welcome back make sure you join us tomorrow, "squawk on the street" begins right now. ♪ good monday morning, i am carl quintanilla with david faber and cramer is in philadelphia where he's going to interview jamie dimon and jp morgan at 11:00 a.m. eastern time futures are red on a big final week tariffs on china are live. kavanaugh and merger monday is back road map begins with our parent

comcast out bidding 20th century fox for british comcast sky. >> you are nod kidding >> that's not the only deal. pandora merges with ram gold resources and we got some news on apple and trying to break down the details >> trade talks and new u.s. tariffs on chinese goods do take effect >> jim, big interview coming up with dimon, what are you going to talk about? >> we'll talk about community lending, we'll talk about the idea that jp morgan is trying to revitalize the branch business in neighborhood and challenge economically we'll talk about the lending and the feds and jamie dimon, there is a lot to talk about leadership and what a ceo's role is

i am looking for it at 11:00 can't wait >> pots are boiling today and whether it is media, we'll get to comcast and uppandora and tak about rates with the feds and kavanaugh, there is a lot happening this week particularly >> jim >> i think this is an incredible week september has been -- i think there are a lot of people feel that this could be a week that say if the feds does not say they're going to four hikes, does that mean the feds are worried of the economy it will come with a tariffs head wind suddenly, it seems to matter overseas markets i think there are a lot to be concerned about and a little more than this month i don't know how people are going to read through.

>> we are going to watch that. we mentioned opec coming out off the weekend. brent is near 81 and wti is above 72 i don't know how much of this interests you. you guys have been on the phone the past couple of hours >> it was exciting to watch and hear uk take over panel to find out the final buyer of sky, it is comcast of 17.28, equates to $39 billion in equity value and $49 billion when you throw in the debt there analysts we are taking a look at it, that's quite a multiple of 15 times fiscal year 2019 estimated for sky. they had a deal at 10.75 to be bought of the 61% that fox did know comcast comes in again on

disney they both choose to compete here and brian roberts, controls it or at least the defacto in controlling the company. you can imagine having the exposure to foreign markets is very important, particularly because of some of the regulatory s ttrictions. foreign markets will be the answer for the future growth of the company. when you are comcast and the yo are brian roberts, the way you view the world is i am going to do the best for the position of the company not only for the

next year or everyone n 30 years that's the way they have operated or continued to you may see comcast with 4.5%. that's not the way they run the company. the way they run the company is trying to figure out what is going to be best position in terms of from a competitive landscape over the next five, ten or many more years after that it has worked. >> well, david, it is important to point out and our viewers may not remember when comcast bought nbc universal, it was viewed as not being a bragreat opposition you are being over paid and down 7% some could argue being down 4% or 6% or visibility of a couple of downgrades. the pattern and again, we have to talk about how much more they paid than a week ago >> without it eventually they'll have to buy back

yeah, it is a lot. 10.75. one of the lessons here and i said this on friday, if ru you in a position to sell the company, it is helpful to have a second bidder. when you this i of the $18 billion delivered to fox as oppose to comcast, in this case, the many billions. it was not just $3.7 billion it was from 10.75 up to 17.28. the percent increases are dramatic always helpful to keep that in mind if you have a company that is in the process of being sold or considering it. jim, short term in nature of this decline in comcast stock that's something that's going to reset the price for a while. >> yeah, this stock was not 31 or 32 when people get a sense that maybe they can win sky and

goes up to 36.7 or maybe they can get sky for not that much money. they could not get sky for a little bit of higher price disney should be up 2% or 3% i think it is terrific for disney i know what will happen with other parts of this deal can you give us some clarity on why disney would notepnder and take the money and lower their debt buyers are committed to. >> everything you say makes perfect sense. if they choose not to, they'll do it with the belief that they need more. if they don't tender their 39%, it does put comcast perhaps so much precarious position of having to get 50.1 of the 50% that's out there there is also the possibility of

a further deal to be done down the road for the hulu's stake, 30% that's owned by comcast we pointed out many times do they really want to be in partnership on hulu and conversely to a certain extent we'll see th-- they have not ma a final decision yet it made some sense, does it? >> you know, every time bogb igr does the big deal, you will be surprise that with marble, how quickly can we can start buying back comcast's tremendous cash flow it was supposed to be a gem. the jewel if disney bought it. suddenly is too expensive. these are some good assets suddenly we are seeing all these

cheeks and sky we realize that the story line has changed for comcast. rather thinking of hey, it is broad band, we start thinking of sign ups they're shocking in the last 18 months, that's a good asset. >> yeah, 23 million overall and carl, the direct broadcast satellite business in this country, why direct tv hemorrhaging subscribers and they worry about that comcast would point out it is satellite distribution and more importantly it is content. >> absolutely. it is a big part of the market downgrade, of course, they were on "squawk" this morning challenging asset. they say comcast grossly over paid but whether it is comcast now, disney with the fox asset

and at&t, we keep oncoming back with the question that how these big media giants are going to demonstrate and pay overtime >> i felt the commentary, i listen to the market and i totally respect their analysis just because they paid a little bit more and it was not a huge more, what happens is that suddenly they turn on it i think -- what i like about this, until this happens, comcast is only at 13 times earnings and everybody is quoting it a wasting asset they're not cutting core over there. they're taking core over there this is short-lived of assets you are buying come on? what happens is over night and this story went from being wow, a lot of videos and overseas and terrific and maybe they can be a

competitor in netflix but i always thought that was over blown. what matters is growth of customers. growth of customers is what we are paying for and the balance sheet can handle it and let's move on and recognize and apple performs some things >> carl, if you are a long-term holder of comcast, you will have to know that brian roberts is going to keep on doing deals as he sees fit to make sure his company is not compromised it is just that simple >> they're not done. >> i don't know what the next one is but i can tell you they're never going to be done >> absolutely. the tsunami of tomorrow's rivals it is on the way you are going get smaller or bigger >> the multiples are quite shocking to be fair. i can remember with dream works too. >> guys, not only that cramer has dimon today.

