not a casino debate. >> it is the coop are ration of local colleges >> if the market can climbs a wall keep the worries coming >> thanks for watching >> closing bell right now. it's friday. welcome to closing bell. the dow on pace for another record close details are coming up. i'll have all of the details the state trying to recover from florence as it faces trade head winds. i'll have more on that coming

up >> welcome to the closing bell we'll get to all of those stories. the dow and s&p on pace for another record day >> and both up for the week versus the nasdaq which isdown

he warned the latest round will hit the company's margins the cost of mitigation of those that is underway right now is also included in the gross margin guidance and that cost of mitigation has certain impacts over the course of three to four quarters you'll be able to mitigate thiseffect

>> we are joined by jimmy from the american enterprise institute. if i start with you, bill, how much impact have we seen on broader but specifically walmart pricing and when is it likely to start to impact things more meaningfully >> i think walmart has been able to absorb the pricing. the question is whether they actually should the costs are mitigated and passed through some start thinking about you heard the previous talk about how his dpaen was mitigating costs and doing things they need to do to deal with it.

tar my expectation i think this is not 100% probability but i think a reasonable probability these tariffs will be in place for years between the united states and china the idea is to mitigate and absorb prices. it doesn't seem to be a long-term strategy >> what do you make of walmart coming out to say how

significant this impact will be? do they have any alter yor motives here >> i think both to be quite honest with you. you know, the christmas light example, that will probably cost 30 cents on a strand of christmas lights not only are they an importer but also an exporter or they are retail business in china is an importer of u.s.goods. this is probably a little more

complicated but i do agree with the position that the prices have to be passed through eventually most retailers are starting to make plans to do that the consumer has to feel it and change their buying behaviors so then retailers and manufacturers would change >> go ahead. >> no. i was going to point out that walmart is one of thousands of u.s. companies that filed comment and letter to the trade representative over the summer before the tariffs went through. on one hand u.s. biss fusinessee complained about not getting preferential treatment and intellectual property threat on the other they are going after the u.s. for tariffs how do you square those two things that they want fair terms of trade with china.

they a longer term strategy to force companies to reposition their supply chains. that's what the administration is saying. all it will take is three months those can be shifted around to other countries or back to the united states. i think when you begin to look at the longer term prospects it begins to look like a business environment for the coming years. >> we'll see how this continues to shake out in corporate america. thank you for weighing in. >> you bet >> let's talk about how immaterial pacts the market. joining our closing bell exchange today cassandra is here and jim and rick joining us from chicago. jim, record highs for the dow and the s&p despite the biggest retailer in the country giving a clear indication that this is

going to mean higher prices for the consumer and warning on the u.s. economy >> as people talk about the new highs people might get excited they go look at their accounts and it's not as much as they would have expected. that's big diverse jee verge en. if you look at the chinese market it's in a bare market india is in bare market. if you look at europe you have no gains out of europe while the u.s. market and in particular a small group of company has lead us to new highs it is leading people to think they are in better shape globally they are not quite as good as things would seem in the u.s. >> september has played out better than some had feared after a decent summer it will

have mud slinging and create more ugliness and we have earnings season. i think between those two things we'll see an increase in volatility i think if we get past the two items on the other side could be a very strong market depends on what happens in the outcome of the election i would actually say that i disagree with the other guests in the sense that this is a very broad based market expansion those smaller companies aren't in the dow jones and so, you know, you are seeing across a spectrum of different sized companies doing very well.

i think the fact that even though we have the nasdaq down and you have other two indexes doing very well it speaks to that >> so rick, actually it was a much better week around the world. what's the narrative there did things get better on the front? >> our markets are doing well despite walmart complaining they will have to i think it is the story and it's not these aren't going to effect the economy and the economy isn't always synonomous it will be much more than it is in an extreme direction mode i think we have to pay a close eye on the pound and how it can

effect the first quarter of 2019 we proceed as if they are thinking this whole thing will work out in a fashion that's no too similar with history maybe it will be completely different. maybe it will be a fraction of the globe that centers around u.s. trade we are tearing apart a lot of the things that have become normal operating procedure whether it is trade or foreign policy it doesn't mean we are fnot goin to go through it >> do you think they have justify bli -- >> it is a terrible indicator.

