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tv   Squawk Alley  CNBC  September 17, 2018 11:00am-12:00pm EDT

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good morning it is 8:00 a.m. at tesla headquarters, 11:00 a.m. on wall street "squawk alley" is live ♪
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good monday morning. welcome to "squawk alley." i am carl quintanilla with sara eisen, jon fortt is back from out west s & p is losing ground, down 11. dow down only 33 president trump tweeting, touting benefitsof his trade policies, including various tariffs on things like steel and aluminum another round of tariffs against china is expected to be announced as early as this week. do we know when the announcement is coming? >> reporter: we still don't know i talked to a senior administration official yesterday that said the announcement was a done deal behind the scenes. the announcement was going to come monday or tuesday here we are, 11:00 on the east coast, and still no information on announcements stand by for that. here is the president's tweet from earlier this morning. tariffs put the u.s. in a strong bargaining position with billions of dollars and jobs
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flowing into our country, yet cost increases have been almost unnoticeable if countries won't make fair deals with us, they will be tariffed the question is are we getting the announcement in the next 48 hours or not it would seem likely in fact tariffs are coming as to the timing of that, can't tell you everyone is buttoned up at the white house for now, guys. >> all right thank you. sales force co-founder marc benioff and his wife lynn are buying "time" magazine for $190 million in cash, following jeff bezos acquiring "the washington post." kara swisher, co-founder, editor at large at recode joins us here at post 9. great to have you here. >> thanks a lot. >> this move reminds me of bezos and patrick with the "l.a. times. this is a big national brand.
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>> yep. >> costing hundreds of millions of dollars is this a new trend for billion ara airs to do this? >> it started with putting money into -- the one in hawaii and things like that when he was buying, he said he doesn't like sports teams, this is the version of sports teams for these guys, he is like i don't like a football team but i want this. i think it is an interesting way. they're all interested in media. years ago the google guys and eric sh my eric smith were going to buy "new york times. this has always been of interest to tech people it is not a surprise i think you're going to see a lot more going forward. >> is it political they say it is not they say they're not getting involved in editorial goings on of "time" magazine bezos said he is not getting involved in editorial goings on in the post. but in a way when the idea of objective facts is under
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assault, "time" magazine was based originally on the idea of we're going to tell you what's important, we're going to tell you concisely, show you a picture of american life, global life that maybe you haven't seen we're going to give you a perspective. >> that was in the last century. >> long history of failing on the internet i wrote two books about the problems of "time. these are the major magazines of the time, missed almost every turn it was kind of fascinating to watch, starting with path find e er a long time ago and going forward. it is a great brand still, you have to figure out if you can make it relevant for this era. there's a lot of other media properties that have grown up since then the post was not in as much trouble as "time" is jeff brought in technology and some money, assurance of an owner that was going to leave hands off and at the same time invest in it >> we had a discussion on
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valuation. people say compared to the news week deal, he got played some argue. others say the economist went for 700 for a 50% stake. >> these people are so wealthy, enormously wealthy, it is not that big for them. i believe "time" magazine is profitable an interesting conference business and all kinds of things each of the individual titles have conference business to make revenue. i think there's a lot you can do with the time brand. i was arguing with someone online about this, you could do something with it. marc of course as you know, he is puckish, he was sending me emojis last night. >> was he getting a massage when sending you -- >> i hope not. he is calling me today, i said do not be in a massage situation. >> reference to the "new york times" article >> he had a bitmoji, he could be
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a fun owner, interesting owner i can think of much worse people that could have bought that. >> i want to ask you who are the other billionaires, there are still other properties like sports illustrated and fortune out there. >> those are harder. they have some revenue challenges the revenue challenges for some of them. benioff probably looked at "fortune." a lot of people looked at that i don't know what's going to happen to those properties, where they're going. >> chris hughes tried with new republic seemed like an early way to try for niche stuff. have things turned to looking at more storied brands that perhaps are seen as mustier, less favorable a decade ago >> i like chris, but he was super meddlesome
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that's a team, a difficult team to try to manage iconic, unusual team he sort of went into it the wrong way. i think bezos is -- you can have influence if you make investments, stay in the background but are also present, and you add where you can, such as in technology marc is smart on that. >> you were a national tent pole. >> global. >> sure. global tent pole don't they have to narrow focus, decide to break political news >> i don't know. that's up to the editors >> that should have been the post model, they went hyper local, national political thing. i don't know if i would do if i was time it is an iconic brand. i was trying to think what i would do if i had my hands on that, not that i am getting my hands on that. >> we wouldn't be surprised. >> marc is funny he is a funny guy. it would be interesting. he must have thoughts on it.
