this is again according to reportsment. >> all right still a lot to go. thank you for watching >> closing bell right now. >> it's time for the closing bell a tariff weighing on near the bottom of the nasdaq we'll break it all down coming up on the car line folina borde threat of flooding still looms as this struggles to recover from hurricane florence. i have more details just ahead sales force benioff buying the time media brand it could be a new wave of fi

>>. good afternoon welcome to the closing bell. markets near the low of the session for the dow is down 78 we are take ago slight leg lower. it is more than 100 point swing today. trade is a big driver of risk sentiment. the president reportedly gets sent to formalize another round

of tariffs let's get to the latest. what do we know at this hour >> we know that the president is convening a meeting he is talking behind closed doors. no new words on tariffs from the president at least from what the reporters in the room have been sending us so. we'll wait until he addresses that in the next couple of minutes. it does smell a little bit around here. >> the president has suggested tariffs on a couple hundred billion dollars. he has not been satisfied with the talks with china on this my guess is announcements will be coming soon

>> a little bit vague on the details. >> thigh are facing some sort of tariff a lot of details still unknown will it be 10% as reported that's one question. one report suggests the apple watch might be exempt from the

tariffs. >> what's the next step and how friendly do you sense it is happening? >> it's a little bit vague not welcome to specify who will be meeting with who here i think we'll have to wait and see what the answer to that question is aswell

it continues to plunge currency is under pressure they are getting punished. now tariff is a verb they are getting threatened to be tariffed and their markets are feeling it worse >> he said he felt the u.s. economy was the strongest in the borld. it is even if it is stock market has beencollapsing

>> you had ppi where it showed prices weren't going through on broad scale from the tariffs i think they are feeling very em boldened about what they can do in regards to china. a lot of reaction you're seeing, a lot of that is coming from the domestic side not necessarily from the tariffs it has really diminished a lot of issues with the private companies there. they are having a lot of domestic issues as well. it's definitely aheadline grabbing information we'll get more seeing what the

tariffs do. >> you international etf's that was saw at the beginning of the year trump is very tactical in his strategies eventually the plan is to work something out. what a great buying opportunity. we have already seen a huge

amount of money come in. >> you have to be country specific at the moment >> i think they do have a home country bias especially as everything has been great in the u.s. make sure you have at least some allocation overseas >> it's a good place for rick to weigh into the conversation with a ten year hovering at 3%.

>> yes from 2s to the 30s we are highly unchanged at themoment there are a lot of things we can pull out that aren't perfect some of the money hasn't been repay triuated that's fine. i'm sure it hasn't and i'm sure a lot of business investment hasn't occurred yet either these things aren't on a

stopwatch. >> i think as far as u.s. equities go you have to look at exports that are exporting globally it will effect them as well. they made their moves. we have seen big rate hikes going in argentina it is 600 basis points russia raised their rates. we are on tap for nextweek

>> so much of this move is apple and amazon >> we try to figure out whether we can stay a leader of this market >> i don't think it will slow down one think i will concentrate on is small caps. they said business confidence is at an all time high. they are not effected by trade tariffs as much. not as effected by the currencies there are some that have done very very well up in the high 20s compared to what the s&p is. >> or you're just making a point -- >> small cap in general i think is really important to look at we all want to talk about it

they are moving and shaking but the average investor does not have much allocation on the small cap side. >> i'll make it really easy. i think for the rest of the year the market and dollar index will average a price around 95. >> and no moves further away from that. the average price is around 95, 96 i think that's where we are going to spend time on both

sides. >> can you weigh in on the technology question? it's down less than 3% and is this the opportunity to buy? >> you know, you have to weigh your portfolio and see if it fits in with something you're doing it's hard for me to comment on how we would position with that since we don't own it. we do have other tech names. we are looking at some of the others that's not necessarily the things because of the huge run-up tech is always a good sector to be in for the long term. >> thanks very much. we'll leave it there up next on the closing bell tensov tens of millions remain under flash flood watch. it brings more rain to the east

coast. we'll speak with the ceo about the challenges of getting power back to the region and later you may soon get more than a caffeine jolt from your can of coke s tails on the beverage unite' in hot based beverages dow is down about 70 points.

