>> 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 joins us with reflection,

ten years since the financial crisis the closing bell starts right now. ♪ >> good afternoon and a very warm welcome to the closing bell good afternoon >> i'm coming to you straight away >> you're doing a good job matching me today. it's nice not to have to wait for your two minute long market check. >> okay. let's check in on the markets. the dow is up 192 points at the high of the day. we are up 134. it has ban pretty positive session. a bit of a bounce back in the sectors that have lagged throughout the week. we are up half a percent on the dow. >> s&p is having the best day for the month of september so far. let's get to the closing bell exchange

so it does feel like there is still a real sense itivity whete it is a tweet from president trump oar wall street journal report that talks are coming together how do you navigate that >> it is tricky. i think you have to be sensitive to the names that will react to trade the most you want to own the names that will be able to weather the storm. so you want names that will go up if trade negotiations go out and they will hold their ground. >> what are your suggestions >> industrials >> we have a couple of names that we like we think a market is under appreciating some of the thesis there. so disney is a name we like. so we think they are a winner in ott. disney controls 42% of the box officer. they have 18 out of 30 hits on an annual basis going back 13

years. we think disney comes out all right. we think microsoft, a number of great ones there >> interesting stocks. in terms of you view with what we plight see on trade, is that an excuse to buy on reason to buy international stocks or to stay at home >> we think there is opportunity and international stocks we saw that with good news coming out of europe still, no increase in interest rates. those fundamentals are strong. large cap stocks out of the international environment. they have higher dividend yields they have better evaluations this is a great opportunity. back home we also like masmall n

mid-cap stocks >> wondering what the chatter is down there around inflation numbers today. it felt like a big for bonds and equities this morning. >> so we have an inflation number that was higher but pretty benign in terms of factors into the debate whether the economy is getting close to overheating or not >> the fact that we had 2.7 pngt versus 2.9% last time means that the fed can pause a little bit the biggest concern is is that you'll see the fed have to react to inflation and it will force immerging market economies and currencies to suffer so the fact that inflation came in at a reasonable number but it's not overheating which is pretty remarkable given the

labor market data. >> you missed the big question i'll pose it to you again, as far as the market reaction and what they tell us about fed policy where do we go? >> inflation is slowly coming back but the wage side of the equation that we are all very nervous about seems to paint a bit more aggressive picture than i'm seeing show up in other numbers. so even though i think the feds pay very close attention i don't think it's to the point where they are going to have to try to be more aggressive i think it's the message for the markets. i thought it came through loud and clear. we did ease off not a lot but we didn't pop through 3%. the dollar index certainly gave up quite a bit of ground when you add it up we are way ahead with regard to how we are dealing with moving stimulus and

tries to drain off the balance sheet. i see september and december as tight. i don't think the rate will get much above i think it will prove to be the neutral rate but we'll have to see. >> the moves against the euro and the pound today quite sizable given no action or no real action from either of those two central banks. >> yeah. it was definitely impressive it is darn close to the best levels going back to the beginning of august and the euro doesn't look impressive. it really is fighting to stay near the 116 level i think the reason for that is that really the volatility and foreign exchange outside of one when markets start to immerge a bit. it certainly isn't being aggressive there is no talk of any type of rate increase until the end of

next year. >> all right slow and easy for a long time. i'll give you the final word maybe on technology. tech is actually outperforming nasdaq is doing the best of the big 3. chip stocks are coming back. apple is the biggest winner. there continues to be a hot debate over whether it tends to leave the market higher. what are you guys telling your clients? >> we tl are different avenues for tech to grow in whether it is cloud computing to internet of everything there are way to grow we still like tech however we think if you started in this market you could be over as we think about rebalancing your portfolio, making sure you don't have too many of your eggs in that tech app and that your balance is volatility to come.

>> all right we'll leave it there thank you all. >> he made it. rick made it in the end. >> thank goodness. earlier today scott sat down with david scott joins us now with m so of the big highlights hi >> thanks so much. few people have the ability to move the market. david tepper is one of them. he admitted he has taken his stock positions down by perhaps about 30% or so. it seems like everybody is on what stage they think we are in. here is what he said >> if you ask me i think it's a late inning game i don't play the way the other guys play. those are all different. you know what happens some times? >> extra innings

>> well, the real key to tepper and all investors is what's going to happen with the trade war with kline thchina. are they going to go into effect and what will the impact be and maybe force the issue on where we are in the cycle. sheer what tepper had to say about that >> it will make it a little bit tough on the market here going forward. i don't know if it's an ending question or not. it does get to where we should be i'm not saying we should or shouldn't. i don't know how that's in the market the other thing if we don't have it we will probably have the questions how fast will the economy go china is simulating. i think tariffs are coming it might have the fact of pushing us over into higher interest rates it's kind of getting a little tricky at this point in time >> you know, he has very many

stock positions, a lot of them concentrated which has been a big battleground that stock has gotten beaten up pretty good lately our question is whether some of that has been overdone >> we obviously think so because it's one the stocks hasn't reduced that much. it is a bigger part of our portfolio than it was before we did reduce it some what it is a bigger part of our portfolio. i think people are taking in account to this when you see things -- and signs like those three players it will be good far long time. >> we also got him to weigh in

on the ongoing nfl anthem controversy. he paid a record price, $2.275 billion for the carolina panthers he got his first win this past weekend. this is one he cares deeply about and demonstrated he is not afraid by any mean to weigh into it publicly. >> did he mention trump by name with regard to the nfl controversy? i'm wondering how a big investor use views the president and someover his controversial takes