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i am guessing he does. he will probably stick to technology things in terms of investments. >> person of the year is valuable event >> he was interested in twitter, tried to buy that. he has always been interested in media and is very atuned to the media. >> person of the year, time 100, the cover itself is a billboard unlike many. >> no, there's a lot of things there you can use pieces of. does it have relevance to younger people i think you can turn almost any brand around there's always permission. >> silicon valley used to hate content. the idea was stay away, microsoft buying you, yahoo, that would have been a bad idea. content is a quagmire. but lately post netflix and youtube and other things, there seems to be revival of interest in content, maybe data driven. is this another step on the journey of how these executives who were so data focused are looking at content differently
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in a way, a departure from what mark zuckerberg has done with facebook >> is yahoo content -- they're buying journalism. the question is what is journalism in this age i think one of the things is, you don't back down. even with trump attacking, so what go right back at him whoever. go back at whoever i think the idea that years ago, he said stop acting like victims and do your job. it was shocking for barry dillard to be lectured at and he was right. with this money it gives you a certain security see how much he sticks with it newspapers are harder, it is harder than a magazine i think you have to have lots of answers in the media space as you move forward marc, it should be interesting he is very funny, as you all
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know and we'll see where he goes from there. >> certainly has lots of answers. >> he does. >> as do you >> only questions. >> when we come back, more on the hurricane. the storm leaves destruction and a hefty price tag for both states effected and the federal government big show coming up amazon hpielng drag down the nasdaq the dow down 3 this isn't just any moving day.
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national weather service warning of worsening river flooding in north carolina the next couple days 31 million people are in a flash flood watch as remnants of the deadly hurricane crawl northward. joining us, former homeland security undersecretary for national preparedness and protection programs who led reforms after katrina. appreciate your time thanks for joining us. >> carl, good to be with you. >> early days here, can we start to prioritize categories in which the damage will fall >> well, carl, it is going to be difficult. frankly local officials are very much involved in dealing with rescue operations. once water starts to go down, they're going to look at frau infrastructure, roads, businesses impact to homes. it will be catastrophic flooding for north carolina. >> how do you think the reforms you were part of post katrina are playing now? are they effecting speed of
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response >> carl, what we are seeing in the response is what we saw last year with harvey there's good coordination between state, federal, local authorities. at the end of the day, a disaster is a local event. it is up to local officials, supported by state and federal government to deal with the problems, but i think all indications are that coordination has been very good. >> george, there seems to be a lot of attention on the storm itself and the force of it perhaps not as much on the aftermath which seems to be key here how are we going to be able to best judge effectiveness of the government's response to this, and what particular needs should people look out for, even nongovernment, to try to help? >> carl, a couple of things. one, this is an area effected by matthew in 2016. so a lot of the homeowners, a lot of business owners, this is the second major disaster that they have been through in a two-year period. but ultimately as we start the
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recovery process, federal programs are not going to make people whole or make businesses whole. this is a long term recovery effort, state of north carolina, local officials, volunteer organizations as you mention, everybody is going to have to tow the road in terms of getting people back on their feet. >> trying to assess how large a construction project is ahead for the carolinas. the fact that a lot of damage is done by flooding, does that make a difference in terms of how you look at size and scope of the project to come? >> i think it does one of the things, north carolina had a wide variety of disasters over the years, particularly hurricanes. they have a resilient infrastructure grid. a fair amount, 500,000 without power. as you look at coming days and weeks, the challenge for them is going to be getting one for the
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water to drain out of the coastal basin and for rivers to go back in their banks, but it will be a slow, arduous process to get the communities back on their feet again >> looking at footage now on your screen of deer crossing the road it's not just infrastructure and people, impact on farms and so forth. george, it might be a stretch in terms of your universe, but do you foresee changes to zoning? we think of this after every storm. areas where homes and businesses should be built and allowed to operate because what people argue over the coming years is a change in coastline. >> carl, i think you have two issues one, the coastal issue, we have been looking at coastal development in this country for at least the last 30 years i have been involved in this business we continue to allow people to build on the coast it is part of the tourism industry but have not