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we want to go through a process where we want to make sure everything is just right. i think democrats could have done that a lot sooner. one thing is judge kavanaug spent a lot of time. you would have thought certainly that she would have brought it up at the meeting not wait until everything is finished and have to start a process all over again. with all of it being said we want to go through a full process. i have great confidence in the u.s. senate and procedures and what they are doing. i think that's probably what they are going to do

they will go tlau process and hear everybody out he is one of the finest people anybody has known. i have never seen anything quite like it. they will go through that process and we'll get it done. >> it depends on the process i would like to see a complete process. i would like everybody to be very happy most importantly i want the american people to be happy because they are getting somebody that is great i want him to go in at the absolute highest level i think to do that you have to go through this. it shouldn't be very much. this is something that should have been brought up long before this they had the information in july as i understand it that's a long time ago knob mentioned it until the other day.

with all of that being said it will work out. >> have you spoken to him? >> i have not spoken to him. >> do you think this is on track? >> oh, i think he is on track. i think he's very much on track if they delay it a little bit to make sure everybody is happy they want to be happy. i can tell you the republican senators want to be 100% happy themselves this should have been brought up a long time ago. >> thank you very much >> reporter: [ inaudible question ] >> you're going to see it on china today right after close of

business we'll be announcing something. it lab lot of money coming in. you'll be seeing what we are doing right after the market's closing. thank you. >> okay. that was the president talking there moments ago and confirming that headline we have heard that they will be making an announcement after the close, expecting a lot of money to come in >> probably. that's what he generally signals when it comes to foreign companies paying more to get their business i think other important headlines there in defense saying she a high quality individual expects that his confirmation will be on track. he has fun confidence and he wants to let the process play out and blame democrats for

bringing it up late in this game let's bring it up with some of the other headlines there. >> yeah. that's right i think we have no question mark on the issue we will see that a lot of specifics and if they retaliate is still unknown reporters will have a lot of questions on that front. making it clear that announcement is coming and coming today on judge kavanaugh. he is accused of a sexual assault by a woman who has come forward and publicly identified

herself. we offer support for judge kavanaugh. interestingly the president there also giving the senate some time and space politically to deal with accusations and not pressing for an immediate confirmation vote on the judge >> great stuff thanks for very much the dow is down about 99 points. switching focus hurricane florence leaving 17 people dead and causing near record flooding it has restored power for 1.2 million of those customers

we are duke energy chairman. of thank you for joining us. apologies for the delay in getting to you update us on those numbers it sounds like quite a lot of outages. it is relative to your experience is this the worst case you had to restore power to? >> thank you we appreciate the opportunity to be with you. it has been an extraordinary storm. a million 1/2 of our customers lost power and we are proud to report they are restored our work isn't over. the flood waters are really impacting the state and many of our customers and has been an important part of the story. every hurricane has a different personality to it or a different story to unfold and flood waters has been an important one here we are hard atwork today crews

are on the ground today and our commitment here is to maintain safety for the public and environment. it remains a high degree of confidence the work will continue >> talk us through the restoration effort.

trying to get clearances to come into areas that have been so heavily impacted by the storm. department of homeland security, fema, department of energy we actually had a great story over the weekend. partnership with a local walmart store. the walmart store opened its doors for us for food, for clothing, for supplies even though they were out of power and in a challenged area it has ban team effoeen a teamet

>> a design and employees are train today address these types of situations. i am proud of the work that's gone on at brunswick station it is in a safe shutdown position it will remain that way until we are prepared along with government partners. you should have a high degree of confidence and executing in a safe manner. >> thank you for joining us. please keep us updated >> thanks so much. >> she is the duke energy chairman, president and ce onchts. we have less than 40 minutes before the closing bell.

dow is down triple digits, 102 and word from president trump that there will be an announcement on china that will fill the united states government the nasdaq taking it the hardest. a big chunk of that is a decline in amazon of more than 2%. still ahead, don't miss our interview with kimbal musk we'll get his thoughts on the mpielenges at his brother's coans.

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technology has been way down by the likes of amazon today we are flenear session lows. it did go down triple digits nasdaq very much down more than 1% >> and the big announcement with president trump has to do with china trade. we assume it is going forward with the new tariffs on $200 billion worth of goods.

it is like seafood, land bags, furniture and luggage. we'll have to talk to companies about whether they passed that onto consumers or whether they take the hit >> we shall see when the announcement comes >> with the dow down about 92 points ahead of that we have a news alert on instagram. let's head over with the news. >> sarah, instagram is making it easier to shop the company announcing it will allow people to shop expanding a test will enable to 400 million accounts that watch store rirs every single day they are also launching a new personalized channel to enable users to browse shopping to ban others they may like instagram saying that shopping is an essential and growing part of the app announcing more than