microsoft coming up with nadella and jim, after today you will go to the dream force conference in san francisco and you actually have some news ahead of that event? >> i think there is a huge clap that apple series is going to be merging with the sales force platform to make it apple's, mos important effort to be in the enterprise so to speak we all know apple. what they lack is a client with business let's go you go to marriott, yo come in and there is an apple device that talks to you, do you want your usual breakfast, i think blocking google really blocking amazon, long time partnership and sales of apple

have not worked all that well together this is very big when it comes to cooperation and best attempt to be able to go into the enterprise because voice is everything guys, people don't think everything should be tighten people want voice. this is also a belief. siri may not be as good as amazon this is a significant deal mark has always want to partner with everybody apple is a name. now, apple is intergral to the sales pa sales packet >> that's a big deal people think back to apple's efforts to get antoninto the enterprise and ibm this is another step in that direction. >> you totally get it, carl. one of the things that kept apple multiple lower is consumer

product. what do people like? they like business to con consumer and within the enterprise, we know all of us had to deal with price in various levels, not apple. apple has not been supported i would say new relevance for siri this is going to dominate the theme of sales forces this week. no it is true that tim cook is not going to be there. they obviously have a big launch going on it brings apple into the enterprise sales force is going to have a much better relationship with your phone sales force have been enterpr e enterprise so big that i think people should pay more. it is hard to imagine. i like the way both of them l e live on proportion it will be much more important >> that's fascinating. who knows what you are going to come up with at dream force,

jim? a massive conference with developers and entertainers and we can't wait to see what you have coming all week long. >> well, i am going to entertain. no, i didn't mean me, i know metallica is playing >> some are asking if you are wearing a colts tie. i can't see the screen that well >> i was going to wear an eagles tie. you know what's better than an eagles tie >> you got the eagles hat. is it out of a respect for luck, what's that about? >> well, big win over the colts. david, i guess you are still on your hope about that quarterback. >> yes i am and i will continue to be for good reasons

it is very early >> that's good david that's good for you. >> great time to be a new york sports fan >> when we come back, talk more about jim's exclusive with jamie dimon this morning still have a lot more deal news to get to. we'll talk about pandora now saying they'll be the world's largest media entertainment company with siri. take a look at futures all in the red as the chinese reportedly cancelled those talks over trades. more "squawk on the street" from post nineglobal markets,'s the f the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow.

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comcast out bidding fox for sky. pandora agrees to be acquire by siri for 3.5 in stocks there are some action in metals, barrick gold buying randgold resources. when we come back, we'll get futures in the red and back in a moment and serve with confidence that it's safe.

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♪ all right, we got about eight minutes before we get started for trading here time for "mad dash" with jim, we'll go down the turnpike and take it away, jim, what do we got today? >> 90 miles down, i got to tell you, david, it is really rare in the last couple of years do we see any device abbott labs revealing for its device which boost the mortality rate for people with heart failure. this matters tremendously because this is really a broad

market morgan stanley thinks it is the biggest mover they have seen when you get, the survivor rate and hospitalization declined and 35%. you know him and no stranger david, he likes to do deals, this is just a device breakthrough, i think it matters. >> yeah, he's a tough guy. i always remember that deal. stocks of 35% and up again this year do you have to consider perhaps loaning it for a while and take it a little bit off. >> i would say that. the division, part of market, the sector is much stronger than abbott abbott is playing catch -up with some of the companies. the medical device have been on fire this year it has been stronger than any other company. abbott's breakthrough is going

to make it so it is right back with striker and right back with baxter, he probably would need to do something big. this is the group that led the healthcare sector and they don't talk about it enough >> jim, stay right there we'll get an opening bell shortly and we'll talk about the pandora deal finally selling out to siri, if they get a price they can both agree on and we'll talk about the gold aliv n levels. we'll be back with that opening bell right after this. people tell me all the time i have the craziest job,

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each day, brings new possibilities. that's why you need a partner dedicated to helping your company reach its goals. u.s. bank -- the power of possible. september is going to bring a slew of news and not only the media. two-day fed meeting. we'll watch the president at the u.n. assembly and the attorney general meeting and keep an eye on kavanaugh jim, you will have plenty to talk about with jamie dimon at

11:00 a.m. eastern tieme not just the efforts made by philadelphia but about rates and also about politics, too >> yeah, jamie dimon injected himself in the debate of leadership look, obviously jamie is a businessman and president trump is a businessman the question is what does a business person do in terms of trying to be a leader. i also think that we have to talk about rates for what it meant for bank stocks. it was clear of the tenure breaching three. could the 10-yr keep ongoing we are not going to go up without the financials david, i got to ask you, how could it be so many deals and nobody cares about mma when it

comes to banks >> well, listen, so many deals, there is a pace of deal without a doubt. sky is a big deal. we have been living with it for months and months and years at this point, jim. there is financing there it is profitable it just does not move the needles for a lot of these banks in terms of mma advisory fee and jp morgan, it is not that important to them. the financing piece are. you can make an argument that things are moving at the level but they are not up year over year >> you are right >> there has been a slow down. incredible economy not a low growth that's decelerating in its growth we got to federal government out what's going on with banking

that's not europhphoric >> a lot to watch at the realtime exchange. the big board is aridis. jim, it does bring to mind as you talk about the i mpact of mma. the meeting this week will make cash the most attractive it has been in decades and end the era of stock is the only game in town >> i hear that here is what buy backs do. buy backs make it so there is a shortage in supply

s&p money keeps oncoming in. s&p money have been flowing in despite the shorter rates and being up i would like to know from jp morgan what are regular customers getting across the board che check-in accounts or savings you may believe that cash is the so-called king i think cash is bishop or maybe knight but king, forget about it >> or king fqueen for that matt. when you have pandora, what are we supposed to do? i love 2.5 how great is 2.5 that's t they can find any reason to be

barish maybe it shows things are not so good how about when they're selling at 12. stocks are not the place to be when that s&p stocks money coming in and the buy back stocks, i will listen. these are things that throw you off the scent of opportunity >> on that note, 2-yr hits 284 got to go back to 2008 to get something that high. john ford has that in orlando, good morning to you. >> reporter: good morning, carl, we got an enterprise trifecta that's coming up here. microsoft's ceo is here nadella

and the ceo of sap what they want to do is give customers control of data. you may have data separately with adobe and having to do with marketing and experience cloud more data with sap and their s 4 and hanna cloud. what if you can put all of that together and run analytics of it and get a better understanding of the customers the kids here, the likes of amazon or google already with their clouds and initiatives have access a lot of different data and that customers don't have access to themselves about their customers and etc. what if the customer's businesses have better ability to bridge these opening cloud? the open data is going allow that data to be read back and forth between the cloud and allows applications to run on top and make use of that data. so potentially big moment.