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incentivized it like in the past in terms of insurance coverage eligibility for disaster programs, but ultimately at the end of the day hurricanes are going to continue to happen. coastal development is going to have to be smartly done where it is done. with regard to internal communities across north carolina, these are multi hundred year old communities, built on rivers because of the transportation they offered. those communities are not going to up and move and we have got to find wait to mitigate effects of future disasters. we're going to continue to see floods of this type occur. what's unique with florence, this is more than a 100 year flood event. building codes and standards, they're limited to that 100 eer year event we'll see people out of the flood plains effected by the storm. >> feels like the 100 eer year events are coming more
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frequently and with greater severity sue herera updated the situation in the philippines, fatal typhoon, worst of 2018 you're no longer in the federal government hoping for candid thoughts is this climate change >> sara, there's clearly a pattern here associated with the nature and frequency of storms, and i am not a scientist, so i don't know the specifics of climate change here is what we do know. the world's population is increasing and those people have to live somewhere. we need to make smart development decisions and ensure we don't put people in harm's way. you look across this great country of ours, all you have to do is fly across america we recognize there are a lot of areas people could build in the future, and i think we have to have a national discourse about what are the future effects of changing climate in this country, the impacts of changing climate, and where are we going to put the population as it
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continues to grow. >> george foresman, i imagine we will be speaking again, hopefully with better news from the carolinas. >> good talking to you. we come back from whiskey and pot to tweets, elon musk actions wonder why boards capital tamp down on certain conduct. we talk to tom farley about what role he thinks boards should be & isayg. s p down 8. can speak to the future. ♪ ♪ i'm going to be your substitute teacher. don't assume the substitute teacher has nothing to offer... same goes for a neighborhood. don't forget that friendships last longer than any broadway run. mr. president. (laughing) don't settle for your first draft. or your 10th draft. ♪ ♪ you get to create the room where it happens. ♪ ♪ just don't think you have to do it alone. ♪ ♪ the powerful backing of american express. don't live life without it.
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watch amazon today shares down 2.5% citi out with a note, saying the company should or could announce separation of retail and cloud businesses in the next few years, argues a separation makes sense given hq 2
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jeff bezos' comments about spacex and other endeavors and increased regulatory scrutiny rhetoric price action today, did dip below 1900 worst day since april. currently the worst day since july >> plans do change i asked michael dell about going public again, he couldn't see it happen i asked about this, he said they're not planning to spin off cloud business will aws have more presence at hq 2, is he planning to move from seattle to somewhere else, he said no, he's not >> no indication this is happening. >> there wasn't a few months ago. thinking can change. amazon is a fast moving company. i don't know >> isn't the whole idea the enormous profit machine that is aws helps to fund the growth of
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prime and low prices and more logistics which is costly and doesn't make a lot of profit >> that does happen, there's data connection and infrastructure learning that takes place. companies figure out that they want to create value in different ways we'll see what they do here. it is 11:24 on the east coast. it means european market is about to close dom chu has a check. >> we're seeing the european markets getting ready to close, mixed, fraction nalally lower the financials among the best performing sectors in trading. brexit in the spotlight. the eu is prepared to accept a fr frictionless border. theresa may could end up striking a deal for brexit by
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end of the year. this is happening as eu chief negotiator michael barney separately said monday that negotiations between the two sides were being conducted on a, quote, spirit of cooperation the pound also moving higher against the dollar on those particular headlines as well among individual names, h and m jumping after better than expected quarterly results efforts to compete with online sellers and budget brands were starting to pay off. the stock had the best day going back to june of 2001 carl, sara, back to you. >> thank you tesla coming up later today on the closing bell, tesla's board member and brother kimball musk will be on the show and ahead of the spacex announcement of who is going for the first time >> that's going to be something to watch in the 4:00 hour >> yes, the interview.