90 million and shopping posts on instagram every month. the more facebook can keep instagram's active users from leaving the platform, allowing them to shop without ever have been to swipe away the more facebook will be able to grow instagram's revenue. it would be about a quarter of facebook's revenue instagram benefitting from must faster user growth plus more opportunity to grow. as for reports that facebook was an entirely separate shopping app they won't comment >> they won't comment? >> so we asked we said is this announcement the same thing as the reports of shopping app they simply said no comment. they are not asking you to

download a separate app >> facebook stock down 18% over the last three months. >> do you get drawn in by the instagrams >> i do. in the ads and direct shopping links. i have friends that have small businesses and theyuse this. for some reason instagram does a good job >> i get shoe ads on instagram >> i should be getting the shoe ads. >> i know. >> i get a lot of jewelry ads. >> what should they be targeting yor ou

zbli don't know. i don't foul far it on instagram but maybe other services facebook stock down 1% let's check in on individual market moves retailer bed, bath and beyond, i think this is a great store. >> and they own bye bye baby it is a very good store. >> and bed bath and beyond is upgraded to market perform from under perform. it is up 6%. if you read the note on this it is actually sort of from being very barish -- >> and that's the story of the stock too. >> it is still down 32%. it is down 11% year to date even after this move. it is sort of rally off the bottom it could have a bounce back quarter or two opposed to changing its direction >> and everyone -- analysts complain about the coupons you can always use the coupons facebook consumers not so great

for profits. >> i'm watching jumping today on a report that it is in talks to develop marijuana based beverages. they say the expressed interest in the space they say no decisions have been made it is closely watching the growth of nonpsycho active cbd >> you're already drinking these drinks >> they are all over it's ex-ploeding in popularity we are not talking about thc kind of drinks which are something they are looking into. it is pretty obvious that coca-cola that framed itself would be looking into the growth of these beverages it is premature to talk about a deal but certainly development of beverages coca-cola looking into it. it did come from canada. >> it creates some excitement.

>> any update on when i can get mine here? >> they are not planning to open stores >> oh, in the grocery? >> just bring it still to come, the ceo of first data now it is payment and announcing a major milestone. we'll ask him about that achievement plus his thoughts on diamonds feud with that coming up and later we are 50 days away from november's midterm elections. they say a democratic sweep wouldn't be as bad as some may think. ♪ a hotel can make or break a trip. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage.

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he urged resident to stay off of flooded roads >> inan dated with major flooding >> rescuers in the philippines resuming work at the scene of a massive landslide set off. police say 34 villagers died with another 36 still missing. they say it is unlikely any of those will be found alive. >> a british diver is suing tesla ceo. he falsely accused him of being a pedophile. he is seeking more than $75,000 there damages. you're up to date. that's the news update back to you.

>> all right weird story. >> thank you 20 minutes to go before the closing bell 20 minutes until president trump's announcement on a development with chinese trade it is only about four tenths it is nasdaq down 1.4% right now. up next we'll speak to the company ceo about the future of the company and the milestone it is here to celebrate today and we will be joined by kimbal musk. we'll talk to him about the one industry he says is failing america and what he is doing to change it. that's coming up here on the closing bell see that's funny, i thought you traded options.

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>> nasdaq is down almost 1 pn.5.

we are announcing more tariffs on china from president trump which weighed on markets in the last 15 minutes or so. >> joining us now is today's closing bell ringer. ceo of first data which sold its 1 millionth clover payment system it offers apps that track inventory and manage employees and monitor revenue streams. nice to see you. >> thanks for having me. >> i guess it is one reason of more than 40% in the last 12 months where is that coming from? >> we have been very fortunate we have fabulous krieclient takn it up to mid-sized clients. so it has really established itself as a come flaplatform inh industry >> and you see them a lot more

and i believe your 1 millionth sales number do you think you can crack those that are committed to the payment system >> i think thaw are very very large systems. clover has the ability to connect to that large system set. it is a very open platform the small and medium sized market is very very large and has a lot of opportunity bringing software as a service to them. >> when we think of the level of disruption from challenges, do you think that level of disruption has already peaked? there might be a lot for someone like you to make it is offering all sorts of advances do you think it has peaked >> for us banks are our partners wells fargo, pnc, sun trust, they all distribution partners

for our products in very close alliances. so we are here to help banks and help their clients and build embedded relationships with them i think there's a lot of runway for everybody here >> you suhave such unique here. almost 10% do you expect the stlaengt reng are seeing to continue >> we have seen it strong. we have seen consumers out in force. you know, remember, we have it in the u.s. and we are a big global player. you a lot of adoption from cash to cards still happening so i think the consumer looks very strong to us. the u.s. we continue to see their strength >> you gaet a lot of access to that in that regard. how closely do you protect that

data although we see trends never do we give up any individual information. >> and we have seen such growth in some of these stocks lately you the credit card companies themselves, where does it fit in as we continue to see technological advances >> it is the enabler for all of them we are a partner across the board. our job is to enable commerce. we do it at point of sale and do it for issuing >> i don't know if you saw the headlines. he said he could beat donald trump there a presidential race. what is that he is thinking about running do you think he would be a good

poll politician >> i think he is a great ceo and not my subject to discuss. >> don't want to start a twitter fight with the president >> fair enough we look forward to seeing you ring the bell. congratulations. >> thank you great to be here still to come, will there be a deal or no deal when it comes to brexit? we'll discuss that coming up we'll bring you instant analysis the dow is down about 92 points. let's begin.