these companies already partner together in a lot of different ways with adobe experience, cloud working with azure and sap is in the mix as well. they're starting this and they want others to join in they say it is open and their pitch is it is truly open and any company can join this as long as they are willing to give customers control of the data. a lot of questions as this cloud ecosystem and this cloud war continues to evolve. this perhaps changes the game a bit as these big customers launches this open data initiative, carl >> newscafascinating. says a lot that ford orlando is covering that front of the war you will head out west to cover the other front. this comes to a boil quickly >> i don't want to say hatred. can i just say adobe really

start talking too much and i can't believe mcdermott and maybe now apple and amazon web against niethese guys this is just a true battle royal. i got to say, i think this is amazing how things are set up because shantanu he's trying to duplicate sales and there is no doubt about it these guys were all friends at one time they're not friends anymore. >> john, we can't wait for more. >> go ahead,take one last shot john >> reporter: well, they're still friendly guys. i want to say to jim's point the degree of which they are teaming up in specific ways that are clearly against each other they would say oh we got some things we are working on here

but we are still competing and being nice about it, jim we'll see what he has to say certainly when we are out with him just a few days from him >> he's not going to come out and swing as he would have been with oracle. ever since adobe tried to make acquisition to look like sales force and mcdermott throwing his hat in the ring. i mean bill is a nice fella. you got your choice now as a customer, you can go with azure or apple let's see where amazon comes in. i can't believe how dark it is and how much these guys don't like each other >> john, we'll talk to you in a while. obviously a huge day for cramer and ford as we deploy him in the

field. >> quickly, i want to talk about oil, are you hearing more of those calls for $100 >> yeah, we are back it is kind of like the 10-yr going from 3.5 we got to fake out of a lot of the oil and so of course naturally, here goes oil it can go to 80 in west texas. the ones that are pure international are coin-in money and the one that's landlock that's natural good. it is a great moment to be in the international oil business and you are riding on the coat tails that i think a sense that the president is not able to control saudi arabia that deal is back on if the deal is not back on then the saudis wanting oil as high as possible. this is saudi arabia verses president trump. it will be interesting what the president does

he dislikes opec for as long as i can remember >> guys, we are taking a look at deals that we are talking about this morning pandora deal we mentioned a number of times. sirius are going to buy the company. thai they're talking about it being equivalent of the price of roughly $14 a share and put pandora out of -- it is going to end, it has been a difficult period as a public company for pandora for quite some time and you can take a look back or longer of your chart and we'll see what i am talking about. it is a third time charm and there was a $15 offer sometimes back, a year and a half and more ago, they end ed up with a $480 million 10.50 was the strike price

there. economic interests in the company so we'll be buying the 85% they don't already own there is new management of pandora, things seem to be moving at a better track at this point for the company. there is also a 30-day ghost shop in terms of talking deals they waived the standstill that had another six mathew knoonths. they wanted to give the 30-day go shop. we got six more months before sirius can come. people are familiar with the process that's going on. we'll tell you that's the case it does not mean there won't be somebody may be taking a look. it does seem some what unlikely at this point. the larger question is, is there an opportunity for sirius or pandora or programming or

pollination. the company says they mention court ship had been going on and sirius is gaining value of pandora and asset based on the progress that the company has made while they do pay $2 billion combined in royalties, they don't believe cutting royalty is going to be a big part of the story here i think it is about taking control of the car and who wins? sirius have been in there for a long time but spotify has an opportunity that they want to try to push away >> jim, clearly not tp onhe onl ones who are interested in controlling the flow of music in your car wi we know what amazon has said >> yeah, to me, look sirius xm

has had a big end. i think spotify is the engine here it makes me like sirius left david, can you help me what sirius need and why they need to do it. why the heck we don't need anybody. we are doing terrifically. why do they need pandora >> 70 million users in the u.s. is not a bad place to start. i think, i believe, they won't tell you this but is there risk in the car you know i can only speak an dote antidotally on my experience my kids are in the car listening to spotify and pandora to be fair has under new management

turned itself around over the last year. i think that's a fair point to be made here >> right, you told us, they bought in pretty low and they got in a good price. i think it is i am emperical that we all kind of figured out, there is an apple jack in every car. sirius does have a lot of -- i think it is very important and as carl said, amazon and apple, these companies want the car sirius does not have the balance sheet they have. maybe it is just a matter of time that sirius may start to lose their customers there is been a tremendous used car cross overs. autos are no longer gaining. that's why i think they should do pandora >> that's an interesting point

of sirius coming down potentially. that's well-made that said, sirius is up 22% of the last month last time they were offered of some what similar, they don't need that much stock to complete that offer it has gone their way in terms of waiting pandora out for the opportunity that they have been seeking now for well over two years. >> well, i can say that putting my mad money hat on, the only thing i can tell you that these are two retail oriented stocks when retail wins, the market does get exciting. this is a welcome antidote to the cannabis stocks. those stocks are cool. obviously disney and comcast and retail stock, too. maybe it is a little excite of

the stock market that's not endless wave of s & p market coming in. disney shares are having a good day of 2%. that's just happy with the decision to exit perhaps or at least not win. >> tech in general not having a good day apple is the only big tech name in the green tim cook has tweeted of the sea sales for us saying powerful tools and experiences are right on the iphone. it does set up a big week for crm. let's get to bertha coombs this morning. >> good morning. the trade conflict is front and center again the chinese are backing out of

trade talk as 10% and u.s. tariffs are on with more than $5,000 goods we are seeing the impact on chinese material producers among the big loosesers this morning. manufacturi manufactures in china slowed in the third quarter and they ramped up on their depth maintaining cash flow. energy, we have been watching energy hitting a four-year high and trading nearly $80 a barrel. president tru knowing that the u.s. produces a lot. a lot of those enp are producing higher today tech though as carl mentions

starting lower after the s&p 500 under went a shuffle last week now joining the newly formed communication sector which is coming in this week down of 4% of those telecom names a quick note of edward lambert pushing to restructure $1.1 billion in debt of sears. sears of course now has a small market cap of $134 million that's a store's name that's really struggling. >> watching that closely, bertha, thanks let's get to the bond pit, rick santelli, good morning. >> nothing get past you. some important points in europe. let's start out here looking at

10s. once we jump the 3% broom so to speak on wednesday, really firm. basically 306 to 309 coming into our time we pop right backup as we see on the one week chart looking overseas, well, look at two-yr bun yield minus 51 that's the highest level on a closing basis since february of this year. if you move out the curve, their curve is flatten as well you can see the year to date of 10-yr does not look quite as aggressive 51 positive bases point and anything over 50 is intense for the german structure of rates. germany warrants those rates much higher actually it is the rest of europe that's going to deal with that movement, should we start to get more aggressive. in front of the fed, the dollar index is under heavy scrutiny. you see the dollar index there

that's basically at the bottom of the bottom of the four month range. we want to see when the quarter point gets delivered where most people think it will on wednesday. see how the yield structure that i thinks a-- changes the dollar won this is since august it is very important august had a lot o year if you take that in consideration, the dollar is at lofty levels against the chinese yuan carl, jim, david, back to you. >> all right, rick, thank you. be sure to stay tuned with jamie dimon with jim cramer. the dow is down 75 .