whether it is on nfl or anything es what kind of sense did you get >> he didn't mention president trump by name but he didn't have to he made it awfully clear about who he was speaking about and the policy and stance that president trump has taken on this issue and tepper took it head on today and made it clear he wasn't afraid to do so. on the other issues and platform that the president has put forth let's say on trade tepper admitting there are issues with kline that stealing our intellectual property and maybe what the president is doichk is the right way to go. does he agree with all of tariff things that are happening now? no he would be the first to say and i think he did say that he disagrees with maybe that tactic on the other hand something does need to be done. we'll see how it all plays out he didn't need to mention president trump by name today but he made it clear where he agrees and disagrees with the

policy >> does he still own it? >> he does i think like many other positions within the portfolio he did say he has taken his overall equity position down and facebook spent a part of that. i think he thinks the stock is company. it would make investors think twice about how big they want to be given some of the uncertainty going forward and we'll have to see how it all playsout.

the highlight is john will be the sole president and co onchts it was always expected he would be president and co onchts the question is whether there would be a dual role there he has it on his own it does not mean the top two people at the bank are pure investmentbankers. it's fire say he wanted himself to move back into a pure trading position he has also been give tennessee vice chairman title. only two people have that.

so if we talk at all of the ages she 56 waldron at 49, fairly young and clearly in a significant position for his age >> i would just find out the stock price. one of the worst dow performers down 10% only one doing worse is 3m >> we have headlines yesterday that they think trading will be up it is low single digits. some have guided slightly down it will be crucial we'll have to see how that shakes out jp morgan is up because they guide today decent fee income.

>> and that is up for the year >> yes and, you know, lots for that one. takes over the first of october. >> we have a news flash here tom has the details. >> all right you were talking so much about this in a regulatory filing disclosed he purchased 7,600 odd shares of his company stock. that's why they are popping. it works out to be about a million dollars of stock it is not a lot come teared to what he already holds. he already has about 2.2 million shares it was enough to push the shares higher today these are shares that have gained about 55% year to date. back over to you guys. >> yeah. it has been such winner. >> ceo recently talking about some of the new store concepts thank you. >> coming up next, you're looking at a live shot right now

at atlantic beach. hurricane florence starts to roll in. it could cause record flooding and storm surges we'll speak with the waffle house ceo about how his employees are preparing for the storm. and later despite a consumer environment shares of kroger are falling hard today we'll break down the numbers and at a little context when we come back (guard) i've seen things i shouldn't have. unnatural things. these people they don't sleep... like ever. they reveal in extremes and defy limitations. these pursuits may seem unnecessary. but the scariest thing i can imagine is a world where this, doesn't exist.

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>> warning of record flooding in the carolinas. we are live with more on the storm. what can you tell us >> bringing in banlds through much of north carolina

winds are continuing to pick up and parts of the coast have already seen significant flooding and we are nowhere fleer land fall. slowly making land fall through the overnight hours. for friday not a lot of movement it is going to shift to the west as we head through the day tomorrow eventually weakening into the tropical storm. that is great news but the wind and rain will continue we are talking about catastrophic flooding. it is not just the rainfall. it is the storm surge. it is expected as we head through overnight and into tomorrow high tide coming up at 11:00 a.m. for much of the carolina coast. you add on top 9 to 13 feet and we are talking about life threatening storm surge. it is the further north or south you get the less the storm surge

but we are talking about heavy rain along with high tides let's break down what we can expect for florence. we are expecting 1 to 2 feet for most areas up to 3 to 4 feet for localized areas. winds between 90 and 110 miles per hour wind still a concern we are talking about a category 2 land fall hurricane. the flooding is going to be a big concern as we head through the next few days. back over to you >> thank you very much for that. as the carolinas brace for florence the waffle house could help determine which they say began as a joke and became a n color coded system

i guess this was far from a joke it's not so funny to us anymore. it maybe sounded a little silly and to us too but we are flattered that they talk about us in such record. we take these things very seriously and put a lot of work into them! what are you expecting as florence approaches? we had a formal weather update there. does that sort of tally with your expectations of how bad it could be what kind of comparisons have you got? >> i am in myrtle beach right now. we have teams up and down the coast and in a lot of evacuation markets as well. we are starting to feel the effects in wilmington. most of our stores are still hope we are fortunate that none of them are right on the beach. we are mostly out of harm's way. the ones that are close are

closed we'll see how the day progresses as the weather deteriorates. >> so just to be clear, what is the waffle house indicator is it the fact that you guys typically try to stay open if you close or is it how fast you reopen give us a sense of what it is. >> well, when craig was the fema or the florida emergency management director he came up with it as they could go through florida if they got through an exit and a waffle house was open he said that was green they didn't need to health there. if we were on a limtd menu he said it was yellow if you got to an intersection where there was waffle house that was closed that that was red and things were really bad they used it that if we are closed it must be bad in the neighborhood we kind of jumped thoon as well. we try to stay open as long as we can because we try to sterve the communities and first

responders but we certainly get out of harm's way before anything bad happens >> how many restaurants will be closed over the next few days? it >> is hard to tell we are most concerned about the flooding i don't think we'll have any and if any maybe just a couple that might be impacted by that. the floods make it did i feel to get to the restaurants i think if things keep going the way they do we won't have too many closed but we'll have folks shelter in place >> do you any evidence to suggest that this service that you provide to communities, doen the long term? >> i think it does in the local communities. everywhere i have been is charleston we are the only thing open

especially after the storms when there's devastation the kplunty does respond to having some sense of normalcy. it does kind of bind us pretty close with our customers it's one thing we feel like we can do for the kpluntcommunity. first responders are amazing the one thing we feel like we can do is be there to provide normalcy and friendly smile and help people realize everything will be back to florm pretty soon >> we wish you the best of luck and hope everybody stays safe and you can get the stores open. >> thank you very much a little over 30 minutes to go go here before the closing bell still have a triple digit rally. we are still up 127. s and p up half a percent. you can see that in the nasdaq

coming up ton closing bell, turkey's central bank took a big step to stabilize the economy. we'll break down the move. >> that's up 4% today. plus just weeks after announcing a new trading app aimed at younger demographics they are attracting wealthyilnnls mleia this time and we'll tell you what it has done to the stock right after this break