if you look at it it's a good indicator of where they are going. if you look at evaluations and immerging markets those markets are trading about half the evaluation levels as u.s. markets. we would anticipate -- >> is it safe now? >> no one knows what would happen if you look at what's going on they do look like they are oversold you look at the relative evaluation and currency and performance they are performing relatively well. under the headlines about what's going on those companies are still making money you're not actually seeing the rise >> well, we like the retail

sector, the middle and higher end consumer, names like pool that makes pool equipment they had a tremendous year because people are putting more pools in they have money to spend jet blue, people are traveling airline stocks, you know, i agree there are low evaluations in other international markets but that can remain the way it is for several years actually. i would prefer to put my money here domestically. >> okay. thank you all very much. rmg up next die hard apple fans lining up early. were they there to buy the newest iphones or snap a selfie with tim cook? we'll head to the store to find out. and sending investors on a wild ride this week.

will legalization in canada provi provi provi provi provide stability to this market we want to hear from you you can reach out to the show on twitter, facebook and send us an e-mail did you like the extra incite i provided >> of course they did. i wasn't being sarcastic >> back in a moment.

>> here are the winners today. jumping 2% >> latest verses hitting the shelves today. josh is live today in palo alto. special guests dropped by

earlier. >> that's right. tim cook showed up early she helped to open up the store and welcome in the fans. a lot of them -- so are the features that really excite them we caught up with a cup of of those fans take a listen. >> i can see the graphics and i read a lot on my phone whether for articles or just random news. >> now days you have so much date data on your phone we need this phone that runs

fast it's pricey but worth it. >> so here are the new phones, guys this is the iphone xs. this will start at $99 then you the iphone xs max it will start at 1,099 both are running the faster processer, improved camera technology and also stronger battery life in addition to the phones you also have the watch available today. this can tell whether you took a hard fall. it will be able to administer an ecg. this will start at $399. back to you. >> as you said some improvements on the cameras i guess since some of the reviews it's more playing catch up with a few of the other high

end phones as opposed to being the stand out best camera feature on the marketplace >> yeah. if i'm not a reviewer i would get a quick e-mail remiennding e i'm a reporter i ask everybody to go to cnbc.com todd at least does this for us he said the xs, he called it very good in his words he called it better than the galaxy so maybe different opinions there. am would say they put a lot of time in the camera technology. it is certainly a battleground among the different smart phone makers now >> how much are the lines still an indicator the analysts would go out and count exactly how many people were in line to gauge the demand and how behind apple will be on shipping the new phones. with onlinenow and all of the

new phone plans, is that still a real indication of demand? >> yeah. it is interesting. i think you're absolutely right. financial analysts used to study the lines so differently they would compare lines from one cycle to the next. i think you're absolutely right. they pro order the iphones so much more online that's the trend i don't think you can really look to those lines anymore as any kind of barometer. >> someone has to wake up at 3:00 in the morning when they head online to order the iphone. >> they do that on behalf of you though >> on behalf of themselves >> thank you less than 40 minutes to go, dow is rallying up 75 points it is just up .3, not even a

full point nasdaq lagging almost half a percent. would you pay more than $500 for a pair of duct taped shoes we'll tell you which retailer is facing backlash. the answer is yes actually for me that's a lot of money but i think it's -- >> i was about to say i'm totally with those on the backlash front >> i'll school you after the break on that. >> we'll save it for the next break. later taking a dive today after a speech from the british prime minister, what she said coming up. >> oh, god

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welcome back clorox hitting the highest level since 1972 >> most people throw away old dirty sneakers

sit according to the taped up. it's not the first time they created continroversy. last year they were selling clear knee mom jeans for $90 we reached out and got no response >> so 500 is a lot to pay far pair of sneakers for those that are actually calling out golden goose and nordstrom saying that it glorifies poverty, that's nonsense it is called fashion there's such a thing as a distressed look. if you ever bought ripped jeans or a ripped t-shirt for more money than you probably should then you know. some -- >> pathetic for the people that

buy that >> it is called style. >> you wouldn't. >> it is trending. >> but similarly all of these ripped jeans and stuff, never get that wear shorts or wear trousers $500, absurd >> says the man that's not a leader on fashion trends >> 100%. >> i don't know. they are sold out. canadian pot company has a big plunge, down 25% will next month bring stability to the marijuana market? we'll head to a grow house to find out plus shares of under armour one firm says the run isn't over, details behind a t closing over, details behind a t closing bell will be right back. from insurance to savings to retirement, it takes someone with experience and knowledge