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let's get to jim and stop trading. >> symantec. they cleaned up the books. there was restatement. star boarded aed a bunch of powerful board members last week to this, including rick hill every time rick hill has been involved with star board situation we've either gotten a acquisition or tremendous growth time to buy symantec, which used to be the winner all sorts of cyber terrorism. they're back it's big, buy symantec. >> so you're coming off the eagles win you've got jamie dimon today and a big week ahead for you out west. >> this is what we choose to do and i am so fired up that i intend not to sleep. i got a lot of time too sleep after this week.

>> when we come back, john ford's exclusives with the ceos of microsoft, adobe and s.a. p. dow is down 92 broke my personal record. aflac!? no-good break. gooood break. i'm so sorry we can't make your barbecue. i'm just sick about it. aflac!? different kind of sick. if i can't work after surgery,

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welcome back to "squawk on the street." i' i'm carl quintinilla we watch the heads of microsoft and adobe on our air this morning. the fed meeting this week. u.n., tariff, trade and merger monday is back. >> a lot of news today our road map for the hour will start with reaching for the sky, a major win for comcast and its big bet abroad a look at what our parent company just did that may change the global sports tv land. >> sirius buying pandora in a $3.5 billion stock deal. the former ceo and co-founder is with us. plus, two interviews you can't miss jamie dimon on everything from the economy and the president as his bank expands into philadelphia and we'll have the

ceos of microsoft, s.a.p. and adobe. they're forming a partnership over data and we'll hear from all three exclusively. we start with the sky deal in a dramatic fashion, the conclusion of a long-sought asset for both fox and the parent of our company. comcast emerging as the winner with the deal that is not being particularly well received by some shareholders. comcast shares a new low, down 8% coming up significantly in its bid from what hearing impaired 1475 to a winning bid of 1728 under these interesting auction rules that were set by the uk takeover panel, disney also did agree to increase its bid from fox. disney had the right to decide whether or not fox would go up

quite high, in fact. but not nearly as high as did come cast. with about a $3.7 billion deferential overall between the two bids but comcast will tell you this is not about the short term movements in its stock price based on its willingness to pay a high multiple, some 15 times 2019 estimated ebita for a company only growing in the mid-single digits. it's about securing the long-term future for the company. being able to be a major player both in the united states but also overseas in many foreign markets. so that kind of ends up being the key motivation behind comcast's wil price for this is set. it's not just about sky's distribution capabilities and its 23 million customers, it's also about content, sports rights, the ability to compete

in other markets other than the uk, italy, germany and others and to bring programming produced here overseas so there's certainly some hope that will will be synergies or at least compatible efforts from both companies at this point time will tell of course on these deals and often times it's a successful deal and nobody looks back and says you overpaid for the overall asset. we'll see, though. that could be some time. as for the near term, one key question is will disney choose along with fox to tender that 39% stake they own in sky into the 1728 offer accept bid sky's board from comcast or will they choose to wait and see if they can work out a more advantageous deal or a deal that somehow involve's comcast's ownership of 30% of hulu. many would say take the money,

it's $15 billion for disney that can be used to pay down debt and put it in a more advantageous position from balance sheet perspectiv perspective. >> because there could be more deal there is between iger and robert the personalities are so interesting. i didn't realize rupert murdoch founded skies in 1989, now that has 30,000 employees, $17 billion in annual revenue and quite a reach across europe. not just the uk. >> it's not. the uk is its most important market but it has significant presence in other important markets as well. it's an asset they control, that they wanted to control fully it does also go, i make this point, to the benefit of having two companies that want to own an asset remember fox had a deal to acquire the 61% of sky that it didn't already own at 1075 just

to put that in perspective as to where this ended up at 1728. conversely, disney had a payout by $18 billion because comcast sought those fox assets that were for sale. overall you can say the biggest beneficiary here does appearmur. >> and hedge fund owners of sky as well. we'll dive into the question of what's next for sky goeff cutmore is outside sky's headquarters. >> as you can imagine, we've been here all morning outside the sky headquarters in west london and there have been a lot of happy people walking into work this morning who will be beneficiaries of this price. it comes down to the nature of the blind auction that happens over the space of 24 hours and

went three rounds but brian roberts feel the 17 pounds share price is worth paying. so what next here for sky i suspect not very much in the near future will change. sky is a business as s probably as close as you can get to what come cast already does in theitethe united states. it's very easy for come cast to absorb this business and see the on-paper benefit of having its overseas revenue stream jump from 9% to 20% the business has been pioneering in many ways in the vod area and in pay-per-view. back in 1996, sky broke ground effectively with the mike tyson/frank bruno boxing match

it was the first time there was a pay to watch boxing events and that got the public used to paying for quality content so that's an opportunity that comcast would like to exploit and grow as it comes into this european marketplace but i still think there are those here as well as in the united states who have comcast shares who are asking questions about the price that's paid. a 70% plus premium that's quite head room back to you guys. >> jeff. i know from my afternoon partner that english premier league soccer in the uk has to be a valuable asset is that the crow distribution wh

hbo and the like. >> yeah, it absolutely is. clearly that is why comcast felt that it was comfortable moving with the higher bid because premier league football in europe is incredibly popular and sky has this firm grip on the right but it's probably worth pointing out that amazon is also getting into the game here although they won't be showing the matches until 2019 but i think for those trying to understand the shifting media landscape this almost looks a bit like two legacy media companies propping each other up as the new entrants into this media space are trying to figure out how to make money from the industry i'll send it back to you on this point but premier league soccer, absolutely, that's the chron jewel. >> thank you, jeff

jeff cutmore disney is having its worst day. we're joined by will power and on the phone barton crockett who covers disney. people are looking at that share price going wow, they went there. some wondering why they would have are you one of them? >>. >> we've probably been lukewarm from the beginning there's no question and that's part of the knee jerk reaction but brian roberts is betting on the longer straerm tj i can value of having more scale, benefitting from international diversification and betting on the differentiation in that sky platform of original content.