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>> welcome back. jp morgan choiase saying they wl offer a bonus when they sign up for a new bank account they will have to bring in at least $75,000 in deposits and keep it all at the bank for at least three months this will be the key to decide if it is a successful move or not. it has been sort of quite successful what they really really want the credit card customers to become full banking clients as well if they drive that it will be successful

my point is it shows the competition and also shows the power that a big bank has to offer to attract the best -- >> spreading it across >> and we talk about the threat from tech companies the company said rearranging store layouts lead to a decrease in sales it is down about10% we expecte

some of these sales to grow. you know, to improve to customer experience they said sales will turn around clearly the market is not convinced. sit a battle for margin with amazon now in the space it has ban lot more volatile ride wall hu walmart putting up such a good quarter it is hard to compete. >> they didn't sell hot sauce before >> no. they did they the put the mexican hot susu sauces with the rest of the hot sauces americans have seriously hot hot sauce. >> no such thing as too hot.

time now for cnbc news update >> here is what's happening at this hour. the number of people diagnosed with cancer is growing worldwide. the world health organization says one in five men and one in six women will develop cancer during their lifetime. it estimates it has risen to 9.6 million deaths in 2018 >> these numbers should be a call to action cancer growing in the poorest countries. >> it is the final primary day in america it is underway as new york voters go to the polls to contest features andrew cuomo who voted in west chester county she being challenged by actress

cynthia nixon. volkswagen of america says it will end protection of the famous beetle. the company says two special mod models will join for the last model year it was my very first car when i was in high school, baby blue. >> the old ones are cool >> totally cool. see you next hour. >> see you then. you can't have power if you don't have money that is according to our next guest who released her book women and money. suze orman joins the show. welcome back to the closing bell nice to see you. >> thanks. we have to help your partner with his credit score.

>> when i moved here they didn't transfer credit score across back home i am respectful and pay my bills >> that's what they all say. >> let's talk about women instead. it is the topic of your book i find it interesting how you relate what's going on right now with the me too movement to womens financial impowerment when it koncomes to money does it really help? >> yeah. you to think about it logically at least for me. why do women allow themselves to be violated? they need to money why do they need the money they need the money to be able to take care of their families, their children so i firmly believe that if women became more powerful with

their money they started to use it and save it and give it to themselves versus everybody else which is what women normally do and they had an 8 month emergency fund and had retirement accounts and had financial security they wouldn't then need the jobs and promotions quite as much so i would like to stand up for yourself, to be powerful and start being financially secure so you may want money but you don't really need it so badly to do something you shouldn't do. >> is this a case of being more careful and putting more aside and savoring it or things that young women could be doing even before they got their first jobs that can set them up better for their 30s and their 40s? >> there are a lot of things women can do

women think their money is for everybody else they care of their kids, mother, fathers, and then at the age of 50 they start to think about themselves so i think it's important that women on salutely get involved with money it's not about women can they invi invest or not? women are so smart but they have to want to understand that it's okay to say no to others when they want money from you so say, you know, yes to yourselves ladies rather than always giving it away. it showed middle income americans are earning more poverty rate is falling but absolutely zero progress on the

gender gap why is this not moving how bad do you think it is how bad does it vary by race >> it has always been bad. that's chapter called don't put yourself on sale i think it's really important that all right are we going to let everybody else dictate what we get paid or are we going to start to be more powerful and demand what we want to be paid a lot of times women will settle they will say okay i will take less okay take my vacation pay away from me okay i'll do this and i'll do that. you to be strong eye have to be strong and smart and secure my whole time here was really about women.

i tell them, do this, do that. do that, do this it gives them a guideline of exactly what they need to do >> there is something in this book that make mes feel sad. you say people can't fall in love until they discuss their finances >> they the fall in lust people can meet one another and do whatever unless you know about someone's past financial history, they credit reports, one out of two couples that get married end up in divorce and the number one reason is arguments over money if you're marrying somebody that is a spender and you're a saver it does not matter how much you love each other that will eventually come into play so it is important you know as much

about somebody financially >> it is also expensive to get a divorce. i wanted to ask you for reflections. we have been looking on the great documentary last night how do you think americans personal finances and the way they make decisions about say homeowner ship has changed since the crisis and has it gotten healthier? >> i thought far while that it had gotten healthier i'm seeing everybody wants to flip a home. when people talk to he about investing. they are not talking about mutual funds they are talking about buying another piece of real estate i'm going did you learn nothing in the past? so, you know, i think they have forgotten i'm so sorry to say and what people should have realized is when the market went down you should be wishing and

hoping that a fortune was made if they hadn't sold or panicked, you would be sitting so pretty today it wouldn't even be funny. they forgot all of that. they are starting to get nervous again. should i sell? should i do all of this? they are forgetting the lessons the last ten years should have taught everybody there's the bottom line. who would want to go on a date with you any way >> exactly >> fair point. thanks for joining us. all right. bye bye. we have headlines on tax reform we have details now.