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the interesting thing is that if you take a look it's bio tech that is the biggest declining sector at this hour. it's no question that in terms of real impact here on the nasdaq it is big cap tech and in particular the biggest caps of them all amazon having one of the worst days since july.

it is the biggest point impact drag here on the nasdaq. wall street journal points out something about people showing data take a look at some of the chinese retailers. today they are continuing to suffer collateral damage jd hitting an all time low today. 16 regulators or so and the companies expect that deal will close by the end of the year

what's interesting is it was announced after cvs and aetna. it is much more complicated because you have a big retailer involved here. >> okay. thanks very much for that. we have got seven minutes left of trade the nasdaq very much way on sentiment. a couple of high profile comments on brexit for the last couple of days. >> our assessment is that it would have very consequences

>> calling for a second brexit vote >> the british public should have a say on the outcome of the negotiations >> it has rallied in the last couple of weeks and got down to the 128 and back into the sort of 131 and -- >> yes >> six week high rightnow.

>> we have a full rally until both of those -- >> yeah. a little less likely they will crash out come that date in six months i would note the context on both of the sound bites, london mayor and london voted against it. also took a step of weighing into the politics and warned about all sorts of economic pain >> included in a press conference alongside then chancellor in that very room she was in just now which should have backfired along with comments of president obama.

>> a little bit of politics at stake. >> yes >> and those people are pushed far second referendum. the risks they play is does it also make a no deal more likely because it makes negotiations harder with the eu it is crazy to think there's down to six months left. the rally today rather falling up next back with the closing countdown. and after the bell he sits on the boards of tesla thmbal musk will talk about e future of the industries and where he sees opportunity for growth we'll be back. day. when equipment is broken, it means lost revenue. trusted choice independent insurance agents offer special protection that could help replace or repair damaged equipment and provide lost business income. they represent multiple insurance companies and customize coverage to help businesses get back to work.

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[ding] you can see we are right at session lows at the moment it means down 0.6% awaiting an announcement from president trump on more tariffs on china let's look at all of the indexes. the nasdaq and down 1.4% it is quite a significant down day bringing in and we have a look at the sectors and s&p. >> caterpillar up when trade looses down. it is not always good news on

trade. bad news industrials are down. bad day for bank and the banks are doing nothing again >> this is at the nasdaq back to you. the dow is down for the first time in five trading days.

less than 100 points naz dang down 1.4% amazon's decline, apple as well. russell 2000 falling a full percent. kimbal musk is talking about how president trump's trade war with china could impact his latest venture in the food space. on this market we have cnbc mike santoli we are awaiting an announcement. it could come when it comes to china trade. do investors assume it is the next round of tariffs? >> i think it's the

apprehension no saying for sure but i think a lot of that i think is more or less priced in we don't know for sure finally if it is all is. i think the play book is pretty clear negative trade headlines has a quick negative effect. it hasn't lasted all that long i look today and say s&p has been kind of oscillating in this area first caterpillar was the leader of the dow it wasn't the case >> similarly, the dollar moving in a direction you would not expect >> i don't know if that was the whole story. the two that haven't been hit hard, amazon and apple drag down the nasdaq and the s&p today so also this week of the year leading into the september

options tends to be a weaker one. >> so now we are getting the levels nasdaq closing at lowest levels since august 23rd. worst day since july 27th. >> we are in this lull period. earnings coming up in a couple of weeks now you this overhang game of chicken going ochblt so really take money off the areas two of the rock stars of the market >> are you taking money off of winners? >> we are. we are putting them into the losers and areas we think flgs opportunity. >> like where? >> the auto stocks >> yes so i think there are areas the market industrials that haven't partaken at all with the markets up close to 10%. i think that's where the opportunity is it's like some of the texts. >> and we are waiting for the

fed next week. is that something that's weighing on markets? it doesn't really fit with the days the dollars are falling >> i don't think the markets are rushing to price anything new with it. coincidence or not there have been seven or eight. the market did pull back little bit. it seems like it has some kind of elusive fact. it was kind of a local top it's hard to say >> interestingly you were looking when the it was -- it is hard to say exactly directionally we are going after the close president