>> does it impede the company's ability to buy back stock? something many investors are focused on given its strong cash flow cast ricks and will it be a weight on the stock price for some time? >> i think the good news here is you finally have finality. this has been a major overhang all year, not only the fox bid but the sky bid as well. and so i think as that part loosens up, investors can refocus on the core fundamentals which is a broad band focused business, strong free cash flow generation but your point on the buyback, sure, there will be a bigger emphasis on paying down the net as opposed to buyback and that's one of the disappointments here but given the $11 billion, $12 billion a year this company can generate they will be in a position where they can buy back stock down the road here. >> should disney shareholders be relieved they didn't end up buying this thing at 1567 or wherever their final bid was

>>. >> i think it's great that disney lost. i think that the result here is that with the proceeds that they could get from potentially selling their sky shares back to comcast is, disney may end up getting the bulk of fox, that would cover the cash outlay depending on tax leakage and pricing. that puts disney into the position to bring back the share purchase that they had suspended for the sox merger it reduces the overall capital intensity around this deal which i think is a great outcome the one asset they do get out of fox is international is star so they do get some good international stuff out of it and don't have to get into the pay tv business. so for a disney investor that would have been a stretch and something you would have been

worried about. >> one element that may be in play, speculation at this point, is hulu, disney will own 60% once the fox deal is done, come cast owns 30%. do you think they would benefit by owning all of hulu? and what about consolidating the lo >> i think one of the problems that we have in disney is that there is this home remodeling project they're going through and part of that is rolling up hulu and absorbing the losses and also the investments and the giveup they're giving around the rights for their content and to bring that back for their ott so it's not clear 2019 will be a great earnings year for disney i think iger is looking longer term and i think that they're likely to try to negotiate the other 30% of hulu from comcast

so i think if that's where they're going, that would be the way to handle it. >> i know you don't cover disney everybody is looking long-term bob iger, brian roberts, randall stephenson and the recent purchase of time warner. who is in the best shape to compete with netflix >> i think they're all in better shape than they were and these bigger behemoth are trying to use their balance sheet top position themselves longer term. it's clear that all these companies now want to go direct to consumer. they want to pooush an over-the-top platform. comcast provides additional capabilities on that front to use those technologies to address the u.s. market on that front. no question at&t is making a big bet. we'll see more on the hbo turner content swrooide as we exit thi

year and disney has announced plans, too, so netflix has kicked all these guys into action and ultimately that will benefit consumers and having that bigger bundle is important for these media companies. >> thank you both. >> thanks for having me. >> is big news in media and of course big news in cloud today john ford is live from the company's ignite conference in orlando, florida good morning, john. >> good morning, carl. in less than an hour, we'll be sitting down the ceos of microsoft, adobe and s.a.p. to discuss the open data initiative which the three of them are kicking off here today the idea being right now with the cloud customers data sits in different silos. there might be some with adobe in their experience cloud, you might have some with s.a.p. and you have lots of other companies in this space.

amazon, google, sales force, et cetera and what these companies are saying is customers should have the ability to run analysis on data no matter whose cloud it's sitting in right now the way that data sits in the cloud, it's different for everybody's cloud. it's really hard to run analysis across different clouds. they're trying to change that and what i think this signals is that we're exiting this first phase in the cloud wars if you wi will the low hanging fruit to some extent is done companies that were willing big in the enterprise figured out how to convert the customers to the cloud version of what they were doing before. now we're starting to see partnerships now we're seeing different philosophies that customers get going deep we are some cloud partners than others because it's a multicloud world. not as if people are just with microsoft-and-not at all with amazon or just google and sales

force. i think what we'll get into with these three ceos is getting a finer point on where we are or in the cloud transition and how initiatives like this or partnerships like this find this next phase we're entering. >> any question about whether or not microsoft is the driving force behind this one. well, certainly all of this data from the open data initiative, at least initially, is going to sit in what they're calling in an azure data like so it's a place where you can bring the data from different platform together and run analysis on it what's not clear from-to-me is are they proposing a new software standard where anybody will be able to create a data wlak ba lake based on these odi principles can amazon do it, can google do it or is it specific with microsoft? we'll get into what the genesis of this idea was and why these three companies are coming together to do it. i'm interested in hearing that

origin story. >> important interview >> we'll be talking to jamie dimon as his bank expands in philadelphia with cramer also at 11:00 a.m. eastern time. first, the trade war escalates, a new batch of tariffs go into effect on that $200 billion worth of chinese goods today ceo of the world bank is with us to talk trade and geopolitics on a tough day for tech at large. a good day for crude with. with ch -- wti down. alerts -- wouldn't you like one from the market

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stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. >> stocks globally under pressure ads as china cancels trade talks with the u.s it's dominated headlines for the market this year as well as emerging market economy feeling the heat amid the global turmoil with the u.n. general assembly kicking off in new york this week joining know talk about this, world bank ceo kristalina goergieva. thank you for being here. >> is thank you. >> where do you think this is going? >> so far the world has had a good year and this good year has been driven by the tax cuts in

the united states, by japan swinging and by stimulus in china so the countries are doing their bit to keep the world economy going. we have seen a trade dispute undermining confidence and of course this is not healthy for years to come. we know there from many decades of experience that trade is good for growth and jobs. it is good for the poorer households so people have to understand the value of the world is to stick to open economy. so far, the erosion of confidence has been less profound than we feared but we should not expect that to stay sound and good forever.