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>> praising brett kavanaugh. he says senate republicans will treat his accuser fairly but that he expects confirmation in the end. >> she a family man, a man of integrity with a lifetime of service to this country

37 people have been rescued. if you don't like spiders look away thousands of spiders have taken up residence in a greek town they have covered plants, boats and benches long a lagoon. legalizing on volatility

border concerns we are at a grow house with more. hey, kate. >> we are here as you can see it is one of 117 licensed producers across the country in canada. canada is gearing up for the legalization on october 17th it comes at a time when stocks have truly been on a wild ride seeing a lot of volatility. >> we kind of put this who says his company in 2019 that are

popular in places like colorado and oregon become available here >> it is preparing for the second wave of legalization where we are going to have all of the range of products, not justoils back over to you. >> is it easier to bank there canada that's one of the big hurdles.

>> great looking live shot >> outstanding >> thank you investors in those companies sarah and lauren so let's pick up where kate left off in this country where cannabis is still recreation gnat pot it is against the law. what do you tell them? cbd is legal, right? >> it is one of those big gray areas right now

it came out saying they believe that cbd is still illegal because it is a substance. >> what's your take particularly on that banking point of view and the difference wean the canadian rules and u.s.rules.

>> so certainly it is a safer investment as earlier stated because it is federally legal there where as here in the u.s. since cannabis despite state by state legalization is still federally illegal the sec actually came out with guidance kind of reminding investors of the fact that cannabis is federally illegal and that investors, you know, these companies could face federal prosecution for that so i think certainly a safer investment right now is in these cannabis markets >> when you look at the sort of run up we have seen in the stock prices or just generally in the interest in the sector do you feel like it's fully taking into account the risks in this area >> the evaluations are extremely high right now

there is still a lot of speculation. it is a new market supply and demand haven't stabilized demand is forecasted to continue increasing we don't know if legal supply will be able to keep up. there's a lot of contingencies. >> what should we be watching for to that regard >> sure. at the beginning of this year we -- i really thought and i think a lot of people were really worried because jeff sessions had rekrended the memo which was stating that the federal government would have a policy of noninterference with states that had legal azed it certainly made us nervous

when that was recended we saw a lot of legalization, bills getting introduced ton federal level as well as a lot of lawmakers come out in support of federal legalization. >> all right we'll continue to watch that ball as it continues to move r forward. thanks for joining us. 20 minutes to go before the closing bell we are look at a dow higher it hasn't moved in the last 40 minutes. it is still firmly in the green headed towards a record close. we are on record high watch. under armour is jumping today. upgrade at jp morgan we'll dive into the move and whether there's still more room to run >> speaking out on brexit, what she said that's at t-- that sent

the dow falling.

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welcome back to the closing bell we would get one if the s&p but it is as we speak. nasdaq lags as it has all week mcdonald's has and shares of mcdonald's up 2% the yield ton stock is about 2.5% payout ratio about 58% a middle of a range. >> and the highest yields in restaurant supporting sun trust. stock getting a boost

sit a little bit of a catch up jp morgan says it is finally making important moves clearly investors saw this with yesterday's announcements of layoffs heading into restructuring. a lot of people are looking at that as sort of a reset for the company to project growth next year >> it is down 20%. the dow is on pace for another record close s and p will do if it picks up >> is that on flat >> no. it would need to be 0.0 by definition >> when we come back theresa may, what investors are paying

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any higher close would be a new record high. the nasdaq lagging both have been moving south to the tune of half a percent or so >> time for today's frostbite after a two day meeting chgt th

u.k. expects the same. a good relationship at the end of this process depends on it. >> the eu should be clear. i will not overturn the result of the referendum for will i brak up my country we need serious engagement on resolving the two big problems in the negotiations and we standready

a sharp decline there because of a no deal stand off. it is important to give that context. it is off, the lows from about a month ago is she overplaying her hand >> i think there's still probably people leaning towards a ponlt but the risks have been today. a lot of people responded it was to show leadership and show strength watch over the next weekend and week if not it's still up to her to

negotiate. there's a number of upcoming meetings >> yeah, one of the reasons as well that we have seen weaker pound of late and more than recently is that we did get slightly of course softer u.s. dollars and we have seen stronger than expected -- >> that was the truth last night. it took a bite out of the pound. >> we have more on what we have coming up for you. >> i wanted to do something positive >> sarah's beautiful smile >> something that makes me happy. >> up next we'll be back with the closing count down >> apple's latest round of products, are they really worth it keep it right here