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>> and there are questions about this board, tesla's board and how much loyalty there is to the ceo, and whether they need to be pushing up the fight for coo or a number two, that sort of thing. >> we'll talk with tom farley about that, and what is expected ndt. boards when it comes to ceo couc meantime, dow down 13 points "squawk alley" back in a moment.
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i am sue herera. james mattis in macedonia. he had a welcome ceremony with the prime minister >> vote in referendum to move to nato succession should you vote in the most important vote in your nation's history. we recognized a complex political choice ahead for your people and we support you >> the russian military says the missile that shot down malaysia flight 17 in 2014 killing all 298 on board came from the ukrainian army russia denied involvement and has over the years offered theories as to the cause of the crash. drama in the mediterranean
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sea. dozens of migrants were rescued over the weekend from a sinking raft off spain rescuers pulled 60 migrants from inflatable dinghy filled with sea water east of the straits of gibraltar. back downtown to you >> thank you very much. elon musk left, quote, production hell to end up in a different kind of hell he tweeted sorry, we have gone from production hell to delivery, logistics hell it should be solved shortly. tweets in response to complaints on deliveries. not the first time they struggled with timing for delivery and production. private tweets and what some call call erratic behavior. we are joined by tom farley, chairman and ceo of far point acquisition corporation. good to see you: >> nice to be with you
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>> we can frame this in a tesla way, more broadly too, do you think ceos are acting more strangely over time, is that a function of what boards allow them to do >> great question. i'm not too critical of the tweet today. successful ceos come in all shapes and colors, communication strategies, but if you go back to the ridiculous funding secured tweet, that is something i am particularly critical of. empathetic with people that bought at 340, thinking wow, this is a company that will be taken out for 420 and they lost quite a bit of money it begs the question what is the role of the board in a situation like that. role of a well functioning board, they pick a great ceo, developing a team. they identify key risk to a company and mitigation plans, make sure the company is complying with all rules and regulations. this is a case where the company
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wasn't complying with rules and regulations. i am hoping this is a turn the corner moment where boards have a fourth responsibility, protect reputation of the company. in this instance, strong board could have come right out and sadie l said funding is not secured, not even close, you got it wrong let's acknowledge the mistake and get information out quickly. that's not what they did that delay not only hurt investors and increases the possibility that sec holds the company liable >> sounds too like there's an element of some boards that feel indebted to the ceo. i don't know if you apply that to tesla but like to a cbs. >> share the good news i ran new york stock exchange for better part of five years. most boards are well functioning. days of crony boards enriching
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management or themselves are by and large gone or diminished significantly. activist investing has been helpful in this regard there's still an element of boards not acting quickly to protect the reputation and make tough decisions. cbs is a perfect example why would that board not have said les, take it at face value there were accusations in this article, because you're telling us that's not the case, we are going to go ahead, have you step down while we pursue an investigation because we think that's the right thing to do in the name of the governance with the benefit of hindsight, looks like it would be the right decision i suspect because the board wasn't contemplating a fourth responsibility, how do you protect the reputation for the long term. >> jon fortt in the case you got a powerful