trump's larry cud low m. it gave ichb site into the president's mind set on china. >> he has not been with thes on china with this. >> reporter: we already mentioned it it has not effected markets in terps of tech to but it is where head dchs lines has m. >> i don't know that you fwoontics pormented i think the mark would prefer if we didn't -- >> it's a margin now that you're talking about ---ible it is

in -- so yes it would complicate earnings estimates. >> you think that we are seeing oolt wave to go through to start impacting earnings results >> it is not uncertainty as to how far does this go what are they going to do in response to us they don't have that time frame that we do we want to get it done and do it for different reasons as well. they can actually attack in areas that our companies can say what do we do? >> and just one more point about this idea, in the tweets and in today's comments the president keeps coming back that tariffs

are great source of revenue. it tells you they can take executive action >> they are taxes. >> of course but that's not what you would do >> it could be a did i believe kind of -- >> sure. >> but you talked earlier about ball so whether it is fed rates mikes, what are the feds focusing on? >> we are still within all time highs. so it's not giving you -- it shows you into consumer

confidence is audiotape,wages are up and employment is up. you do have the positives. all of a sudden you lay on consumer goods and consumer is used to prices coming down almost every year for different products they looking at maybe not health care but if you talk about electronics, consumables they really haven't had any inflation. >> we'll see if that starts to go occupy. we have an earnings report, josh >> reporting the street was looks closer to 9 nt 6 pbt 61 billion. the street was around 6.8 billion. cloud license and on premise

license comes with 867 this kicks off at 5:00 p.m. >> >> a. >> yeah it hasn't. >> the sfp. >> the earnings call will be prnt right now i think it is in the revenue line which hasn't grown that much. i think the street was looking for something positive there >> i held up well despite a bad day for tech

>> they are increasing their buy back >> a big part of the story there. >> let's talk amazon it has come under pressure as many in washington voiced concern that the company has grown too powerful it is to minimize and take advantages of the hq2 planning what is interesting is it hasn't really impacted the stock or the business >> the stock is down and it's huge this year this is an interesting thought experiment at this point down the road if these parts of the business it will be the natural thing to ask >> one of the reasons is to

achieve a better evaluation. >> exactly >> that's why i think it is a debate far time when amazon has a downturn. >> it will be much harder. the focus will be very different. >> e-bay split. >> i turned out was under value within e-bay

>> perhaps it is something when he steps down. thank you very much. >> musk saying last night tesla is there a dlufr ri lodgestics hell we'll speak about how the company can get fast recent speed bumps as well as try to trade fears and whether they are impacting broader businesses across the u.s we are 50 days away from the midterm elections. coming up a look at what could happen if democrats do take control of one or both houses of congress and what the chances of that are at this point this isn't just any moving day.

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show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. welcome back to the closing bell kimbal has taken his tech background and to automatically prepare healthy dishes he found that the kitchen group

to where his restaurants seem to be located >> ginning us now is kimbal musk welcome. nice to see you. >> thank you for having me >> tell us about some of the expansion and why it's not enough to disrupt the auto and space business >> i grew up cooking i cooked for my father amilily when i cooked we could sit down and connect. i move today new york to learn how to cook. i had an incredible experience it was one of the best and worst things that ever happened to me. i lived a few blocks from the world trade centers. i saw them fall from my window

but the good part about it was i cooked for the firefighters for six weeks. i learned to power of food and how you would feed them and nour itch them with real food, that connection and they go right back out to save american lives, it sent me on the path forever >> what is the mission here? it is a connection thing orlando aspects like -- >> you know, i think it is connecting with your community what food does when you sit down with your family and friends you raise a glass with your friends it's joy there our life. the result is there's a huge

opportunity for kitchen and next door american eatery >> you also have feed from american farmers we are expecting more announcements about tariffs. >> yeah. >> what is your view on his trade policy and what do you think your farmers that you source your view from is on the tariffs? >> i hope president trump has their mind it is a very stressful time for farmers. we work with our farmers directly it is quite a god send for them. we can buy so much of their product that may have been sitting without a buyer. >> and you mentioned it is a

more affordable concept? >> it's not a lex ri good. >> they tl are real food restaurants in america they not the kind of thing you can eat out every day. they are tooexpensive. we had a couple and guy close to the girl in a restaurant it was awesome he comes in and i just need you to put it in this seat i will bring a marching band through the restaurant we are like okay it took him for his wife to be a little bitfrustrated.