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five minutes to close. leslie has the details. twitter said it is continuing to investigate the situation. twitter saying in a statement we have no evidence to suggest that any data was improperly misused or exploited any where adding there's ver chilly no possibility that it happened but we still want to be thorough.

if we look at all four we see the s&p is just below the flat line it is down one basis point get itself back in for another all time high. this is down half a percent today. this is up over 1% financials materials nothing to pronounced you can see the sectors for the week as a whole. you can see the financials performed pretty strongly for this week. they are up nicely 2% or so. energy for the week is doing

very well. hitting another all time high today. pfizer is hitting new highs. the flip side of that is how we see a built of rotation away from what may have been the favorites. the dow is down from the all time highs at the end ofaugust i have a bunch going on. i'm doing what i need to do.

the fact that it will go smoothly there will be big volumes on the bell as a result of expiration and none of it is going to determine prices. it will be big involve yuchlt that -- volume you can hear them gearing up for what will be large trades on the bell >> so another record close on the dow. s a s&p not quite in that territory. >> let's bring it back to the story of the week. rates have been a good factor. >> and banks have taken off. they have been laggered far whilement th while. it is one of the areas that will not be impacted by tariffs

>> yes a lot of it might be near term but it is likely going to be a big overhang during earnings from the retail group and from a lot of tech manufacturers, chip makers >> let's bring out the dollar. we have that week to date. we'll see the dollar is down the dollar is higher today and a lot of that is because of the pounds weakness we'll really see a strong dollar for that it has been part of the risk >> it has but i'm wondering what your thoughts are on this brexit impasse. we have been to this brink before >> we have the time is stronger now

back to you. >> welcome to the closing bell we are finishing up another record day a new record close closing the

day flat yesterday finishing at a record high. nasdaq is down half a percent. russell 2000 in terms of weekly performance. big strong week from energy and industrials. shares of apple finishing the day lower. we'll get a side by side comparison from the iphone xs and xs max mirror mirror on the wall would you please bring me a necklace to go with this outfit? i tested the new sale store of the future she puts technology in the mirrors. >> and we have mike featuring in the apple segment. >> we had frostbite. i can't complain >> we'll talk about how retailers are trying to embrace technology to bring people into the stores joining the panel today let's

talk about the record market mike, evan in the s&p it was the biggest and the biggest lagger was -- caterpillar being the biggest winner is a shock. financials came back it was a pretty strong week. >>absolutely it almost felt as if the market was a little bit lopsided heading into the end of september. that to me is how it felt today. really the market holding its giens and stood in place in terms of broad market.

>> what was different this week is that the rest of the world joined the party chinese stocks haven't had their best week in several years european stocks -- >> so dismissive >> just the pound and some of the brexit noise those markets have done terribly we are talking down cig any further -- significantly i think the big question for most investors is when you reach record highs do you put money to work or do you kind of stand pat with where you are

someone that is 50% inequities i don't see a compelling reason to put money to work at these evaluation levels. for me it's low. i effectively call that cash you know, the real issue, most people would have 30% in bonds somebody my age 25 to 40% in bonds. i have hated bonds the last few years. basically bonds this year have been a poor performer. >> if you look at the market action this week the record highs parade and the dow and the fact that the global stocks joined the rally, you might have thought there was some big breakthrough on the trade war. >> right >> but there wasn't. >> there really wasn't it was more than we got kind of

a formal announcement the market uses up the worry once it has been around a long time. everybody that was inclined to think it was going to be a big scary event was probably already very defensive because we have been talking it it for six months >> it is 100% true you can use me as a good example of that. i thought they kind of pulled a fast one which i thought was very effective by only making it a 10% tariff as opposed to 25% tariff it was kind of less than people expected >> i think it's a retro specificive for why the markets did okay >> they said if it's 10 we buy them >> i think look, look, nobody said we'll ever have to worry about this stuff again especially if the market keeps

going up all of a sudden a trade line could be the perfect excuse to head back. >> do we have a lot of momentum. it is not for the others today >> not for the others. yesterday the rally was better looking. i think it's not so much a lot of momentum but the market is doing enough to keep the benefit of the doubt at the end of the year you seen more stocks go up than down right now i don't think there's anything to be alarmed about the volatility pretty close to 11 is kind of telling you there's nothing really that's bothering the market too much. it could be bad if it gets too extreme. i look at the credit markets, they have strengthened in the last couple of months. >> so rising bond yoors,