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ceo, maybe a founder ceo who's personality is all tied up with a brand, how do board members navigate that. i imagine some situations it may come down to i may have to leave the board if i can't get the ceo to act in a way is appropriate or if i can't get other board members to agree with me how serious the situation is >> jon, you asked the right question in both examples i gave you, the ceo is the chairman. that complicates it further. i have seen the model work i am a believer in the chairman and ceo model when appropriate you can have a strong lead director i spent a good portion of my career in intercontinental exchange i can tell you the lead director in the room acted in many cases like a chairman and was not afraid to step up and say this is something putting the company's reputation at risk if a board of directors isn't going to do that, they shouldn't
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be on the board of directors >> tom, what exactly are you advocating for when it comes to tesla's board and tesla is kind of a unique scenario, elon musk and his personality is part of the bullish greatness that tesla has. >> sara, i have come on here multiple times, said this funding -- including the same day or next day, funding secured tweet was ridiculous because i was concerned about investors who were hurt and our entire system relies on providing accurate information the board did not act. they didn't act quickly or forcefully, even with the benefit of a few days. i suspect that this board would be better off with a few changes. in the case of the cbs board, we are seeing a few changes >> can't wait for 4:00 when kimball musk comes onto talk about it tom, good discussion see you soon >> thanks, guys. good to be here with you back to the overall market,
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the looming threat of $200 billion of imports from china and new tariffs on imports, keeping markets soft shares of apple and amazon particularly hit, dragging the nasdaq lower great time to bring in chief credit swiss u.s. equity strategist also tony dwyer. we're getting the 2019 forecast for s & p. jonathan, you're at 3350 which is bullish david kostin said 3,000 next year why do you think he is wrong >> if he is right with his 3,000, i don't know how he came up with that, he is basically saying either multiples will massively contract or we're going to have a huge rollover in corporate profits. i don't think either one of those two things are going to happen the economic cycle is in very good position. corporate profits are booming.
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even next year when they're not as good as they are in '18, still going to be quite positive. >> tony, where are you on next year's outlook >> 3316, probably too low. you'll have 25% earnings growth this year. when you look at the multiple of the market, currently 19 times it was 19 times in december, 2016 well before the tax cuts it is 19 times now with another quarter coming up that starts in two weeks, end up being 5% growth there, you're going to get as jonathan said, you're guessing at a massive, multiple compression that hasn't happened to date that said, we're in a period whereas you point out on the lead in, even more important than tariffs was the fact that the fed was meeting, and there's uncertainty on the fed meeting, it is tough to make the case to go up on the next tick we expect volatility we would rather buy on pull back
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for the move to 3200 this year >> jonathan, is tech going to keep driving this, and if so what particular trend, is it around data, cloud, what do you think? >> i think tech is going to keep driving. i think what people are missing is this is not about investors who are investing on a speculative basis, it is about their addressable market you talk about the areas you have online retailing. you look at amazon which now is one-third the sales of walmart, what is that ratio, relationship going to be not tomorrow but five years from now. if you look at online advertising, how much more advertising dollar spent to convince us to buy things will be online versus billboard or radio. again, over three to five-year period, bigger number. and cloud computing. not only the enterprise level.
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how many pictures and music and stuff on the phone are moved onto a server, and we're paying a monthly fee on that. i think that will be huge. the story is not only that margins are high but really you'll see expansion of the top line i think it is underestimated >> if all of that is true, takes place, but don't have half the gains coming from six companies. >> you know, doesn't matter. so for example, take a look at online advertising it may be now that it is dominated by facebook and google if there's a company we haven't heard of still part of it, it is part of the tech space tech broadly defined is 30% of the market cap of the s&p 500. my guess is something in the neighborhood of five years that will be over 40%, and will be because the addressable markets in these areas are simply going to be larger do i know the names?
