off decorating >>. >> have you seen a store with christmas decorations? zbli don't think ihave wow. it's time for the closing bell ge faces yet another ceo shake up i'm phil elon musk settles. we'll be talking to proctor and gamble, one of the world's biggest marketers about where it is spending ad dollars right now. former secretary of state john kerry joins us to talk about the new trade deal with canada and

mexico >> let's check in on the market. positive but off their highs the dow was up 279 points. it is currently up 217 points. >> market was pushed higher by the new trade agreement between the u.s., canada and mexico. let's get right to it. we have the latest etails

>> this new deal is an especially great victory our farmers have gone through a lot over the last 15 years prices have gone way down. >> one thing that is not part of this new agreement, steel and aluminum tariffs those remain in place.

it's not clear what the off ramp for those is it is considered an essential part >> do we have any sense of when we'll get the full text of this release snd. >> it has already been released >> how much of a relief is this to get the trade deal between canada and mexico and the united states and does it go well for other trade uncertainties that were hanging out there around

china. >> it's good news. i would say markets have gene l generally viewed it. and overall i think it's quite good for markets these are improving for u.s. businesses making them a lot more competitive i think it's highlighting there's reasons for businesses to be optimistic >> and i don't know if that alone, the trade deal alone is going to give a lot more horsepower to a steepening

curve. the rest is unchanged it is still in the globe from all of the central banks viewed in the entirety i do think it probably had much of this priced there investors had been much more about actions. today is evidence that even something that's counted on by investors could get a second look to the upside once we have more etail.

stocks are going to benefit from higher rates so there's sort of a double whammy >> you think it could broaden out. the rest of this year, is it a moment given the strong returns? >> i think the market tends to in the fourth quarter follow what happened year to date we are really all clear and really strong follow through our work has shown that it has not led through september. next year is a story where the

extremely narrow markets so it only happened seven times and leads to broader markets next year i think it is the average following a narrow year but it's typically becoming leaders. i think it will be pretty interesting. it may be a year where equal weight index does pretty well. >> i think it's positive that

they reached an agreement. i think we were headed towards a potential problem with canada not joining in i'm glad that's out of the way number one number two it's positive we are going to be able to avoid another round of tariffs and automobiles and we go back and forth the way people were talking about. so that's positive.

i do know a class of dairy that has opened up has to be minimalist with respect to canada it is. it is only what is called dallas 7 which referred to powders and condensed product. i think it's constructive. i think it's good to raise some wagers again, when you raise those wagers depending on where it is, that can have a negative impact on other things. so i really think you to evaluate it. i gather it doesn't go into effect until about 2020. there's a long road ahead to get itthrough congress defending

highly criticized strategy do you think this is evident that the strategies, tariffs, tough talk work? >> no. i think it's evidence that trade works and that trade agreements can be reached period because countries want them and need them 95% of the customers in the world are outside of the united states so we need them too. certainly we arrived at trade agreements and every administration, republican and democrat until now i give them credit it is better to give them an agreement. i think though there are ways to get an agreement that may not have done quite so much damage at the same time and created some of the dislocations we are going to have to live with for a while. >> when you consider the level

of friendship with countries like canada, clearly people can be more critical of the tough negotiation stance when it comes the a country like china is the tough stance more justified and do you think it will lead to an eventual deal? >> no question that a tough stance is required with china and ismerited.

i don't think chinese will move quite as quickly personally. it is absolutely merited to be tough. i would have preferred that we bring the europeans and other markets. >> you are starting to hear

administration officials saying the whole world agrees with us on this. seems like they are trying to build a little bit of a consensus. >> and more power we all want to be successful and working out a better relationship with china >> i want to ask you what expectations were. he is talking decades. i'm not sure i think the expectation is that it extends beyond the midterm elections. do you have any sense of what will happen between the u.s. and china? >> i don't think anybody does. i have the north korea situation tied up and then you have other issues tied up to that.