>> what is what you feared >> what we feared was that when you get into a trade dispute, trade will trim down rapidly that didn't happen we had good first two quarters in terms of global trade exceeding the rate of growth now what we see is that investors and consumers are starting to push the pause button and that is where the longer term impact may come. what we have seen is that because the total value of what is disputed on the grand scale of trade is still relatively small. it has not has pulled the rug under the world economy. however we worry about that. let's put trade for a second on the side

we worry even more of the impact of increasing interest rates in the world that has $164 trillion debt hanging on its neck and we worry that for countries that borrow in dollars, the appreciation is going to make the pain more severe so we cannot detach trade from the overall context of the way the -- >> are you say rising interest rates in the u.s. is a bigger threat to the trade war than the global economy >> it is early to say which one is going to be more problematic. my point is different. my point is there are a number of factors which economies would call head wind factors and their combined impact should not be underestimated >> what would be the impact of the u.s. exiting the wto is. >> the rest of the world is

saying let's wait and see and actually i think the conversations are very subdued because nobody wants to predict this from happening so i won't do that either it's point to recognize that it is good in average but trade has not been good for everyone my professor of statistics used to say you put your head in the temperature, your feet in the oven, your temperature is average but you're dead. i think people found themselves ill prepared for structural shifts coming from global trade, that has to be more from the center and it has to be married to a conversation on the future of technologies and how they

change the world we live in. >> clearly we've seen a divergent reaction in the u.s. market and the chinese market to this trade fricti friction how does the chinese economy look to you? >> what we see is that there is some softening of investor confidence and what is actually more important to watch in china's softening of consumer confidence china is responding with the stimulus we see that they are quite determined to counter that impact obviously we have to all worry not just china, the rest of the world has to worry because china contributes nearly 40% of global growth any slowdown in china has impact on chyna, it has impact on the world economy and emerging markets developing countries are most at risk.

>> we have seen some pain in argentina and turkey and there's a debate about whether it's lice isolated to problem spot authorize could be a spark for a broader emerging market crisis >> we worry that this may be a symptom of a bigger problem because of the fact of that that burden is quite significant about government debt and corporate debt in many emerging market markets. in the poorest of countries the burden of debt has doubled since 2013 40% of them are already in debt distress so an incremental increase of interest rates can sink a country in a world environment where there is a growing concern about that burden we worry what this would mean for what this center of discussion in new york this week, ending poverty in the

world. okay, extreme poverty has gone down but in a number of subsaharan countries in the middle east, it's going up. >> mostly because due to birthrates, right? >> it's due to four things -- conflicts, wars, natural disasters, population growth and in many places bad governance. but for the bank what is happening in china, what is happening in the united states has an impact on vulnerable countries and vulnerable people and we worry that we are not seriously focused on the head winds of the world economy. >> it makes your job kufr at the world bank. >> it does. >> kristalina georgieva is the ceo of the world bank.

thank you for coming in today. last week we reported in target's letter to the u.s. trade rep, which was sent during the open comment period, the retailer said it was, quote, deeply concerned about proposed tariffs, calling out a number of baby products on the list specifically those products were left off the financial tariff list so ceo brian cornell is now giving us an updated statement saying in part, quote, our concern continues to be focused on the impact tariffs would have on consumers in the economy not on our ability to manage our business in the face of these challenges the new tariffs or variety of other externalfactors, there are many levers we can pull to remain price competitive, maintain profitability and continue to offer a great guest experience so coming short of saying they won't raise prices there, carl, but if you read between the lines that may be what they're suggesting at least at this point. back to you. >> a lot of attention on

retailers that could be affected by all of this thanks. when we come back, it's a busy day for deals barrick gold take a look at where the averages are worst day of the month so far. we have to go to late august for a day this bad on the dow which is down 142. (guard) i've seen things i shouldn't have.

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good morning, everyone, i'm sue herera, here's your cnbc news update at this hour prurch arriving at the united nations this is morning along with secretary of state mike pompeo and u.s. ambassador nikki haley. he says relations with north korea are very good and he expects to meet with kim jong-un soon. >> moving very well. relationships are very good with north korea. looks like we'll have a second summit quite soon. as you know, kim jong-un wrote a letter, a beautiful letter asking for a second meeting and we will be doing that. >> president trump pledging his

support for brett kavanaugh saying the sexual misconduct allegations against him are totally political adding that he is with him all the way. this as a second woman came out alleging kavanaugh exposed himself to her when they were students at yale bill cosby arriving at a pennsylvania court for the start of his sentencing hearing. the 81-year-old was convicted in april of drugging and sexually assaulting a temple university employee he could get up to 30 years behind bars or he could just get probation. the hearing is expected to last two days you are up to date, that's the news carl, back down to you. >> we need longer hours for these shows, sue, thank you. sue herera welcome back to sweet. time for our etf spotlight let's get back to dom chu looking amount gold. >> the gold prices have been locked in a trading range for about a month or so at this point hovering just above and below that $1200 per ounce mark.

they are higher today but still trading below their $50 day moving average gold in focus more so because of the mega merger you mentioned with canada's barrick gold paying -- at least combining far company with african gold miner rand gold resources in a deal worth $18 billion toe that will when that deal is completed, barrick shareholders will own two-thirds of the overall combined company and shares of both companies haier on the day. but the medium-tern trend has been down to the down side it's taken a toll on other gold producers. that's pretty in evidence the vanek vectors gold miner more than 80% of the stocks in this fund are now negative so far. a lot of price action will be determined not just by the mna action but gold prices themselves so check out the spdr gold etf, that ticker glz and the gold trust ticker iau. both track gold prices and they

are ways that retail and institutional traders take view on the yellow metal. >> it has been a rough year on the back of a strong dollar. dom chu, thank you when we come back, sirius xm buys pandora $3.5 billion stock deal. pandora'sco-founder and former ceo will be joining us next. dow is down 125. don't go away. jooirveg [ upbeat music playing ]

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streaming music service pandora agrees to be acquired by satellite radio operator sirius xm in a deal valued $359.5 billion. shares rising on the news but off of the highs of the session. joining us on the phone in a cnbc exclusive is the co-founder and former ceo of pandora, tim westergren welcome back good to talk to you. >> good to be here

good morning. >> are you in favor of this deal >> yeah, well i think this is a great move by sirius for sure. people are not seeing the future of this industry there's a huge focus on the on-demand subscription business. i think the winners the going to affect the whole demand curve so this combination has the potential to do that so it will be good for both companies >> is it about the car or something broader than that. >> the car is one piece. on this huge mobile company in pan dorr are a, that's a big strength but with pandora you have a company that is well resourced which it's arguably never been, two that's allied with the hoouj

content partner. i'm not talking about the material on sirius but live nation which is connected to this and they're also -- not to forget now allied with the great subscription businesses so i i think if that combination is harvested it could be pandora's business and be mutually beneficial. >> tim, as you're talking, just a quick alert to viewers, axios is reporting that deputy attorney general rod rosenstein has verbally resigned to chief of staff john kelly in anticipation of what they say -- of being fired by the president. that's according to a source with direct knowledge following the "new york times" report on friday we'll wait for fill on that