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maybe they don't exist yet does it matter >> tony, you were going to jump in sorry. >> i think we have to be careful saying six stocks are driving all of the gains our partner at sentiment trader did a study on this, basically it is normal when you look up to the last couple of weeks, there's broad participation. i think it is a stretch to sit there. the problem isn't an unhealthy market it is backed by solid fundamentals you look at periods when you hit the peak of the mashlrket, it cs from a credit driven market that starts to see stress the stress indexes are historically low from the date of inversion, you don't have recession in a benign inflation environment for 30 months you're in an environment we are looking for quote, unquote the
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peak, like the calendar does it. it comes down to credit and fundamentals while we will have volatility around political and trade tariff stuff, there's no question in our mind when you look at new high in small business index, record high, new cycle high in ism manufacturing index, long lead time once you invert the curve, there's a runway here that people are underappreciating because of the theatrics from different areas of the political spectrum. >> that's the optimistic take. both of you. thank you very much. when we come back, trip adviser unveiling a new website redesign we'll hear from the ceo. dow down 16. rick santelli, what are you watching >> i am watching the dollar index. it looked good friday. everything we gained friday we have given back today. what is the fate of the dollar index. how much does globalism figure
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when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. coming up, is this the opportunity to get into amazon and steve weiss with his ultimate portfolio what five names he is betting on
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and why. that's coming up at noon 15 minutes away. see you then >> see you then. coca-cola in talks with cannabis producer aurora to make marijuana infused drinks according to a report. according to that report, they'll focus on health focus products to ease pain, cramping, swelling coca-cola responding with a statement on the speculation saying along with many others in the beverage industry, we are closely watching the growth of nonpsycho active cbd as an ingredient in functional wellness beverages around the world. the space is evolving quickly. no decisions have been made at this time. canada is going to fully legalize recreational marijuana. earlier, constellation brands invested into a producer, canopy growth these stocks are flying on speculation. as someone that covers
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coca-cola, they under the new ceo have doubled and tripled down on the beverage idea. it would be impossible for them to ignore the explosive growth happening in cbd beverages i would point out distinction between cbd beverages and what beer brewers are talking about like constellation which is thc. the distinction is nonpsycho active just a calming effect of cbd it is on all kinds of menus, coffee drinks with cbd >> the new acai berry. isn't that like tobacco flavored candy? what's the point >> maybe, but not as harmful as tobacco. the regulation is moving in favor, not away from these kind of products. so premature to talk deal or investment with a company like
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aurora, but the key is focus on the potential development. >> fascinating story today let's get to the cme and get the santelli exchange. good morning, rick >> good morning, carl. we tried to keep a general theme, dollar index and generically rated, many ways to value the dollar want to keep an eye on the index. there's a 30 year chart you should see on the screen sometimes you need a lofty view, go way back in time to understand the dynamics. i know many of my e-mails have good questions with the central bank being further ahead than other central banks removing accommodation, raising interest rates with an eye towards the balance sheet, trying to sterilize from new purchases, let runoff occur. eventually central banks get to where they're not adding, they're seeing contraction the whole dissertation should be
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accompanied by a stronger dollar for the most part it is. but set at over 92, now 94 and a half let's go to my rendition of the chart. 30 year chart back to fall of 1998 there are big clues here take a generic big clue. bottom around 71 for all practical purposes, generally assume around 70 that was april of '08. and we have a high here that was a bit above 120. anybody that could do quick math will realize the average of those two, middle point in there, you guessed it, right around 95, which is a boat load of activity. it is the area we failed from in the big rally friday you look at the past, 1991, 1994, we had very important tops above '97 if you recall, a few months ago, hit 97 with respect
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to the dollar index. if you take a broad view of the dollar index and issues of a reserve currency, process of reuniting different global pieces, the fact that the pull of the market from biggest move in the last 30 years wants it to be at the mid point could be helpful to your trading. jon fortt, back to you >> thank you, rick santelli. hurricane florence is now a tropical depression, leaving behind a path of destruction as homes and businesses continue to take a hit from flooding contessa brewer live in south carolina >> i have good news. i-95 southbound portion has reopened in south carolina we're going to show you this this is the area that was previously closed. none of the traffic trying to come from north carolina near the border to south carolina could get around we're getting on the highway you can see traffic is nearly
