is way too high. this is the rally and you should avoid companies with high levels >> thanks for your take. for more trading nation, head to our website or follow us on twitter @tradingnation now, let's get to sue herera >> here's what's happening at this hour, everyone. the senate judiciary committee voting along party lines to hold a final vote on september 20th

to send a nomination of supreme court nominee brett kavanaugh to the full senate. the democrats immediately objected saying the confirmation process has been rushed. russian president putin attending the large-scale military exercises in that country's far east the maneuvers feature up to 300,000 troops for russia, china and mongolia the largest war games russia ever had. the two men charged with poisoning a former russian spy appearing on russian television today saying they visited the suspected crime scene as tourists they wanted to see the famous salsbury cathedral. kofi annan was laid to rest in ghana at the funeral, his son paid tribute to his father as a global statesman and his hero. his coffin was draped in the ghanian national colors. that is the update this hour bill, back to you. >> sue, thank you very much. still ahead, the changing face of education here in

america. carnegie melon university new building, university president will join us and talk about learning in the 21st century and the controversy over college admission, tuition, student debt and all kinds of things. and now the latest from tradingnation.cnbc.com in volatile markets unless you're a short-term trader it is best to avoid trading at the beginning and ending when volatility picks up the bid between the. alerts -- wouldn't you like one from the market

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let's get a quick check on the markets right now. stocks off the session highs but still squarely in the green. you can see the dow jones industrials higher by half a percent and nasdaq higher by 0.07%. the s&p 500 also higher by 0.5%. amid prospects for a new round of trade talks and etf that tracks those companies on pace for its best day since february. higher by almost 4%. shares of unity biotechnology reopening after being halted for

volatility this after our interview with the ceo as he discussed the company's progress on its cure for aging. melissa, back over to you. the oil market is closing for the day. let's get to dom >> oil futures squarely below that $70 mark we've seen touched over the last few days off 2.5% at this point this as growth concerns start to mound with regard to global demand the international energy agency including weakness in the dollar and emerging currencies in relation to the u.s. dollar. as a result, you've seen that trade come off heavily you can see futures off by and back over to you guys. >> all right, thank you very much. today if you were watching the halftime report earlier you know that carnegie melon university are opening the doors

of the tepper quad as students are calling it the new home of the school of business while intersecting with the six other carnegie mellon schools. we are welcoming the president of carnegie mellon university. welcom welcome. thanks for joining us today. >> good to be with you, bill >> nice to have an alumlike david tepper to give back to your university. >> as your audience knows david tepper as a wonderful investment and businessman and also a philanthropist and passionate supporter of carnegie mellon university >> what does this mean -- is this the largest gift you have been given $67 million towards the construction of this for the naming rights of the school and everything said the biggest you had or others like this >> well, actually, david tepper

over the past two decades has been given generously to carnegcar na carnegie mellon total $125 million. the tepper school of business and more recently $67 million to, of course, start a construction of this building. >> surprised it's not going to be carnegie mellon teppe university >> it's still early. switch gears to admissions your university is really known for science and engineering for the mathematics. and there is a ruling recently or an opinion by the doj that side would a group of asian american students who led to their discrimination against them and i'm assuming you face some of the issues how could this impact your admissions process at cmu? >> to be very candid this does

not impact us directly because our percentage of asian americans and indian americans is fairly significant. in fact, last year our admission applications to our freshman class was up by 19%. and it wasn't just our business school or our computer science school, it was across the board including our social science and humanity school. by the way, while we're known for technology, science and engineering and business, we're also the number one ranked drama school in the country and also fabulous, fabulous college for fine arts. >> if it's not something that you feel like you're dealing with at carnegie mellon, something that i imagine most of your students is dealing with is the idea of student loan debt. we have been talking a lot this week about ten year since the financial crisis and wondering if there is financial signs. many are worried about student debt

what are you doing to prepare as they lead to undergraduate >> as you know, the prospirerit we enjoyed in this country is a result of the investment we made as a nation in research and education. enabled as a result of access to education, especially higher education in this country, which is a model for the rest of the world. turns out carnegie mellon our student debt is average comparing to our peer institutions, but, most importantly, our default rate for student rate is below 1% i think this is an issue that the nation faces, as you know. student loan in this country is over a trillion dollars as of a couple years ago it's over that at carnegie mellon what we're doing is we're providing substantial financial aid scholarship to students to come to our institution, again, with the rise in our application and interest in our institution we continue to invest more and

more, not only in bringing students onboard and also their experience on campus and the education that they have here at cmu. >> and their education further about the pitfalls, potentially, of student debt is something they learn while attending university thank you very much. >> absolutely. >> appreciate it >> thank you good to be with you. thank you very much. >> you got it. well, the president said his administration did an unappreciated job in puerto rico following hurricane maria. our next guest disagrees with that statement he was there on the ground feeding people in need he has a new book out about his meti in puerto rico. chef jose andres joins us, next. hi, i'm joan lunden with a place for mom,

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as the east coast prepares for hurricane florence, many are already looking athead the recovery our next guest has first-hand experience with relief efforts and his new memoir "we fed an island" the true story of rebuilding puerto rico one meal at the time. he flew to the island only five days after hurricane maria and served about one million meals through his nonprofit world central kitchen. let's bring in chef jose andres. chef, thank you so much for joining "power lunch."