house ways and means committee making tax cuts permanent. the bill just approved would make them permanent. it includes two other measures as well. members were still voting on those. those would clang retirement savings as well as institute new small business tax credits over in the senate prospects are much less certain. they will not bring up the permanent individual tax cuts until he has 60 votes to pass them that doesn't look like it will move forward in the senate but kevin brady saying he is hopeful

it could see bipartisan support. back to you guys >> thank you for the update. we'll find out how the government is preparing for hurricane florence stick around we'll be back after the break. dow is up 111. alerts -- wouldn't you like one from the market

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with pg&e in the sierras. and i'm an arborist since the onset of the drought, more than 129 million trees have died in california. pg&e prunes and removes over a million trees every year to ensure that hazardous trees can't impact power lines. and since the onset of the drought we've doubled our efforts. i grew up in the forests out in this area and honestly it's heartbreaking to see all these trees dying. what guides me is ensuring that the public is going to be safer and that these forests can be sustained and enjoyed by the community in the future.

hurricane florence is heading for the carolinas. we have dan here thanks for joining us. give us your latest take on when mayor land fall will be made and how severe it could be >> here at fema we are prepared for land fall this evening it depends on what that final track is into the carolinas. it could go direct onto land or could skirt the coast which could really dump a lot of rain along the coast. it could be a dangerous situation. >> so tell us a little bit about the level of preparations you

guys have and what your operations are there on the ground >> we have deployed personnel equipment and commodities from georgia all the way up through maryland those are including response teams like swift water rescue that have descended onto those areas to provide immediate response should they be needed. >> and it is really the rain and flooding that is the concern here, correct? >> yes you to take cover from the wind but you're absolutely right. it is primarily a water event. the storm surge which could be up to 13 feet along the coast as

well as in the low lying areas that are really at risk even inland from 20, 30, 40 inchesover rain that will cause tremendous inland flooding >> there are all of these questions about whether fema has enough resources and personnel and money really to deal with what's ahead of it how would you qualify that right now after questions last year about whether fema had enough funding from congress to do its job. >> we had plenty of funding available. we definitely have the funding to take this response on and take it head on. we also have plentyover personnel. it is our state and local partners providing that first response we are there to make sure

utilities are back online in a rapid fashion. >> okay. thanks so much for joining us. good luck with finalizing the preparations and executing on them >> thank you the u.s. dollar falling against the turkish lira after weav made a decision on interest ras. he the details and spillover effect on the rest of our markets. at fidelity, our online u.s. equity trades are just $4.95.

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a question for the markets is does it calm some of the immerges mashlgts fears? >> it is interesting to their because with his permission has

raised rates it sort of worked today clearly. it is a raise they had to do if they hadn't we would have seen further weakness. >> a lot of it depends on president trump. he has used the dollar status and economic power of the united states to inflict pain through sanctions, through tweets on various merging markets. we saw it here and in other places like russia sure, these countries had their own problems which are coming to light. it doesn't help that the fed is raising interest rates a lot depends on the position that president trump puts them in it's currency and stock market got hit as soon as he started firing hard on the tariffs >> the turkish is up about 4% which is good news >> the children. >> he has a long way to go

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let's start here it has been a strong day today lead by the nasdaq it is up three quarters of a percent. the dow is up less than half a percent. energy and consumer discretion has dropped down as well financial is down a bit. health care doing well tech surging at 1% having struggled a couple of days want to show you the dollar indeks which is lower by about a quarter of a percent i say only because the likes surging over half a percent against the dollar the indeks is down a quarter of a percent. >> three central banks today talking. ecb, the bank of an england

>> it is shy of a generrgentina% >> it helped free open we had the cpi out a little bit lighter than expected relieved concerns about the fed getting overly aggressive we dropped a little after 10:00 eastern time president trump tweeted out we are under no pressure to make a deal with china. we dropped a little but not terribly much. those were the three main stories. we start creeping a little bit higher the important thing sheer new highs. we have been waiting for this. not a lot of individual stock highs, index highs we have honeywell, pfizer.

we probably have 150, 160 stocks i start getting impressed if you want a threshold when we get about 300 or so but it's getting better >> and good to see tech strong rebound today. >> after yesterday's debacle we had some on the downgrade from one of big brokerage firms so it's nice to see a little bit of bounce. i say tech is down not out but it could go either way >> and energy sector dropped into negative territories. we approached the prices down about 2% today it is partly because of the hurricane. >> and the whole issue in iran energy stocks had movered up earlier -- moved up earlier in the week we had 3-1 advance

it will move the market. when you get that kind of move here you get a little bit better >> there goes the closing bell a fraction of a leg up as we approached the close the nasdaq is -- that does it for the first half of closing bell back to you. welcome to the closing bell. let's take a look at how we are finishing up the day on wall street pretty much a rally day. up almost 150 points s&p up half a percent. pretty broad based rally real estate industrials all doing just fine.

nasdaq doing the best for 1% on the better tone and tech the russell 2000 closed the day flat the outer bands of hurricane florence starting to hit the east coast he is is hunkering down along with many of the employees despite a mandatory evacuation about the storm's impact and some of the preparations let's talk about this rally. joining us is mike stephanie is back leading the dow today was apple after yesterday's product announcement mcdonald's biggest decliner there. davita the big winner and kroger the lagger of disappointment in sales numbers. felt like a mix of better merging markets. it lead the charge