>> and i want today ask you about your brother i know you're very close >> yes i love him very much can you characterize for us how he is doing? >> we are focused on incredible. the reviews are probably the best reviewed car. what will blow their mind is when people start sharing the experience of being in a model 3. it is one of the best in recent memory >> i guess the question is the number of cars you're fully

producing. it is whether there needs to be clang on an operational level whether it will be a coo or someone that will be -- >> yeah. my brother is doing great. he is doing a great job. it is mostly the focus is deliveries we are trying to get great happy customers. that's the tall focus. it will be an exciting moment. >> the company is going private, funding secured. do you wish he didn't send that tweet? >> i think my brother is working hard to do the right thing for the shareholders it would be up to my brother >> you still working against

some capital constraints and deadlines and things like that >> we are focused on deliveries in happy customers it will be just fine >> in terms of what we often talk about there are a lot of short sellers. we discuss it. it is against your brother some times it gets quite personal does that hurt you >> again, we focus on the business results and doing great things >> it explains how many model 3s will appear. >> it is on a personal thing

what sort of guidance do you give. >> fair enough if we talk a little bit about spacex it is waiting to hear who it will be >> yeah. >> we know that's been confirmed. do you know who the first passenger is >> i have met a few who have been approved by nasa. i'm not sure if it was related to astronauts but amazing americans that have lived their whole life to get an opportunity to go up into space -- it is giving me goose bumps. it is pretty amazing >> how soon will you go up >> personally i think much much later in life. what i would like to do is a trip around the moon you can't turn that down a trip around the moon sounds

amazing. >> you want to come back >> exactly >> the first restaurant on the moon perhaps >> yes >> thank you so much for joining us >> thank you >> pleasure to have you with us. believe it or not we are less than 100 days a i way from christmas. there is one thing >> i love christmas. >> 100 days. >> start the count down. we will talk about how much retailers are hiring ahead of the all important hiring season and what it teals us about the state of economy and jobs. >> and also coming up mark becoming the latest billionaire to buy a famous print media company. we'll look at this new breed when we comeac bk.

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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. welcome back nasdaq down 1 pn.4%. we have an earnings alert now. this one on fed ex >> fed exshares ha shares have .

much of the pressure is due to what we do on the bottom line for the first quarter. fed ex reporting earnings of $3.46 on an adjusted basis fed ex did beat estimates reporting more than $17 billion compare today 16.9 billion that analysts were expecting. it is thanks to the company raising the full year guidance by about 20 cents per share. it surpassed expectations. it is for the full year. it is a growing economy and the boost that it got from tax reform some were returned to employees in the form of higher salaries and bonuses, guys. >> all right thank you. shares falling 2.25%

recently it has taken a turn lower. it >> is 7 to 8% off of highs they haven't been helping the transports it seems a bit of a vague issue. if they are raising guidance these really have become kind of holiday season plays these probably encouraging >> all right time for a cnbc news update with sue herrera. >> hi everyone here is what's happening at this hour president trump says it's okay with him if the senate confirmation vote is briefly delayed to allow a woman to be heard. but he says he believes kafr that's nomination remains on track and he has full confidence there him. flood waters sending people scrambling for ground, a boat bringing some to safety where florence dumped some 2 feelt t f

rain the flooding will get worse before the waters start to recede opening statements in the trial of chicago police officer jason van dyke and european central bank showing off the 100 and 200 euro bank notes it is also a bit smaller so it fetes into watt lels easier. goes into circulation may 28th of 2019. that's the news update back downtown to you >> there we go thank you. you like all currency. >> they got used to the you were l ones >> i did not know that >> this one has holograms that are meant to protect for

security measures. >> the u.s. is all one color >> yes buying time magazine seasoned becoming the late toast get into print media business. we have all of the details tech billionaires buying up print media names not just for profit but influence big names in journalism. he is announcing he is buying for 190 million. it is not part of it and they moms not to be involved in any editorial decisions. tweeting yesterday we have deep respect for the organization and honored to be stewards of this iconic plan. it put time magazine and fortune magazine and money and sports ill freight strait illustrated all up for sale.

she tack over the atlantic magazine and added as part of what it is calling a radical expansion. the washington post has been thriving for $250 million and patrick bought the la times just this year. all of this driven as much by charity as profits as he said, we are not just trying to make money we think this is important. of course this could also put him in the cross hair of times person of the year in 2016 president donald trump back to you. >> i'm interested by the use of the word charity here. even if it isn't for profits and maybe there is an agenda as an aim to have influence and some kind of political leaning to these decisions. >> well, they would all say

specifically they are not getting involved in the coverage or direction of the coverage so they would say -- and there's no evidence to speak to the contrary so far that this is not about getting their points of view across on a more powerful platform >> they bought the washington post >> that's right. time magazine has been very critical of trump. they have said anything positive or negative about the president. what they are really all about is to say look, we have reinvented industries. we think we can reinvent them. also if in doing that we say what we see is important then all for the better but none of them had said we specifically see this as a platform for influence as we have seen that can be possible with any of these