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empty. this is an empty roadway as we are moving forward going to roll up my window so you can hear me. this is good news for folks going south. the real problem is there are so many resources trying to get into north carolina recovery zo they still can't move up on i-95 we are seeing one vehicle right here as you head off of i-95, they are trying to get around flooded roadways and having to see big tractor-trailers turn around we're going to keep our eye on it that's one piece of good news. this portion of i-95 now reopened the i-95 stretch in north carolina is still closed that's a massive section they're asking people to avoid it entirely. clearly the northbound lanes have reopened because we're seeing the oncoming traffic. airports are largely open with the exception of wilmington and jacksonville and the port of charleston has now reopened and is moving cargo, too guys >> all right great reporting from your,
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contessa i know we'll continue to get more of that from you throughout the day. before we head to break, let's take a look at the markets all the major indices lower but off session lows, the dow down 19 points. s&p down about a quarter of a percent. (john foley) i was there in chicago when bob barnett made the first commercial wireless phone call in 1983. yes, this is bob barnett in chicago. (john) we were both working on that first network that would eventually become verizon's. back then, the idea of a nationwide wireless network was completely unreasonable. but think about how important that first call was to our lives. it opened the door to the billions of mobile calls that we've all made in the last 34 years. sometimes being first means being unreasonable. i'm proud i was part of that first call, and i'm proud that i'm here now as we build america's first and only 5g ultra wideband network with unprecedented wireless capacity that will not only allow for phones to be connected,
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but almost everything-- transforming how we all live, once again. (bob barnett) as you know, this call today is the first call that we've made on the cellular system. ♪
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i'm ready to crush ap english. i'm ready to do what no one on my block has done before. forget that. what no one in the world has done before. all i need access, tools, connections. high-speed connections. is the world ready for me? through internet essentials, comcast has connected more than six-million low-income people to low-cost, high-speed internet at home. i'm trying to do some homework here. so they're ready for anything. trip adviser unveiling a new website in an effort to become the facebook of travel but will it work we sat down with trip adviser
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ceo. seema? >> reporter: with all the travel information available online, more often than not travelers rely on recommendations from families and friends trip adviser is hoping to create more personalized, customized travel content the new user interface looks a lot like facebook and instagram with users capable of launching their own travel feed where they can follow where their friends and family are eating and staying. the ceo says this is a big opportunity for the company. >> that missing ingredient, from the influencers they know from brands, real travel brands they've trusted for so many years, how could tripadvisor, how could we help pull that together to make that research experience that much better? >> reporter: aside from today's announcement, the travel operators are keeping a very close eye on hurricane florence.
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kaufer telling me tourism in the carolinas will suffer. listen in. >> i'm sure the bookings are way down for the affected area just like all the other natural disasters that, unfortunately, we've seen unfold. the nice thing about it, though, is it tends to be a temporary low so, again, depending on the damage, people do want to help these affected areas and part of our job is to help them know when it is great to go back, that businesses are open and available. it will usually take months. it takes a little while but, again, it depends on the magnitude of the incident. >> reporter: tripadvisor and other online travel operators like booking and expedia are hoping to play a role in these recovery efforts by being the platform users can use to keep up to date on the hotels that are in recovery mode and have a better understanding as to when they come online on the coastline. guys, back to you. >> yeah, probably a lot of trips
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being affected seema, thank you apple and amazon leaving technology lower today plus, coming up at noon, white house economic counsel adviser larry kudlow sitting down with our own becky quick. ept redodo 15 points
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market holding up, i guess, reasonably well given 2% declines in amazon and almost a 2% decline in apple. netflix not having a good day either twitter with some troubles down 4% it is the worst day for amazon since the summer, july or so it was earlier than that, april, earlier today. >> and in retail etsy having a bad day almost down 7.5% you know who is not having a bad day stitch fix this is the send you a box of clothes company that amazon is supposed to crush. just a few months ago it was down $18 and change a share. >> notable winners and losers in tech, amd, we were talking about who has won the market outside of fang with the concentration amd up 162% over the last 12 months a notable winner today, in fact, some of the best performers in
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the last year in that information technology index, have also had tremendous gains like adobe looking for market leadership like credit suisse was saying into next year >> that's where we are we'll see what the afternoon brings of course kimball musk on at 4:00 let's get to "the half." i'm scott wapner is the market sending mixed messages to investors? if the data is so good, the economy so strong, why are defensive sectors leading lately what does it say about the strength of the rally? it's 12:00, noon, and this is "the halftime report." amazon on the move as well as several other big nasdaq names. is this your chance to get in? plus, you don't want to leave home without this. call it a day t. could make you big money. and larry kudlow at a speech at the new york market club. "the halftime report" starts now.

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