>> thank you for having me >> how appropriate talk us back to the first days when you first flew into the island what did you see where is the island right now? >> the island right now, you know, last time i was there was right the beginning of the summer but right now the island is sending the message that they're ready to receive tourists and i think if anybody wants to be helping the island, tourism is the way to do it the hotels are ready for you here we are seeing right now how a year later we are still discovering that sometimes water was forgotten in the middle of an airport that food was forgotten and left to rot in the middle of a port when people a year ago were going thirsty and hungry we need to learn about what exactly happens so next time we have an emergency like this, we are able to provide relief to

americans immediately. >> chef, we're looking at fellows rigfellow videos right now of bottles and bottles and bottles of water sitting on that tarmac and hasn't that been the real problem in the aftermath of maria? that so much bureaucratic red tape or fighting in the government there in puerto rico that has been counterproductive in trying to get the island nation back on its feet again? >> i think we need to be, especially in this moment that we are in hurricane season, is to see that the first responders, the great men and women of fema, the military, they're all great people but, we are going to have to learn how when sometimes the problem becomes bigger than we expected like what happened in katrina. we always listen to our leaders that we learn and this will never happen again i'm going to tell you, in maria, was a disaster because federal

government, at the end of the day, they were not working together as one. for example, we had a big hospital that was empty when people were actually dying in hospitals we had no electricity. how is it possible that we have the best hospital on the sea and the hospital goes for weeks almost empty we need to find out answers to these problems because, if not, it will happen, again. >> however, i believe that you do think in your book you have written about how some companies did make smart choices a bit more flexibility on the ground you call walmart an example of that what are lessons we can learn in this upcoming storm and others to come what you should be doing and what companies got right >> we need to be letting the private sector come in because sometimes they have electricity was not repaired on time because it took too long to make the

right decision in part was the governor, some people say in part it was fema but we had almost 3 million americans with empty shelves in the supermarkets the water was no where on an island of has plenty of it nobody has gone really deep to the heart of why we will have to specialize and bring in people that specialize in the different areas of relief and give them full power i believe that the military should be more involved. why? because they're good they work well under stress and can always deliver we need to put people in charge and know who is responsible for the areas of relief. >> you have to be dismayed that we're still arguing about exactly how many lives were lost as a result of maria, right? >> to me, i think this is insane naturally, nobody should -- we should be honoring those people,

the men and women who died what is astonishing to me is a year later we are talking about this we should know a long time ago if we knew officially so many deaths, the full weight of the federal government would be there in puerto rico making sure that we will help those american people in the caribbean. so, to me, still i cannot understand if i was able to know how many meals we're serving every day. if i knew how many kitchens i had and 900 delivery not supposed to be was able to know all of that, how is it possible that the federal government and the government of puerto rico were clueless on the real number of deaths? those questions need to be answered >> chef andres, true hero in all that you did i know the people of puerto rico appreciate that very much. good luck with the book. thank you so much for joining us

today. >> thank you for having me >> chef jose andres joining us today. a leaked video from an internal google meeting shortly after the 2016 election is not doing much to convince people that there is not a liberal bias at tech companies. most people here are pretty upset and sad because of the election election >> giving conserve tifrs mor the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, tech companies when we come back we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow.

leaders upset after the election in 2016. it is not helping tech companies make their case that they don't have a liberal bias. we are live there los angeles with more. hi julia >> fuelling allegation that is the internet giants are bias against conservatives.

>> myself, as an immigrant and refugee i certainly find this deeply offensive and i know many of you do too. i think it's a very we stressful time and it conflicts with many of our values. >> google founder was followed saying i think all 06 us would agree this election was particularly hard. google responding posting this saying at a regularly scheduled meeting some expressed their own personal views in the aftermath of an election season. google has been able to freely express their opinions nothing was said at their meeting or any other to

suggestion any other bias influences the way we build or operate our products it comes as they started hearings on competition in consumer protection questioning whether google, facebook and amazon are monopolies. it comes as general sessions preps an investigation into social media companies it could put more scrutiny on its companies. back over to you >> what is interesting is he actually tweeted sort of a reference to an article. it does seem like the screws are really being turned on this entire sector. bliel facebook has seen the bigst declines they have not produced an executive to capitol hill you got to wonder what kind of cloud is going to hang over these companies particularly as we head into earnings season >> absolutely. there is a big question of the regulatory overhang. something we heard a lot when

she testified before the senate committee is she thinks regulation is inevitable we are trying to see especially facebook and twitter and try to get ahead of some of these regulatory questions we saw the internet association put forth the recommendations on how it should go forward it will be interesting to see what happens with google they were skured for not sending an executive to go testify we'll see if they are compel today go send someone. >> thank you check please is next who would have thought,

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playing a greater role, two friends went down to new orleans area after katrina worked on one of the cruise ships. another one went to haiti and was a nurse working there. just going on their own. if you have the skill and time you can do something like that >> he makes the point that chefs react to things in realtime. they good at dealing with problems on the go

>> so is sears going to report on friday? >> they have to do it according to the sec we'll see what happens >> thanks for watching power lunch. closing bell starts right now. we have the latest views on the markets. how long can this rally go on? what could delal rail it? businesses are boarded up bracing for the arrival of hurricane florence >> the government going after big tech and a new hearing starting today we'll have the latest on what it means for google, facebook and amazon personal finance expert suze orman join