properties >> i'm just wondering who it is. there are some struggling out there that could find billionaire buyers >> there are a lot of them a lot of people made the analogy but picasso and sports teams are scarce sorts of value. you can't say for print publications, you know, it remains to be seen whether they can be at the same price or higher price it put it more in the bucket of doing something they feel is good for the sake of journalism and truth as opposed to a real business >> democracy >> especially thinking of prices they all paid. it was quite a bit higher than they expected. >> so small relative to their -- >> thank you >> to see how facebook ceo is using his billions for good go

to cnbc.com. the dow searched more than 30%. up next find out what could happen to the rally if the democrats were able to take control of the house and we'll show you how road, rail and court closures in the wake of florence's dastievtaon keep it here ton closing bell. a hotel can make or break a trip. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts on select hotels right until the day you leave. ♪ add-on advantage. discounted hotel rates when you add on to your trip. only when you book with expedia.

the president's move comes 50 days before the midterm election could it backfire and cause a democratic election wave in november joining us is terry. hard to tell what the trade impact will be on the midterm elections because they haven't really seen it filter into the economic data yet. what do you expect >> that's very true. it is the lack of it showing up there is one thing the other thing is it cuts different ways in different places some places the economic impact

is going to move into political impact and be negative some places it will be a positive you get a marginally democratic house. i think republicans probably pick up a couple of seats in the senate what you'll end up with is split government and generally markets seem to like split government even though they will think

there is probably some elevated uncertainty related to the government overall i think markets are very used to that through the last six years of the obama presidency. >> is there going to be a market event? >> i don't think it's true early. i think the market isn't quite sure what it is supposed to be handicapping in other words let's say the sen familiar owe plays out and you get one in each party what does it really mean for economic relevant to investors? >> i think what the market usually loves is for them to be finished no matter how they come out and they can go on from there. >> what is your take in terms of

the biggest areas likely to be hit of a slight democrat house and republican senate? do you think things like the tax cuts get rolled back >> i think that what ends up happens is not a lot i think what you get is a return to policy. i think any positives for the market tend to be some what short term there will be a buzz around infrastructure and the need to want to do something about that. the possibility that this may end up doing -- it is the base case here which is the tax cuts and no major accomplishment of the trump administration gets rolled back. they will end up liking that and they are concerned about that right now. >> i mean does the impeachment

risk rise if democrats take control of the house and is that something the market will be focused on >> i think that we know that the likelihood of more investigations of both of the administration generally and president specifically probably go up to some extent it is based on the status of the mueller inquiry and everything else i don't think the likelihood actually goes up you need two-thirds in order to convict. it would be very unlikely to happen the concern will be at least for the short term and the markets is that you get increased political uncertainty out of washington but i don't think that damages the core achievements and i also think it keeps us on the same

sort of fiscal track >> thank you >> thank you so we have done the midterm count down christmas count down, 99 days away >> i said under 100. retailers are making plans certainly and they are running into a big problem along the way. we'll tell you about that next and closing roads and rail lines in north and sth ronawh it means for commerce and cargo next. from insurance to savings to retirement, it takes someone with experience and knowledge who can help me build a complete plan. brian, my certified financial planner™ professional, is committed to working in my best interest. i call it my "comfortable future plan," and it's all possible with a cfp® professional. find your certified financial planner™ professional

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hong kong is devastated t. strongest storm is here bringing 100 miles per hour wind gusts and 11 foot storm surges 3 million people have been evacuated as the storm travels across the country people in the philippines are continuing to clean up after today after the typhoon hit the country on saturday leaving at least 54 dead and dozens more missing after landslides were str triggered by the typhoon >> florence wreaking havoc on the carolinas. we have more on what it means frs kple for commerce >> if you head south of here

commerce is great. restaurants are opening. gas stations are opening the problem is i-95 is still a problem getting into north carolina there are all of these trucks staging near by. this is a major thorough fair. nobody can get through there is a pickup truck stuck down here. i just happened to run into time rice he represents the 7th district getting those supplies to the people who were desperate in north carolina seems to be a big problem. how are things working >> in my district i have been going county to county survey. there are waters still rising. these towns will struggle over the next few days. if you're getting the north carolina i think the only way you can go is west you to get past this and go around it. >> i know a lot of people are losing patience about trying to get where they need to be and

the rivers are still threatening homes in this area can you talk a little bit about that >> we have been visiting rescue shelters there are probably about 4,000 people right now that number is going to grow this battwater is coming up >> what about help from the federal government what can you say about it? >> fema appears is to to be betr organi organized. we'll do everything we can to make sure constituents are protected. >> i know this is a really busy time for you we happen to be watching a swift water rescue team go down and check out the pickup truck you said it's a brand new bridge, right? >> it is less than two years old. it is not quite big enough you to understand, how often do you get a hurricane on top of you for four days?