>> it clearly will be part of any discussion going forward we want the president to be successful because we want our country to be successful it is important to work out differences with china because they cost american companies in the billions we have to work through these things how you work through things with the chinese is critical. for instance a subject that president trump doesn't deal with is climate change it is one where president obama and our administration went into china and maede an agreement an brought them to the table for the very first time to be constructive in work on a way forward. that came about not by bluj

onning them but by pursuing very careful talks over some period of time. i think, you know, i think you have to think how we get there we all agree with a goal and with a problem the question is what is the best way to join in a constructive way forward. >> clearly it is an issue where you have disagreed loud and clear with the president we have just seen how he has improved the terms of an existing deal.

i'm speaking about the hard liners, the republican guard and others did not want the negotiations to take place with us they wanted to pursue a nuclear weapon we have showed it was the u.s. that broke the agreement and couldn't be trusted. the argument of the administration is that they are going to put greater economic pressure on the regime and

therefore the regime hopefully in their view will ultimately collapse the problem with that is nobody thinks you're going to wind up with a democrat if there were any change the greater likelihood is you wind up with life and becoming more constrained and more miserable. the point here was to try to change iran's activities the view of president obama and others was take the nuclear off the table and get china and russia to be with you and go after them after you have the agreement you have to live by to restrain their activities on missiles, israel on support for hezbollah and for the weapons. so none of us disagree on what the problems are

it is his turn now it is his administration's turn now. >> yes it is his administration >> actively undermined u.s. policy in meeting anybody from another government in the confines of new york it is inappropriate to have a conversation. i'm not a negotiator henry traveled to china and russia under democrat and republican administrations alike. i had a long conversation and explained to him my point of view and what i thought was a better approach.

since the administration has pulled out i made no effort to talk to anybody from iran about this agreement so there's, you know, if there's hysteria was articulated on the very day that manafort cut a deal with mueller. i suspect it appealed to them to try to make a distraction and do this many people met with the foreign minister while he was in new york it is an effort to get you and others to divert attention >> i think this matters a lot for the markets. we are at a four year high do you think the iranians will

be successful in their work around u.s. sanctions? >> i have no way of knowing. i have no idea if it will work or not work. i have had no discussions about the dynamics or what they might do >> mr. secretary, we will leave it there thank you for joining us this afternoon. we appreciate your position here on closing bell. >> happy to be with you. >> thank you still to come on the show, general electric chairs rallying on news of a new ceo we'll break down the impact of the company's strategy next. reaching a settlement but is there more drama still ahead for tesla. closing bell back in a couple of minutes.

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zblp sbregs to know the stock price. it did certainly start the day very strong. it was up 14% at one point it is still up nicely but lessened its gains abrupt is the word in fact what i learned is that it was wednesday that mr. flannery told his board there would be a $23 billion impairment charge to power now it's not cash. it's good will and also said not sure about the guidance anymore. things were deteriorating. the board moved fast thursday they started to deliberate about his future. not necessarily specific to this but it seemed to be the catalyst for deliberation that lead to his quick termination.

in part also because of concerns about his decision making in terms of how quickly it was coming, the fact that many people seem to think he communicated but he didn't communicate particularly well around certain decisions and was not making them in a rapid enough fashion hard to know exactly what was in the minds of the members they did seem poised to take advantage almost in a sense of this misstep to act on i guess their own concerns that they already had. >> is 13 months enough time to prove themselves >> probably not. this company has some real issues mr. flannery talked about turning around power wealth. i think the fact that it is going the other way perhaps gave pause to some board members not

to mention they never conducted a search when they installed him in the job but having the presence of him on the board since the spring, he's 55 years old and probably gave them confidence perhaps they could move in a different direction and a better direction we'll see. he will remain committed or separate health care it is unclear how they are going to do it one other key point we need to make is about the future of the dividend given that impairment charge we haven't heard from the rating agencies. they may weigh in. it could put pressure on them. it would be different than what they said previously which is it would be safe until the health care split off you know, to your question it's not like investors gave him the

time of day either the stock hit a nine year low. what the hope for a turn around? what does it look like >> i think the surprise for so many people has not been of the ever increasing difficulties they got in on their balance sheet as a result of buying high and selling low. we talked about it many times what he did in 16 years which they are riding down to majority, the hit they are taking is from that deal yet another one where they clearly overpaid what surprised people is the lack of execution particularly of power and how you turn that around, well, it can take time this board thinks you need to move fairly quickly. they have said they would like to get past that that they feel like they have a very manageable company that they can start to focus on growth with balance sheet is going to get in

the way until they can effectively delever. >> thanks for joining us >> great to be here. >> you're always welcome >> looking at the market cap 100 billion. >> yeah. >> about 100 >> it's a long way >> about 450 to 500 billion. >> thanks. coming up tesla chief makes a deal coming up we'll break down the agreement he made with the sec and talk to a shareholder on the question of whether they are buying more stock after this deal dab has campbell soup in his sights again today up next what is moving the soup marker's stock more than half of employees across the country bring financial stress to work. if you're stressed out financially at home, you're going to be too worried to be able to do a good job. i want to be able to offer all of the benefits that keep them satisfied. it is the people that is really the only asset that you have.