report or concurrent reports we'll watch for that. >> let's get back to you when carl asked you if you liked the deal you seemed to say from sirius's standpoint, yes but would you advise a pandora shareholder shareholders that they're well in place to accept this offer or deal from sirius in terms of 1.44 of its shares >> i'm not intimately connected to the financials inside the company so it's hard to opine. there are things to recommend in the term wloofs the strategic partnership would do so it's hard to oe bien. i will say this is a big missed opportunity for the likes of apple, amazon, google, et cet a cetera pan dorr would be rah would be valuable so let's remember that outside of napster, pandora is

the only mainstream music service that grew entirely virall virally. i think sirius will be the beneficiary of that. >> we apologize for keeping it short but we'll keep our eye on this one tim westergren. >> thanks. >> former ceo of pandora. let's turn this news out of axios if you just missed it a moment ago according to a source with direct knowledge that rod rosenstein the deputy attorney general has resigned to chief of staff john kelly in anticipation of being fired by the president. per a source, he's expecting to be fired so plans to step down ammon javr eamon javers is watching this. they said he talked about invoking the 25th amendment,

wire ago wire which he denied? >> there's a lot of expectation in the wake of "new york times" piece that the president would take a step to fire rod rosenstein the president getting conflicting advice. >> this is based on axios's reporting. i spoke to a senior administration official who told me he could not confirm this news yet so we are waiting to see what they have to say but jonathan swan, the reporter at axios has a lot of sources inside the west wing so no indication that this is inaccurate remember what that "new york times" story was, right, on friday the story was that that rod rosenstein had spoken about invoking the 25th amendment. that allows the administration to remove a sitting president of the united states against his will that is heady stuff to even speak about in any way inside the administration it also raises the question of

what tone he sed, whether he was being sarcastic, whether he was joking or making gallows humor remark the report in the "new york times" suggested that rod rosenstein had suggested that he might wear a wire against the president of the united states allies of rosenstein said he made that remark sarcastically, he didn't mean it. he made that remark in a meeting that was contentious and he made the remark about wearing a wire. those are huge things to discuss. the reaction among the folks closest to the president was expected to be very, very negative there was speculation throughout the week end that the president might make a move against rod rosenstein and rosenstein is the man who is is overseeing the russia investigation, the mueller special counsel effort because his boss has been recused so rod rosenstein the linchpin to the russia investigation into the president. the president has resented that

investigation so much but hostile to it. and if rosenstein is leaving that would apparently open the possibility for the president to put in his own person in charge of that investigation. so there are dpra dramatic implications if true but a senior administration official not able to confirm this news right now from inside the white house. >> but it sounds like if this is true this would be welcome news from the white house, there were rumors swirling about whether the president would make this move on his own. >> rosenstein is seen as someone who thwarts the president's authority, somebody who is not on the team with the president of the united states, somebody who has been empowering to robert mueller in the special counsel's investigation so i think people close to the president would see a rosenstein departure as a good thing. the resignation, we'll have to get more details because there's two ways resignation cans go there's a resignation where

somebody leaves voluntarily and where they're told to resign.s . there's a resignation where somebody leaves voluntarily and where they're told to resign officials not confirming this as of right now. >> we should point out as we bring in john harwood, it's one news out let, axios, on one source although jonathan swan is not known, john, for making a lot of mistakes and they do say it's a verbal resignation at this point, not a letter per se, at least according to this early headline. >> that's a key point. jonathan swan is an outstanding reporter so no criticism of him. if you look at the report itself it says he resigned verbally does that mean he offered to resign in anticipation that he would be fired because it doesn't say that he has resigned it says he expected to be fire bud he hasn't been fwooired so we're in an unclear situation and remember, carl, the reason

why president trump has been complaining about jeff sessions, he's been complaining for months about, complaining about robert mueller but he has not fired those people why? because it would produce a political firestorm. we are before a midterm election where republicans as our nbc news "wall street journal" poll showed yesterday are on track for getting wiped out. losing the house, perhaps even losing the senate. the senate is more in doubt because key contests are taking place in red states. if the president moves to replace rod rosenstein, if he is forcing this resignation there are going to be consequences to that politically in an already-bad political environment. potential constitutional crisis. remember, this is a confirmable position so you would have to put somebody in who the senate would confirm. who would the senate confirm

under these circumstances? not an easy question of simply the president snapping his fingers or putting pressure on rosenstein and having a better outcome. it could lead to a worse outcome for him. >> ae mo >> eamon, the criticism that the times had been played was being used as a tool for the white house to cover an eventual firing is it too early to to go down the list of names that would be successors for that job? >> it is because we don't know how this has shaken out and what the white house has planned. the other thing to consider is what a confirmation hearing for somebody to replace rod rosenstein would look like in this extremely contentious pre-election period you can imagine that would be a very fraught process indeed and the other thing we should say is that this is a report of a verbal resignation so we see

people in this white house resign or threat on the resign all the time the bob woodward book has a scene in which gary cohn tried to resign to the president the president talked him out of it and into sticking on board in the wake of the charlottesville incide incident cohen frustrated and upset didn't like the images of nazis marching in charlottesville, virginia the president convinced him to stick on board through the tax cut period of the presidency so if the president doesn't want someone to resign, there are reports people have been talked out of it. on the other hand, if the president does want somebody to resign they're usually gone. >> ae mo >> eamon, i'll let you make some calls. ax yoegs wios was reporting it w cnn is reporting that he is expecting to be fired. that's the word out of cnn from jim sciutto's tweet.