>> exactly the common thread is it is looking a lot like the dollar a couple of weeks ago maybe put in a high far while it is relieving a bit of a pressure point a very well mixed market big indexes had a decent rally market has been comfortable belong the most recent ones. banks down 1%. there is always something in the mix that causes you to say is the market turning very defensive or kind of resting and it seems well supported here >> i guess the macro is playing into things much more than it did the prior couple of months >> we had earnings we are obsessed with this macro. i would say the inflation numbers i kind of feel like it is goldie locks. we had good numbers last week in m manufacturing. we had the a record high

you have inflation or something like that. so very good for stocks is my point. so then it's conference season, right? that's the one thing that that i have been kind of focused on companies are kind of confirms that things are pretty good other than the financial services sector. it was the one where there was negativity everything else, health care very strong. software, they were jumping out of their seats so there are good things to your point you a very mixed market >> i wonder if that's why financials have lagged closing down rch though rates have kind of crept up. >> they haven't really tracked a little bit of a lift in yields it is hard to say why they have been dormant at this point i guess you don't really have a

catalyst here. a lot of sectors are saying yes, stocks are fairly cheap. if we are somewhere fast best of times, whether it be for credit quality or groelt then why am i paying for that here i don't know if the banks are caught in that discussion or not. >> yeah. and there's a conference giving updates and some -- what's going on interesting is a lot of differentiation as opposed to one kind of theme carries there. >> that's why i mentioned the banks. they are the ones seeing soft loan growth. they need a better yield curve and loan growth. you're not getting either of them really. they are a little more diversified. they have lagged year to date. >> city guided up single digits for trading. it will be interesting to see

how it plays out hedge fund david tapper sat down earlier today to discuss his strategy at the moment here is what he had to say on u.s. equities. >> are you more exposed to u.s. stocks than you otherwise would be where are you? how much exposure do you have? >> i have taken down my exposure so i'm still long, but, you know, not -- i would in percentage terms might be 25% or something of that sort >> some might hear that and say tepper is only 25% exposed historically where are you usually? >> i'm not usually any where i have been zero i'm not sure what happens with this >> we have heard a similar theme

from other people, but that was not bullish. >> it was not outright bullish he is not really seeing that i don't think it's unusual when the market has been rolling higher than it has been. it seems like somebody that doesn't have to say i always have to be fully invested as a lot of portfolio managers do you can say i don't see a lot of mispriced stuff out here >> he said let's see what happens with the tariffs there's stale big question mark especially after president trump felt the need to tweet that the wall street journal talked about there were deals and is wrong and he wanted to be more confrontational. >> yeah. it's a huge overhang, that and what happens with international growth those are the two things i worry

the most about it is also the reason i think you see multiples contract this is forward. that's where we are trading right now. when you look at earnings growing low inflation there are plenty of stocks out there you just have to go wlaer thear the companies are saying they have been in the best sector in the last month there are good things that are happening. you kind of can't get wrapped up in this or you'll stay away and miss some chances. >> we have an earnings alert we have the numbers now with john >> yeah. we have the top and bottom lines for adobe they report $2.29 billion in refr new pof 2.25 expected

if you take a look at the segments the digital media segment came in line about 1.61 billion, a little bit better than expected the same thing for the creative segment. annual ieds recuring revenue for the digital media segment, $6.4 billion a quarter for quarter increase of $339 million, a creative segment and 5.66 billion document cloud 744 million have to wade on the guidance that should be in slides that we'll get momentarily and also questions swirling around acquisitions there are more rumors swirling

around what they might aware next we'll see if we get that if we don't i have it on squawk ally tomorrow. back to you. >> we'll tune in for that. thank you very much. shares jumping all around. the shares have to perform well. >> extremely well. >> yeah. and at least right now kind of holding the value. it has accelerated the fact that it can get numbers good fluff to hang in there is probably okay. i think i turned to something like free cash flow dwreeld say how is this thing really valued by the markets it hasn't really changed that much i think that's where the market for this high growth company that's entrenched, i guess that's what the market says we are willing to pay right now i think it's the refr knew number that's the key for

particular stock twl that's what this thing trades on it is certainly a good report. i think people wanted that to be beaten we are expecting 110 points. you have to get through details and conference calls really important. >> and this is -- >> this would be the one >> yeah. we said that for a couple of years. >> and you said apple? >> yeah. we could have four if you like >> yeah. >> there we go apple shares did close higher apple unvailed the new slate of iphone models as well as a newer version of the apple watch not all were impressed earlier we spoke to goldman sachs about his take on the apple product rollout and pricing, listen. >> the iphone xr or -- i call it

the extra reduced price iphone it was lower than we expected. it brings our revenue forecast down most anticipated around $700 or more we thought it would be higher. at this price it starts to canablize some of the iphone skews. >> what color are you going to get? >> i'm happy with my red iphone 8 plus i do think color matters this was an interesting take because it is centered on average selling prices that's where we have seen the growth and the consensus is actually they are moving to higher priced points to hear him say it will be a big volume driver is a little contrary yan >> yeah. they thought the lower priced was going to come np in at a hir

priced point nobody quite knows how the upgrade cycle operates when you a little bit of crowding in terms of new phones. a little bit of a variety of price points people kind of do that instead of waiting to get the new phone. >> on one level we kind of wonder why they are having to hike prices in the past. are people going to be very loyal and be able to push it further and further? >> i think they have to have a balance. i think we were kind of surprised that the high end wasn't lower in price. that's a big surprise. here is the other thing about apple. they are rolling over and that's a very good thing. it's 30% of the cost of goods sold for apple you little bit better in terms of cost. it is a story that's being