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file ago proxy today it continues to push the company to consider a sale it would place about a 58% premium ton company. stock is up. not a lot of love for this company or for food stocks in general right now. if you read some of the proxy it

does sort of reasonate the stock has been such an under performer. it sort of reminds me of last year he managed to convince that it was time for a change. the difference here is that the math was a little bit harder it is in terms of voting power for this company >> and they don't seem to be changing their position. >> right >> my stock of the day is go goldman sachs. he and his outgoing former boss find chatting earlier today about the hand over. >> you'll come in with a new vision and new set of eyes for me i'll have to find out

what i miss about it i am anticipating of course. i'll miss the people to some extend, the nteraction >> i was always thinking every time i made a public statement like that i was conscious that the platform that gives me the voice and the leverage i have is

a platform that really belongs to the constituents of the firm. i tended to tweet and give public statements on immigration issues because it effected the people in the forum. it effected the ability to live the lives in the best spirit things related to the economy but stayed away which the firm had no interest. >> so goldman sachs up a little bit. it is down 5% of one month down 10 or 11% over six months >> so he has an instagram >> we'll see social media posts. but he has talked about unrestrained tweeting from here on out come today or tomorrow maybe we'll see more pointed political tweets >> time now for cnbc news update hi >> here is what's happening at

this hour. president trump has authorized the fbi to expand the investigation into the sexual misconduct it must be completed in a week here is what he had to say announcing the trade agreement with canada and mexico >> i want it to be comprehensive. i think it's a good thing, not a bad thing. with that being said i would like it to go quickly. the reason i would like it to go quickly, it's so simple. it is unfair to him at this point. >> german authorities arresting seven men they say were part of a far right terrorist organization bent on attacking foreigners and political enemies. most of the arrests were made in the eastern german city. cardi b. receive add misdemeanor in connection with an august fight at a strip club in queens. the rapper leaving waving to her

fans i will send it back to you >> thank you >> you got it. between data breaches and ad targeting controversies facebook is becoming a concern for some up next we'll talk about p and g chief brand officer and the new policies he is implementing when it koncomes to digital a advertising when we come right back - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.

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>> ad week kicks off in new york back to you. >> thanks so much. thanks for joining us here today. you have a huge impact in the advertising world as chief brand officer last year and your last fiscal year $7 billion in ad spending for b ap and g. here we are. facebook just reported another how do you feel about ad spending on facebook right now

>> i think what the situation is just another chapter in digital media growingup >> you talk about how you shifted money away from digital advertising. where are you putting your ad dollars now? is it back into facebook or is it away from facebook and google >> it is shifting money like

many advertisers are shifting money into more effective vehicles in many cases there's a big increase in problematic spending >> there's many more fish in the sea out there that allow all of us to be able to find different places the other places is tv there's still places you can reduce the excess frequency. you know what that is right? ads are annoying they say 70% ads are annoying. when we found a way to reduce the frequency of those ads it makes it more effective and it saves money to help you do a lot better >> you want to jump in here? >> yeah. hi it's sarah in new york

i wan today ask you about when you criticized the company i know she a board member. it is on focusing ton business relationships, needing to speak more and needing to adapt more to some of the digital changes i'm wondering if you guys have made big changes since he has a board seat on that front to address some of those problems and some of those investor concerns >> well, the reality is that we actually have about 17 of our top 20 brands in number one and number two we really shifted a lot of ours to be more of a combination of

push-pull. >> when i think of ads that appeal to millennials i think of nike and sure it was controversial and do you think it was worth therisk >> what do they care about they care about racial equality, the environment. so those companies, many of which were there, nike was there. we were there. we were honored with ikea are having a point of view those are reasonating with consum consum consume consumers. >> i think that was a yes.

thank you. good to see you. thank you very much for the coverage >> we have got 17 minutes left of trade we are high but nasdaq is negative territory, down 0.3%. we have slipped about 0.3% in the last 20 minutes or so. >> still to come we have much more on the market rally we'll lay out the biggest movers in the nasdaq coming up. and musk reaching a settlement is it a by the news event? we have details coming up. so, the whole world is talking about ai. big, bold promises like... it'll find life on mars!