basically if you get a so year close he basically if you get a few closes over 325 that's bad >> it has been kwa yet >> let talk at shares of mcdonald's today hiking the dif dent up from $1.01 per share. >> when you go home this weekend you start using that, mickey d's. >> i say water with a soft tea i say sucker my brother looks at me in disgust. where ever i am i lose i can't win. that's the 42nd year in a row

that mickey d's -- >> the pr person is having a nervous break down >> increased shares are down it means they can keep hiking year after year. >> they got a little bit of a help this year you have more cash earnings because of a tax cut it's the way mcdonald's sort of deals. a pretty good increase it has to be there a yield has to be part of investment case for mcdonald's >> and especially nowme they are down 4% this year >> it's not a stock far booming domestic economy it is almost a staples type player out there it's not as if you have lots of extra money in your pocket you spend a lot more >> to that point mcdonald's down

4% >> no. the weird thing is you to look you to start looking at companies and their dividend yield versus bonds which have really changed quite a bit which is gone way up this year as in years in past it was like that's crushing whatever i'm getting in cash. now days the bond market actually provides some competition with yields. >> sure although the bond coupon is not going to go up 15%. >> you don't know. >> the coupon is not going >> you don't know. >> new data showing $13.9 billion into equity funds this week. you're not one piling into

equities >> and i hated bonds more than i hated exwithty you have such a flat yield curve. the u.s. total bond market is down around 2% year to date. if you bought the basket including government securities you're down 2% of your money your you're down about 6% your for most people in the 35 years of the great pres are used to making involve lid returns this is a bit of a wake-up call >> we have heard surveys, these types that suggest people aren't as bullish as they were. >> no. i don't think there's a lot of fear

i don't think there's a lot of anxiety. >> i think there's amateur traders out there and having obscure names like these it sort of tells you there's a desire for some kind of a quick play i think you can also turn it is other way and say nobody wants to put the money in the market

and assume it will do well for them it seems to me it kind of burned out in a relatively quick time frame given that >> yeah. and maybe not instead of 900 stick around you stick with me you'll learn mickey d's, girl scout cookies >> i don't think i have any choice >> one of these pictures, you're the luckiest guy it was taken with iphone xs max. >> look at those cheekbones. >> can you tell which is which we'll tell you whether it is worth the upgrade price. >> different phones. cannabis talks have been flying high recently they are sending out potentially troubling smoke signals.

details on that coming up. we heard from you on twitter. that's why we are playing that >> did you flow this one >> no. >> it is named after the song. >> of course it is >> it was a very famous song she may not have been born when it came out. >> it was a famous song. >> i believe this song existed we have to go. are back in a coupleover minutes. couple of minutes. every day. i think there are some ways to help keep you on track. and closer to home. i'm all ears. how did edward jones grow to a trillion dollars in assets under care? thanks. by thinking about your goals as much as you do.

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customers waiting in line to discuss the latest gadgets >> how good is this relative to what's on the market >> it is expensive compared to what's on the market apple experimented last year that's laptop prices.

>> this is the one you should wait for >> we should wait because it will happen most of what this has? >> yes if you think i care about the processer the basic stuff it has the same processer and has the same battery life and same lights that stuff is the same i doesn't have the dual camera it doesn't have the steel. it sounds like that's apple's concession >> i guess relative to other upgrades of phone models is this bigger or less in terms of new features and how different it is >> i think it's less in a sense that if you're looking for one

big new thing, a new type of technology that's not there. i think across the board if your looking for the fact that the speakers are better and camera is better but no, i don't think it is like a gigantic step as far as the phonegoes >> apple's processer here, they have been making great claims it is the best cameras. any improvements, there's a long road ahead you're looking at that and looking how it could always be

on assisting you, connecting to stuff without you looking at it. design wise samsung has been talking about a folding phone. it is unclear how expensive those will be. i do think the form might change and finally maybe durability apple making great claims on these. we'll check that out >> let's talk about the cameras and bring out the wonderful portraits we have of mike. which is which here? >> left one is we are looking at it >> no. to interestingly -- >> but this goes to show -- it's hard to see here on the left here this is the xs max the background light is more blown out. it does matter because if you see that in that light it does look worse the one on the right looks better >> his jaw looks for chiselled