>> right i hope you get around where you need to. appreciate your time >> my pleasure we are getting around hoping to show you more obstacles it's a problem for truck drivers and for congressmen even when they have that little help from the sheriff. >> it is crazy the road behind you looks like a flowing river not a main highway. >> it is there's no way you could get through that >> thank you thanks to the congressman as well >> always nice to hear retailers offering incentives this holiday season but they are not for customers, why stores are offering up big at cinupexs.rker th'somg nt.

yes, we've got the countdown clock up that means less than -- >> we've gained a day every block. this is fantastic. we're going to be there in no time at all. >> it's 98 days, 7 hours, 8 minutes, and 5 seconds away from christmas. retailers are getting a head start on the hiring. at least they're trying to there were 757,000 retail job openings in july 100,000 more than the same time last year. >> the number of openings surpassed the number of hires from march through june for the first time in a decade retailers are starting early and offering extra perks including paid timeoff for part-time workers. speaks to a bit of a bounceback we've seen in the traditional retailers this year. >> right you have traffic is up in a lot of the retailers obviously they're all kind of gearing up for it. they got very lean in past years. so it shows you the front of

workers shortage in different sectors. in a tight job market, you're offering two months, you know, of work. >> the question is are we going to see higher wages because of the shortage of workers? or are these all going to be temporary workers which don't increase the overall wage picture. >> i just don't know how much retailers perceive they have that flexibility to raise wages. >> on another sort of point on this, and i guess it was inventory level. it set them up for a better performance this year spp it going to flip back, get too much inventory and perhaps struggle >> i doubt it would go from the hiring it would be more where they allocate the inventory i doubt it was just one good year and a few good months this year >> and the question, i guess, is how much is going into

e-commerce so many of these businesses have just from the time from last year to this year built up their digital businesses and what happens on the tariff front? if we continue to see another anoubsment potentially today that includes apparel and everything else. >> i think by labor day, supposedly, holiday season is supposed to be in the country for the most part. >> the other good news is once we come back from break, it'll be 97 days at the rate we're going. so exciting. >> someone can actually calculate this when we come back from break, we're going to talk about the fedex earning calls that will start in a few minutes. and talk about shares and what to look for in those calls also coming up on "fast money," it's time to dchit tech. what you should be buying instead.

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at cognizant, we're helping today's leading media companies create more immersive ways to experience entertainment with new digital systems and technologies. get ready, because we're helping leading companies lead with digital. z. welcome back oracle shares under pressure after software maker missed revenue estimates because of disappointing cloud services down 4%. >> shares of fedex disappointin after raising full year

guidance the stock falling a little more than 3%. symantec appointed two people to the board of directors that stock moving up just a little bit >> in terms of final minutes of discussion, just want to come back to the kimbal musk interview. no oversight of the company or elon himself and from that interview itself, it's a fair take that we push the questions, ask the questions, but don't get the answers. >> if you had concerns that this board is far too close to elon in general, not just his brother but others he picked and not that interested in trying to enforce discipline on the ceo, i think you were confirmed in that interview. >> i mean, even asked about the tweet that said funding secured, i asked if he wished he didn't

send it and he said it's up to elon >> to me it's a corporate governance thing opposed to this instance >> the other interesting minor point, we had the comment yesterday from elon saying we're now in a delivery logistics hell then we hear this month we're going to surprise people with the number of model 3s that get to people's hands. it's contradictory >> the promise how good the vehicles are and how many they're going to make, it's been years long but i understand why that's still the stated focus because that's something you can always come back to and say it's coming >> besides the governance questions, what's the stock going to trade on now? it always used to be whether they could hit delivery targets. now people are trading on tweets and video clips of pot smoking >> it's going to become the deliveries and also the orders right? because that's another piece of people saying is the demand really there

are they canceling them? it's a very noisy situation. it's not coming down >> well, that pretty much does it of course we finished lower for the day. particularly the tech sector >> we're still waiting for a market announcement. market's closed. it could come at any time. >> the "fast money" folks will cover it for you their show starts now. "fast money" does start right now live from the nasdaq market site overlooking new york's times square. i'm scott wapner tonight on "fast," the company's conference calls are kicking off right now. what wall street is saying about those stocks plus from production hell to delivery hell, tesla investors have been in some kind of hell all year so how far away is car heaven? we'll tell you what elon's brother and board memb