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shares of tesla higher after reached a settlement i guess it was sort of the settlement 2.0 >> it is it is little it different than the one rejected on thursday the stock back before where the stock was trading. we are not going over all of the details. the three most important details to keep in mind about this

settlement first and foremost, it is obvious he remains ceo it was key to tesla investors saying we like that this company is under his leadership. he may be giving up the chairmanship and his communications including what he tweets out may be monitored but he remains ceo all of this coming as we await word on what's happening with the model 3 protection most estimates believe that or most analysts are estimating the model 3 will come in above 50,000 and maybe above the estimate which is about 51,800 vehicles if that's the case don't be surprised to see the stock move higher speaking of elon musk communications they put out an internal e-mail that was leaked. he put it out on saturday and in that e-mail two employees where he talked about the push on sunday for model 3 production at

the end of the third quarter, if we go all out tomorrow meeting on sunday we will achieve an epic victory beyond all expectations what's that epic victory we will find out more once tesla reduces delivery numbers for the model 3. again, we expect that in the next day or two having fallen last week do people have a sense they feel elon musk has been left off lightly? yes, the sec increased the level of punishment. he is still ceo. >> yeah. you will hear a lot of people say he has a slap on the wrist

$20 million is nothing to sneeze at but $20 million is pocket change he remains ceo will this board be slightly different with two new independent directors? are they going to reign in elon musk up until now this board has pretty much done what elon musk has wanted it do when we come back we are looking at that coming back in a couple of minutes. let's begin.

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welcome back large caps t nasdaq 100 hitting an all time high s&p tech sector. the usual suspect are among those driving those gains today.

it videoed an all time high. ciscoe and fortnet hitting high today. an article out about those drugs, particularly the leukemia drug that takes it to fight cancer cells there has ban setback and deadly one with a rare set back where they saw the actual cancer cell, just one cell reproduce and become immune itself some of those drugs today are drug makers are under pressure funlly kpl finally facebook facing a big fine in europe back to you >> thank you very much for that. five minutes left of trade coming up we'll be back with the

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the high up 279 points for the dow. we sold off most of the afternoon and a nice little pick up in the last half an hour or so it has taken us up to 192. you can see the dow is the best performer. we lost steam a little bit the nasdaq is in negative territory. s&p is higher but only by a third of 1%. the russell is down a full1.5% bringing in steven and i mention oil prices as well having a great day, year to date high up thisyear

industrials, boeing dupont and 3m helping lift the dow higher so a positive start to the day >> also the yield picks up a little bit not too pronounced >> and earnings. we have stitch fix tonight pepsi co tonight the earnings season is slowly ramping up here. it will be a big market mover for some >> and highlighting the picture that started so positive it is towards the end of the session. the s&p is up at the moment. 0.35%. a nice little bounce towards the end of the session there and the

top sector is energy as we approach the close the dow is up 195 points there goes the bell ringing the bell here at the big board william there. rapid 7 there. that does it for the first half of closing bell. back to you. >> and welcome to the closing bell let's take a look at how we are finishing up the day ended higher for the dow a little more than 200 points. s & p 500 gaining and nasdaq lost early gains i should say it is way off the best levels of the session

we'll bring you the numbers as soon as they are out tesla is soaring he gets to keep his ceo title but must step down as chairman and pay $40 million in fines major shareholder will be weighing in on what to do with tesla next joining the panel let's talk about the market markets pushing higher after the u.s. reached a trade deal. formed the u.s./mexico/canada agreement. it was formally known as nafta initially cheered by the market and then it faded a bit. what's the word? >> i think it is it is a lot of noisy action. i don't think it was a thumbs

up, thumbs down. market got a little bit of a first of the month to start >> so the rest of it is just kind of playing around the edges. >> is it clear the sort of big move today was energy stocks is that something you think can continue above 75 bucks? is it something that's going to have to pull back throughout the rest of the year >> yeah.