on the right >> on the left i think i was having a good idea >> that's the halo effect. >>. >> you take photos >> let's talk about the watch. it is more of a major upgrade. >> it is if you're following and health tech. they took a big leap, a nice stride terms of making it thinner they finally changed that. did not make any changes in battery life that's something i think is really dus appointing. it's about a day right now you want to wear this and not worry about the battery running

out. the question is will it detect it all of the time how much will it be a replacement for maybe somebody keeping an eye on something? >> and you're spending over $1,500. >> yeah. >> and watch together. >> for both, at least. you're spending close to $1,500 for these. if you're entry level price for this $1,000. for this $400. that's lot of money. >> still to come here on the closing bell we'll head live to north carolina to find out how

the business is being ravaged for hurricane florence and the terror fight with kline thchina. real estate market starting to see homeowners slash prices like it's 2009 all over again. we'll have that later in the closing bell

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carolina said a by-product of burning coal is flowing into the river. question asked about how the company was dealing with that risk as the river continued to rise >> hurricane preparation goes throughout our system at duke energy our ash bay sons are no different. we took efforts in advance of the storms with lowering water levels to be prepared for the events that have unfolded. crews are on the ground today assessing the impacts and our commitment here is to maintain safety it remains a high degree of confidence for us that we are in the n that position. the work will continue as it continues to unfold. >> saying it remains if place. we'll monitor the situation there. we are in north carolina where florence is having a big

impact on agriculture. >> reporter: that's right. in the wake of florence farmers are working around the clock to salvage as much crop as possible the poultry and hag farmers are expected to feel the pain. over 5,500 hogs have already died it is higher than 2,800 lost during hurricane matthew in 2016 florence plus the ongoing trade disput put farmers under a lot of pressure. china is a major trading partner and chinese tariffs which went into effect in july creates a rot of uncertainty for the agriculture industry so far most of the farmers don't

seem to be concerned about tariffs. >> well, we'll speak a lot about the trade topic. it is something that's a big topic in the agriculture world right now. we are optimistic about things working out for the est, for the future we are prowall culture we plant we harvest we want to sell our crop and make enough money. it is our livelihood all we can do right now is remain positive. >> an hour south from here is strictland farms they say that the u.s. has to level the playing field with china and if tariffs are the way to do it then so be it the primary focus is to rescue as much crop as possible forecasts are indicating rain this weekend back to you.

>> thank you from north carolina still ahead here on the closing bell giving back some of the recent gains we'll look at whether the risks could eventually make stocks go up in oksme. we are back in a coupleover minutes. in 2017,

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yesterday had the first record all time high since january. the s and p was low. the nasdaq was down 0.5% leer some of the big stories that got us there throughout the day. record highs, that is now the -- for close it would be the 101st. >> i like to buy things cheaper. >> the chip maker says gross margins will be heard.

>> you mentioned we will have an impact of 5,200 points in our gross margin >> sent a letter to robert at the beginning of september warning that walmart may raise prices on goods subject to new duties >> no deal better than a bad day. >> he didn't explain how in any detail or make any counter proposal so we are >> the xs max go on sale today >> tim cook is here to welcome the first customers.

>> you made that >> twice even on your story. it has to be all about the record highs >> and happening with apple we just shut down5% >> it will go down to the wire, whatever that means. >> even despite the strong back and forth rhetoric people still think surely they will get to a deal because it's in everyone's interest as time goes by it becomes less and lesslikely

>> let's hope that the u.s. and canada doesn't take as long. that has a serious amount. time for a news update sue has it for us first. >> hi. thank you so much. here is what's happening at this hour president trump signing an appropriations package his focus was on veterans telling an audience that he delivered for them among the funding signed into law was $97 billion for mill their constructions and veterans affairs. >> we are ensuring our veterans are respected and cherished like

ever before. >> declaring a state of emergency in northwest mexico. >> the storm dropped some 1 14 inches of rain in just a 14 year period. >> that's the news update. have a great weekend i'll see you on monday >> you too, sue. we'll see you next week. with marijuana stocks on fair this week we were wondering whether or not investors are being warned about the risks in new opportunities. she joins us now with what she has found. >> in my free time