missed by the market i think you'll see a positive one. >> we will watch the margin numbers. >> let's go back to john >> yes we have the guidance from adobe. they were looking for nongap earnings per share the street looking for $1.86 also new annualized recuring revenue of $385 million. so that's new revenue they expect to be coming in at that rate if you were to annualize it because the cloud is their bread and butter at this point that is a very important number. they are saying better than a third of a billion dollars they expect to be rolling in

starting in the next quarter the stock has been up and down around the break even point. after hours this is one where the after hours commentary is going to be important. that stock has been trading near all time highs >> thank you very much for final thoughts in terms of what we are seeing, what's the top sector pick you at the moment >> i am getting more on health care i was already bullish. i have been overweight that sector when i listen to what they have to say about the uptake in their products and pree seed yurs i'm surprised that i was surprised i was already bullished. >> great stuff thank you for joining us today

up next, we'll have the latest on the path of hurricane florence which is already causing flooding in north carolina and we'll speak to one utility company executive on how she is look to go restore power to customers tobacco stocks giving back gains considering a ban on flavored e-cigarettes. we'll take a look at where the opportunities are in the stocks.

while wind speed haves diminished a bit they warn it could break records. we have a look at why storm surges can be so dangerous >> storm surge is often the deadliest part of a hurricane. let me show you what it looks like with a 1 to 3 foot water rise this might not sound like much but remember, this is throwing water being pushed by the wind we know 1 to 3 feet could stall out cars and even carry cars

away it is too late to evacuate when the water rises to this level. let's go 3 to 6 feet for example. very large objects could be carried. they could enhance the damage. let's go even above that, 9 feet of storm surge this is not survivable unless you move to the higher floors of whatever you happen to be in please follow the advice of local officials and evacuate as ordered when a hurricane moves in >> wow >> that is scary crazy images as well let's go out to south carolina we having following how business is bracing for the storm >> reporter: yeah. a 9 foot storm surge could decimate a lot of tourism.

this depends on it it comes in tourism dollars. one out of every ten jobs are some how linked to tourism they come here for this. this is a 200 foot tall ferris wheel. the pods have been reproved in advance of hurricane florence. i want to show you what's known as the grand strand. all of these miles of coastline development, hotels and condo buildings are largely empty at this point there have been days where people are under mandatory evacuation orders. speaking of a 9 foot high storm surge, that's the prediction for myrtle beach this peier has been wiped out twice by recent hurricanes we'll keep an eye thoon and 18 inches of rainfall for this as well. some have been evacuated there are 2,000 people in local

shelters one of the six that opened in this region is already at capacity one of the locals just came by and said hey, lady, i have to tell you, we myrtle beach natives, we sink, swim or we sunbathe >> the 9 feet that is expected there, when is it expected to make land fall >> we are look now at the early morning hours of friday. again, the land fall is still up in the air it looks like the real event here will be the flooding. again, how long the storm sits over myrtle beach and continues to dump rain and we are looking for flooding to be a problem not just along the coastal kpl communities but inland too this is a hot golf time of year to be here along the creeks and rivers the flooding rises inan dating golf courses as well. >> thank you very much

stay safe. make sure you get out. let's discuss how utility companies are preparing for what is a catastrophic storm. so tell us about your plan, susan over the next 24 to 48 hours. >> we have been making preparations all week long, securing our equipment at facilities and making sure we have fuel available to our restoration crews. we are also staging crews and equipment overnight and villages that may not be accessible in the morning. we are working with our state wide association to reach out to get additional crews to come on and help us with the restoration

once the storm has passed. >> susan, am i right in the fact that your area has been evacuated? it is normal to stay or how many people are staying in your area? >> we never require an employee to stay during a hurricane we all, you know, are very con shen shous but we believe it is our personal safety was on the line we would encourage everybody to evacuate. we have had some employees evacuate but we are here majority of us are here ton the island waiting to restore power as soon as it is safe to do so >> have you guys been through anything like what is predicted? >> we have been through many many storms over the years they are all different but we -- you know, we believe at this

time that everybody on the island that remains here as long as they stay inside will be safe >> how many feet of water is expected on your island? >> we are experiencing some ocean overwash right now we have been experiencing winds about 50 miles per hour throughout the day i think the latest judgment was about a 4 to 6 foot storm surge. >> i'm just curious, what what size of population you serve, how many homes, how many people and for what sort of job this is going to be to be to get it back online >> we have 7,700 accounts or members on the island. we have about 4,500 year round residents. of course in the summertime that population explodes to about

50,000 in the summer with vacation homes being filled. we'll focus on the 7,700 meters. you know, we will systematically begin restoring power to the great e greatest number of members as sooc soon as it is safe to do so. >> we wish your team all of the best thanks for joining us. >> thank you so much switching gears, yesterday j.p. morgan said he could beat president trump because he is smarter than he is today president trump is firing back on twitter. up next we'll discuss the war of words being slung from washington to wall street. walmart giving jet.com a walmart giving jet.com a makeover and