not quite match bug going in that direction. >> >> well, clearly there was movement going on. that was a story the "new york times" wrote friday and if you take at face value what rod rosenstein was talking about in that story, you can see why the president would want him gone. the broader context is there's peril in any direction and we saw the president's close ally sean hannity coming on and said the president by no means should fire anyone. this is a setup so not a lot of good options right now. >> john, from a procedural standpoint, i understand sessions is recused from the russia investigation but shouldn't rosenstein be resigning to the ag? >> i think if you are appointed by the president and confirmed by the senate that is a

circumstance where your boss can fairly be said to be the president of theites this is not a person who was hired by jeff sessions this is the person the president put in that job. >> and john to the larger question but to the extend that rosenstein is no longer in that job and filled by another appointee of the president's, does it make it more likely, do we have any idea as to whether the mueller probe will be stopped or that person would be more likely to try to fire snoourl. >> it stands to reason given that rod rosenstein has been protecting the mueller probe and overseaing it. you'd say the odds would go up depending on who the president puts in. but you're going to have to have a confirmation -- there will be an acting person in the meantime would that person be so bold as

to make a move against bob mueller? and if you talk about a permanent era rey placement, somebody confirmed by the senate you can bet that in that confirmation process put him to the test whether he is -- there's a lot of water under the bridge, depends on what the southern district of new york is doing. it is not easy or clear at all that the president could eliminate hi firing bob mueller >> pete williams is reporting rosenstein has been summoned to the white house. abc news equally has a source saying he is on his way to the white house, is expecting to be fired once he gets there

this is filling in rather quickly, john. i assume timing wise, maybe we might expect some word by close of business today. >> if he is going to the white house, he is either going to be fired or be told that he is not going to be fired. and again, it is possible that he told john kelly he was prepared to leave if the president wanted him gone, but we don't know. if he is gone, there's going to be a political reaction to that, and it may not be good for the president. >> every time you get a development like this, it is interesting to watch the market reaction, stocks slipped to session lows which we'll talk about in a moment, you may have thought this was welcome news for the president but i guess it opens up a lot of uncertainty. and you have those in the media or on twitter saying constitutional crisis. can you clear up what that would mean and whether we are heading to that kind of moment >> constitutional crisis would

involve a clash between a white house trying to shutdown a law enforcement investigation and the investigation itself and the legislative branch which may or may not attempt to stop the president from doing that. you know, we saw this in watergate when president nixon was trying to prevent release of materials from the white house it went to the supreme court he lost unanimously. the materials came out and he was forced to resign in the face of overwhelming political opposition if in fact the rosenstein being replaced or fired if that's what's about to happen, then you have a question about what comes of the mueller probe it has amassed a lot of evidence it has cooperating witnesses his former campaign chairman,

former national security adviser, former deputy campaign chairman, all of those people and michael cohen in addition to that, his personal lawyer, they have been providing a lot of evidence to what degree does the president think he can take all of that and bury it in the ground we don't know if that's what he is going to try to do. but if he does, that's going to generate a major political crisis. >> as we are talking, guys, fox now saying a source familiar says he is in fact heading to the white house, expecting to be fired, but has not verbally resigned that's out of fox. we should point out he may be going to the white house, but the president is in new york at the u.n. general assembly. some cross currents on what potentially is a major story joining us, former assistant u.s. attorney john loro. thanks for the time today. >> good morning. >> all of this with five minutes to process it. >> first of all, i don't think it is a crisis

there's an institutional process at department of justice that takes over where his deputy would fill that lot. there's certainly no indication that the white house is trying to end the mueller investigation or fire mueller, that would be ridiculous at this point i suspect that the issue relates to rosenstein's denials of involvement of the "new york times" story that's generating this, rather than an effort to get rid of mueller it would be at this point an impossibility for the president to do that and i suggest it would problem engender impeachment discussions if he tried to do that, so my guess is there was lack of confidence in rosenstein and as a result he's out. >> what role if any does congress play in determining what happens next, john? >> well, congress would appoint rosenstein's successor without question, that person would have supervision over the mueller investigation because as we know

sessions has recused himself, so it is going to be a very important position it is certainly going to take advice and consent of congress, and without question the president will have to nominate somebody with a great deal of confidence not only in department of justice but congress as well >> thank you for jumping on the line with much needed perspective. former assistant u.s. attorney, john lauro also want to talk to john cashen session lows, nothing extreme or sharp, they were already under pressure on the u.s., china trade talks, but what's the market take away >> right now it is confusion, that's why it weakened somewhat but not in free fall or anything that resembles it. it is interesting that we just recall nixon firing with elliott

and others, and the person that stepped in to prevent it becoming a downright constitutional crisis was a guy named robert bork. he stepped in and fired the people needed to be fired and that worked against him and now we have another somebody up for justice of the supreme court and they're talking about him being handled not unlike the way bork was. thing seem to come around in washington, d.c. for the market i would say i don't think it is going to be too big of a direct hit, so far the markets look at what we call the fact that political attacks on the president have not had a large market factor. this could be different. depends how it plays out because the market could then begin to

see it as a major influence on midterm elections. if they saw it as such and thought it would result in losing substantially the house and maybe the senate, they would rethink things but i would suspect if that were to happen two things would happen. if the republicans were to lose both houses they would use the lame duck period, several days that they're still in to rush as much important, what they deem important, through and secondarily the legislative branch were to be on the other side, i would assume they would attack mr. trump but he would keep vetoing >> all right we're going to watch that. pete williams continues to report for nbc news, saying it

is his understanding he will not resign and if the white house wants him out, he will have to be fired >> so we think he is on his way to the white house to be fired he seems to believe he is on the way to the white house to be fired, best we can tell. >> saying bring it, if you want me out of here, you have to do it the hard way. >> would stand to reason, given the president is out, and what we heard is he typically doesn't like the con fron taufrontationn person firings leaving it to kelly to potentially do that. >> not like his tv show where he did it, you're fired art, we have seen the market, we watched reaction or lack of to when manafort was found guilty or cohen turned himself in and there was not much reaction. a little here. what can we deduce where the market's biggest worries lie as regards the presidency, the mueller investigation and all of this drama that accompanies it >> as i said, the presumption

would be if the vice president had to take over, policies would remain the same. >> that's what you call the pence put. >> that's right. and the markets haven't reacted. he is going to the white house, the president is not there does that mean he was summoned to the white house, so there are a lot of dramatic missing pieces here if he yelled out of the car to somebody i'm going to the white house to get fired, it would sound like he got a phone call, come over here, we need to talk to you. >> the word summon has been used in some of the reporting today vix below 13 doesn't show panic in the markets >> no. and as we just noted you've seen a little pull back but nothing like free fall

so they haven't seen anything dramatic enough yet to change anything in fact this market is calmer, half of asia was closed holiday, hong kong fell the equivalent of 450 dow points they're taking trade wars more seriously than we are. >> eamon javers, what else can you tell us? >> special counsel's office is not offering comment i talked to a spokesman in robert mueller's office that declined to comment. the white house declining to comment at this point. rosenstein heading to the white house when the president is not there, the president is here in new yo, so who is rod rosenstein going to meet with at the white house, presumably that would be the chief of staff, john kelly, who would have authority to take a meeting with him it would be unlikely for the vice president, mike pence, to be involved in a meeting