we wanted to see what the smoke signals say. what are some of these big risks that the industry has been warning investors about. it is important to rem factors that's the section within some of the perspectives for some of the more recent ipo's. there has been a big surge in ipo's. at the top of most company's risk factors it's clear that the ti tiniest can set it on a roller coaster. the big boost was largely thanks to the dea allowing to import medical marijuana in california and as canada readies for decriminalization one month from today investors are getting

increasingly excited but disapproving can just as easily send stocks lower. the first five risk factors in the july per specific ispectivey to grow, process, package, store and expoert medical cannabis the companies compliance with the rules in place are critical. one material change or misstep could be >> you almost have to take a biotech approach it's like i can kind of calculate what it might be but it almost all depends on some kind of legal or regulatory judgment out there >> there is a bit more complexity when it comes to these things for example, insurance a lot of companies can't get them like the normal company

would get. if their crop is doe strestroyee is no ecourse. >> how much data do we have on that >> i know at least on the hedge fund side there has been a huge interest on the short side people look at these things and they see the run up and there's a lot of talk about bubbles and

potential way to trade that. now, according to people familiar to the prime brokerages within the banks, this is a stock that's pretty much run up as high as it can go from a short standpoint it is very very difficult for investors to short this thing out. they are spending about $4.5 million a day in expenses relating to these. for now it's very difficult to get into it from the side of the trade. so it's a play the ups and downs are long only. >> all right great stuff. now it's 2009 all over again in the new york city real estate market we'll be covering that story and i went over to rebecca's flag ship store to try out the latest technology in the mirror. can it drive sales that's next.

♪

comfort. what we deliver by delivering.

i went to check out the store in manhattan

♪ >> let's look at these jackets you can actually pick which size you would like to see. i would choose to go with it that's pretty cool i wonder if it goes down to this 5, child size. see what they recommend bag wise and access ris >> ready to go out >> you to actually press the button >> how do you feel about the feathers >> you're made for project runway >> did you enjoy doing it? >> it because lot of fun >> it actually took a lot longer >> was it helpful and productive >> it actually was instead of having to call someone you, you always have say i need a different size or something to go with that.

>> joining us is rebecca minkoff. >> so you try to mench fashion and tech >> for us we have seen that our reads di to wear sales are about 40% of what we do in the store we attribute that to the interactive mirrors, the fact you can try on size and see how things are paired together most women don't know how to put thinks together. with me in there you come out with a lot more. >> so many struggling to figure out how i can bring people in. you can go online in your p bvgs

b. i think people want to feel a sense of community maybe she won't purchase that day but she'll sfeerns brand toufrp and feel the product. we are want to ease her pain points on the store. green tea and coffee whg pm so going through the paying foints that we. >> in terms of sort of modern sizing the way you sort of operate i have seen comments you prying to glsh skb we switched it almost two years

achlgt she toub to sea it and buy it we really changed our whole calendar so she can get it right then and there >> how much is loaded into that technological solution you say you have me in there, is is that actually just an electronic kind of signal for you to offer something or is there some kind of thing that says this is the right combination? >> all of the combinations and styling is what is fed -- >> it is pulling -- >> it is pulling from there. sit me even though i'm not literally there with you

if you had to take it to a department store could you do it or would it be a mess? it is relatively limited compare today going to the womens department, right? >> if you were to request something -- and a department store could do it it's really about if they want to load it into the mirrors it's not that big of a lift. >> so you have a lot of handbags in that storm. where are they made? are they made in china >>yeah

>> there. >> thanks for joining us >> thank you >> most likely on the feather jackets. >> yeah. a new trend in new york city real estate that should make buyers very happy. >>. mike nova graph. don't go any where closing bell back in twoler des. by collaborating with public schools on a program called p-tech, ibm is helping students build

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if you are considering buying an apartment in new york city, now might be the right time our diana olick joins with us the explanation. >> and sarah it's not just new york but i'll get to that in a second nationwide home sellers are slashing prices. more than one quarter of the home sales listed had a pris drop and that's the highest level since the company began tracking the metric in 2011 red finn ceo said buyers reached the limit and sales were slow all summer now to new york city seeing big price drops on the luxury end now that's happening to most price points more sellers slashed prices during the week after labor day than any other week since street easy began tracking that over a decade ago asking prices dropped on 744 homes beating the prove record of 713 homes set in 2009