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jb morgan saying he could beat president trump in an election today president trump responded. i'm sure he knew the comments were going to make him >> once he made them >> whether it was planned -- >> of course >> let's remind ourselves of some of those comments made

yesterday. >> i was dead wrong. this florker actually earned his money. it wasn't a gift from daddy. i am a banker. i am part of the elite i don't think the american public look at him as part of the elite. they look at the one that punches the elites in the nose every day. he could punch me all he wants i would fight right back >> it is great to listen to that >> it almost seemed like he didn't know there was a camera there. >> now very quickly wants some of those back saying he should not have said that the president responded on twitter as we might have

expected the problem is that he doesn't have the aptitude or smarts and is a poor public speaker and a nervous mess i have made a lot of bankers and others look smarter than they are with my great economic policy let's take a look on that broader point on that economic policy i think all of us would disagree >> nervousness, no >> no and it's interesting it's a good time for the economy and good time for banks. the blame and credit game gets haget getshazy it is a little bit of a window

on more of i'm talking to my own team kind of a tone. in a way it makes it seem less as if it was a direct provocation of the president >> i didn't think it was -- >> we just heard about that. >> yeah. because we walked it back quickly. >> yeah. we discussed the point he was saying yesterday he is committed for five more years but it is something that he considered. >> i think the point about i'm part of the elite, that is the more sort of inciteful point ability politics and what it takes to get elected he was saying doesn't it say something that ten years post lehman brothers, the fact that we are talking about a banker running for president. >> he is disqualifying himself

>> exactly >> there was a line in the middle of that, otherwise he is wonderful. >> i think it was maybe little more the like there's nothing i like about this guy. sheer what's wrong with him but other than that he is fine zblfrmt either way a great back and forth. it is kind of a shame. i tried to get a further comment. would have been fine if we had it going for another day let's have a look at how we finished the day on wall street. s&p up half a percent. russell did disappoint it is pretty much flat here are some of the big stories that helped us get there. england keeping its bench mark unchanged

european seeing its unchanged. they hiked it by 625 basis points >> the current csol changing roles to be the new cohead of the security division. >> kroger all of a sudden, same-store sales light up 1.6% compared to consensus of 1.9 the president is striking back a day after dimon said he thinks he could beat trump in a presidential race. >> it is the day one fund. it is $2 billion funding two areas. one funding existing nonprofits that help homeless families and another creating new nonprofit tier one preschools. >> it is a legacy media asset poiszed on the eve of recreating

itself it seemed like an interesting opportunity. >> extra innings >> i was going to mention this story. >> it's fine >> i was surprised it was 9-0 for no rate hike. you could have had a one or two vote yet we saw the rally i guess it shows purely on the data how much potential if we didn't have brexit >> they have inflation even though the growth is a little bit slow >> i was just commending you >> i'm not sure if it is accurate >> major news of the day >> it is significant >> i think so. time now for cnbc news update >> there is lots to talk about here is what's happening at this

hour the chinese foreign minute city says washington to hold new talks on escalating tariff dispute. it comes ahead of the decision by president trump on whether to raise duties on 2$200billion. the prosecutor in bill cosby's sex assault case is demanding that the trial judge step down before this month's sentencing they argue that judge steven oneil should have recused himself. the cdc says 50 million people suffer from chronic pain and 20 million have pain so severe it limits what they can do at work or in their daily lives. it is more common in women, older adults and those living in poverty. wright will start in the next to last game of the season

against the florida marlins on september 29th it is expected to be the last for the seven time all store third baseman. you're up to date at this hour back downtown to you >> thank you very much coming up a fee fight. fidelity planning to double the number of free index funds it offers we'll discuss whether it could lead to a new round of price slashing first the fda threatening to threat down on flavored we-cigarettes. find out what it could mean for e-cigarette and traditional tobacco companies.

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it is 350% -- >> some of the marijuana have been on fire >> probably a month ago. i think we basically kicked it

off. >> buying opportunity. the fda cracking down on companies that produce flavored e-cigarettes for creating products that are too appealing for teenagers it is versus enstiesing more young kids onto nicotine products >> we are joined by michael, analyst at piper i can't remember the last time fda was a friend for some of the tobacco stocks but that's what we saw yesterday does it make sense they would be

beneficiaries? >> there's no question they make all of their money in cigarettes that's where they have scale and they all have smaller e-cigarette businesses they make little or no money there. >> it is what she saying there clearly the whole point of e-cigarettes is they were health tli -- healthier? >> the u.k. government is in fact said they are 95% less harmful. that's clear caseov of reduced i k. they believe it is a concern because they think there's greater uptake than there had been that's what they are trying to address now. >> is there any data about those who start with e hfr cigarettes and then kind of graduate to act clul combustible cigarettes?

that seems to be the main fear long term. >> it is a young category. there is not extensive data. the one source is a survey they did of its own users about 19,000 of them and slightly more than 2% became smokers and almost all of those were lapsed smokers who had not been smoking when they started using but went back to cigarettes there is obviously a little bit of it. >> it will be a huge problem, right? don't they dominate this market of flavored e-cigarettes >> about 90% of their sales are not traditional tobacco flavors which we could call mentho they also have plmango and crea brulee 75% are cool mint. it is hard to know how many would switch from one of those to a different one if they were

forced or cut back use that's what the fda would hope for. >> how long has it been going? the evaluation and it's moving into new markets which could be quite a boost. >> it launched three years ago in the u.s. and has grown very rapidly. it has about a 70 share of the e-cigarette market.

>> okay. thanks very much for joining us. cream brulee i am a fan of that i may have to give it a go we'll tell you about details next fidelity, the inx nddefu pricing war. we'll discuss that coming up i can't believe it.