nearly 5% of all homes listed. this will likely be the case in the coming months should mortgage rates continue to rise as they have been over the past month. higher rates take away from purchasing power and sellers will become painfully aware of that more chk on this at realty check. >> is it higher higher mortgage rates that's affecting new york? don't people pay in cash so much more in new york city? isn't it other things like foreign investment as well >> well, obviously foreign investment is mostly cash coming into new york city but really the problem in new york city is oversupply. there has been just a huge amount of construction of brand-new condominiums come at all price points this is other supply in all points you can't look around five blocks without seeing a crane. you have oversupply, higher mortgage rates plus prices overheating over the past years there's a limit to what buyers

can do >> diana, is there a connection in new york city between the buying and selling market and the rental market? because the rental market has been very we can in new york and if you thinking of buying in new york you can get an advantageous rent. how does the trade off work in a market like new york city. >> well actually new york is like other big cities like d.c. also we saw a new supply of condense os but new rental apartments in new york city, in washington, d.c., in chicago, all over the place we have seen big supply, commercial construction of new apartments and kondos the last several years. that much supply was taking a bite out of provides, leaving it so landlords doesn't have the pricing power any used to. that's happening all over the country. >> not great news if you are selling in manhattan these days. thank you for the story. we have a few key earnings reports next weeks and a fed meeting including nike and kb

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we distributeus, i'm the owner environmentally-friendly packaging for restaurants. and we've grown substantially. so i switched to the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy. and last year, i earned $36,000 in cash back. that's right, $36,000. which i used to offer health insurance to my employees. my unlimited 2% cash back is more than just a perk, it's our healthcare. can i say it? what's in your wallet? welcome back let's look at the calendar for next week. monday morning

jp dimon joining squawk alley appear it's an exclusive interview with jim cramer. don't miss that. on tuesday earnings from kb home and nike and consumer confidence data for the month of zbleept then on wednesday, the fed will make the september interest rate decision widely expected to raise rates on thursday carnival releasing earnings and durable goods and pending home sale data will be out. friday u.s. reads on the consumer including personal income and spending data also, we'll get another read on consumer sentiment i think nike will be superinteresting, because the stock had the amazing run up to a record high. and we're actually going to hear from the company the first time, how sales looked after the controversial colin kaepernick ad won't be in the numbers but i'm sure they'll have to address that. >> as the quarter ended, right. >> it's come in. >> it has a tremendous amount of momentum seems like the analysts upgrade. >> i can't wait for jim's

interview with jamie dimon always interesting to listen to jaimie and jim will wet o get the best out of him and that the fact that the banks struggled and a take on the fundamentals and loan growth. but recently the comments about beating trump. >> what's interesting about the jaimie dimon interview, jamie dimon has been one off rft people has been going on for a few years about about rising rates and what it might do to the economy. that's where i will look next week given the recent pop in longer term yields, whether or not that continues and the trend continues because. >> worried about the unwind of qe. >> he has gone on about that some time, early on that like a lot ever us. >> well i don't think he was saying disaster. but he thinks it's a challenge because the system hasn't gone through exactly that in a while. >> he says people could be surprised how quickly rates rise once momentum gets behind. also if we think about a week

ago barkley had the financials conference we heard some guidance about loan growth was soft just a sense of how things are going in the economy the other thing the wells fargo significantly cut in head count. jp morgan of the big banks is the only one increasing the branch count interesting time to talk to him and the fed meeting. >> all right any mystery into the fed meeting? >> no but it hasn't been a spunsful one in a while now. but i think the market is coming to terms with this rate hike and then probably december but injury that the market still would be a little bit disturbed if it seemed every quarter next year we were getting one right now i think the market wants to hear we'll go through this year and then look for the opportunity to pause we'll see if we get that message or not. >> the other thing i was going to say, not next week but tomorrow for me maybe tonight. likely tomorrow night likely know the new owner of sky.

fox, disney or comcast. >> we flow because they have the football rights. soccer rights. that's of concern to you wilf. >> nbc has the rights. that's not switching but anyway we will know that. >> who has the cricket rights. >> sadly here it's a hard to subscribe channel called willow hdp a frrn era fortune. >> "fast money" begins now "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square melissa lee traders tim seymour, steve grasso. guy adami tonight on fast nic' record run rages on. one of the traders says this is the beginning an a bigger rally. he will tell us how high hedge fund titan michael novogratz. he said bitcoin would be double. likely to hit 40,000 why is he calling for the crypt of comeback now and what does he think about the move in ripple he will talk all things