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>> jet.com getting a revamp. courtney has the details >> hi. jet.com began as a low-cost retailer giving shoppers options to lower their total it is still part of the offering but no longer jet's main message as of today. two years ago walmart bought jet for 3 billion plus dollars it is making a renewed push for the younger affluent city shoppers it is ramping up personalization like showing you home products that match whether you live in a studio apartment or suburban home it is adding from local businesses and big national brands like nike rather than buying nike from a third party seller nike will sell directly on the site. >> what i like about nike and it's similar to the partnership that we announced in the summer is we have a shared view about what it is like in the

retailing. nike shares that in terms of how they represent their brand you need a different experience. >> so it's not quite up yet but coming soon. walmart did lower the marketing budget saying so in the most recent quarter and saying jet cease traffic is declining which may be accelerating the need to altar its strategy no walmart stores in new york city in coming weeks consumers in the big apple will be able to get three hour grocery delivery from the site as it takes direct aim. we know that online grocery is stale very small percentage in the u.s. we are way we behind european countries like this. they suggest it is under 5%. back over to you guys. >> i have a question about the nike share nike made a lot of news when it

finally announced it was capitulating and going to sell directly on amazon is this an knowledgement that it needs to spread across the e-commerce retailers >> yes it is try to go grow direct to consumer business. >> so it still want to go direct to consumer. so if you don't want to go to the nike store they are control it better if they have have a pat ner ship with jet as opposed to it existing as it is currently as a third party seller if you go on jet come come and search for nike you'll find it but it's not nike selling it part of that is being able to control that product and messaging to have a more effective direct to consumer relationship >> yeah. how it looks and everything else >> exactly >> okay. thank you. fidelity offering more fee free funds whether it will push competitors as well. we'll talk about that coming up.

>> on a quick programming note dominos ceo will join us tomorrow for an exclusive interview. we will be back here in a couple of minutes on the closing bell california phones offers free specialized phones... like cordless phones,

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and accessoriesphones for your mobile phone. like this device to increase volume on your cell phone. - ( phone ringing ) - get details on this state program call or visit fidelity announcing plans to increase its free index fund offerings. the company plans to launch the zero cap index fund and zero extended market index fund later this mond. >> the large will track u.s. stocks while the extended will track the total return of small and mid-size u.s. companies. fidelity move following the launch of the first two free index funds last month and cutting fees on its excising

index-based stock and bond funds and we go back to the conversation, mike, about where this is going. is it going into free trading? >> it reflects the ongoing pressure obviously but i think it reflect as fidelity's conclusion that the way to get customer's attention is to tout how cheap the products are it used to be you tout performance. these are non-exchange traded funds. you have to be a fidelity client it's part of the package of attracting assets to the firm. on that level it makes sense but i don't know that the sbrier industry is going to zero. >> one it shows the huge price competition amongst niece guys and why you want scale if you are in assetspath. on the other hand does it mark the top in the shift from active to passive funds if now all of the big guys are so aggressively pushing out the products might that show that we are going to have a swing back to active >> i don't know where you would call that point on the pendulum where it's at the extreme. but it reflects the fact that

almost everyone is leading with passest or assets allocation type funds not beating the market type funds. yes it seems it's gotten to a consensus point. but look at the stocks of the asset mrg. beatsen down leg mason. affiliated managers. blackrock to some degree janice hernandez they are in the dumps. you would never think a bull market looking at those. >> i shares rang the bell here today. >> they did. >> reminded me it's financial crisis week why by far the best deal had to be best rk if barkley hadn't bought demon lots of ifs and butts but gave them this scale. >> also blackrock bought merle lynch investment management, another great deal. >> they did well out of look at them now despite the pressures we mentioned done well over the long-term. >> another story to tell you about jeff bezos launching a charity fund the details next.

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we've got an earnings alert

on sears courtney reagan with the numbers. >> sears originally scheduled to put the numbers out early this morning. they delayed without reason. but we have seerps 'second quarter reports. another big loss, double the loss we saw at this point last year a loss of $4.68 per diluted share. revenues fell 26% to 3.1 -- osh $3.2 billion obviously sharply below last year it's the smallest same store sales decline in more than three years. there were two months in the quarter where same store sales were positive. but to put it in context sears has not actually reported a positive same store sales number in a quarter in at least the last eight years sears cfo does say they are continuing to explore the sale of the ken more rend brand and related assets to unlock value for the shareholders the stock you can see after hours is higher by 9% but it's important to point out that sears is very small. the market cap is now around

$134 million it's a heavily shorted name and has a small float. you see a lot of volatility with this name which is just fair to put in context we don't have analyst estimates anymore with the name because it's also gotten so small. back over to you guys. >> now that context was key though, courtney thank you very much and mike you looked and said not so bad. >> i mean in the context of sears there has been double digit comp declines. they are coalescing a ton of stores the business is essentially in a slow motion liquidation. that's been going on for years now the special committee of the board considering whether to sell the ken more group. there is an offer the table. >> and traded down today because of the delay in the release fts earnings >> peoples braced for the fact that sears is crying uncle and. >> does it say the consumer environment is so strong right now that even sears -- >> they caught their share or more of it than they normally do.

>> mike take away main markets two big sectors health care tech. >> tech np nasdaq up 1%. a lot of other stuff soft. the market looks comfortable as i say and stable in this reconcile zone for now almost halfway through september zboo that does it for the "closing bell. >> see youtomorrow "fast money" starts right now. "fast money" starts right now. live from the nasdaq market overlooking new york city's time square i'm melissa lee. the traders pete narjy team teerm o seymour it's a sale of two chip stocks amd getting crushed while micron soared that's not been the case this year. a top technician tells us the chip of choice plus bitcoin shows signs of life as the crypt of universe based soaring. the dow up 150 points. but fischer sitting out the rally all by itself. shares of the stock are down 2