what is it you think is more important? >> i don't think that's lot of stuff day-to-day that is very much in question by the way, it's up 9% year to date it's not as if the markets will hold back in any serious way i think it's all how much are we

supposed to pay for this year's earningsgrowth historically a decent time for markets. is there anything that could derail that? we heard from him earlier. he thinks it will broaden and continue into next year as well. >> any way you slice the behavior it is up six months in a row it is up 7 months out ofnine

sit what we are going to pay we have very low financial stress levels. i think that's important >> i think on that point a lot have chalked it up to the economy. coming off to a quarter what's the expectation for this quarter and the final quarter of the year and how it may influence the market's direction >> again, great question you're hitting on exactly the right issue. there are a lot of people like mike who think we'll have the economy. we think we are going to

continue to have a very strong economy with better than expected corporate earnings. if you talk to any portfolio managers and people running the companies we invest in they haven't seen this in a long time we have a very strong consumer we have much lower interest rates. we have much better taxes. there is a lot of momentum it's not what are people willing to pay we think they will continue to surprise on the upset. >> all right let's talk about ge. it looks like when all is said and done they close about 7% higher, well off of the highs. they were up almost 15% at one point. the company announced it was removing ceo after a little more than a year on the job they will be stepping in and filling that role. ge stock down more than 50% since he took the reigns in august of last year. joining us now is bill he is now special correspondent.

i think you know him very well talk about your relationship with him and what you were thinking when you read that headline this morning. >> well, in answer to the second question, shocked like everybody else i started with flannery 31 years ago. we have been great friends since that time. you know, it was a day of great celebration in august of 2017 when he became the ceo because he is incredibly deserving, very smart, very savvy. i think there are a lot of surprises he wasn't aware of i think he didn't shy away from things like cutting the dividend and restruck which arituring thy the stock is down 50% during his tenure he has a serious activist

investor on his board. you know, he probably lost a lot of money in ge in the last few years. it is not only because of john flan flannery he put a lot of things into motion that, you know, larry is going to get the benefit of as we have seen already today up 7% it doesn't seem fair it doesn't seem like the ge way

>> he never won investor confidence why? >> i think there was always a sense out there that there was going on another revelation, going to be anothershoe

>> some would argue they wished they would argue as well >> no. i think the take away here is that this was still just too big a business in too many different businesses and they fundamentally it is not thesam business that the other businesses they werein

>> i think it because lot of surprise that is even he didn't know about when they spun off the insurance business, you know, next thing you know they are holding -- john had nothing to do with that there are hidden liabilities that came back to bite them in the realm of $10 billion john ran businesses all around the world for ge he turned around.

>> so larry is set up for success. john went in thinking it was a lifetime reward for a lifetime job well done. he finds all of these skeletons in the closet. it's not exactly fair. >> and finally i would ask you what the share price movement told you today it started with a spike. it looked like investors were happy. what do we think of that >> i think there's a sense of urgency. ge is trying an outsider the stock is down so much it finally washed out there's no way to get your arms around some of the parts evaluation or how long this period will be all of these questions so it made sense to bounce and what are you basing a longer term decision on >> yeah. he has a lot of wall street

credit as well >> absolutely. >> stock up 7% we'll leave you there. thank you very much for joining us up next we are going to discuss how the new trade deal impacts farmers specifically we'll be joined by iowa's agriculture secretary. >> musk reaches a settlement we'll discuss whether investors can get back to buying that stock.

>> welcome back. expected to be signed off by the end of november. a new deal will give more market access president trump applauded the new deal during a news conference earlier today. listen >> this new dill our farm verse

gone through a lot they have been taken advantage of prices have gone way down this is a very were big deal. welcome back >> thank you >> how good is it as the president says in terms of opening market access for u.s. farmers? >> well, when you look at the state of iowa canada and mexico are number one and number two trading partners it expanded opportunities in

dairy and eggs is the kind of good news iowa farmers have been needing given the downward trend in farm incomes and downward pressure on commodity and livestock. it is exactly the kind of momentum we need to see. >> it's a momentum you needed to see if this had failed to come about what do you think your constituents would have been feeling towards president trump's administration and has it changed ahead of midterms with this deal >> well, there's certainly -- well, there's a lot of

uncertainty they remove the tariffs that have had such a negative impact on our market. >> it is wondering if the you have gone through the specifics. senator high camp of north dakota released a statement saying it is good for the wlehet growers because they weren't addressed. wondering what you have gone into well, we are still looking at the etails again, details forthcoming

if we can maintain what we had before with zero tariffs and see an upside in dairy, eggs, poultry and bio tech regulation and other things, those are all positive things for our farmers and businesses >> which nations that you trade with are most important to you in iowa? is kind that more important than mexico and canada? >> we stack up canada and mexico number one and number two and then you get into china and japan, the eu, south korea those would be our top trading partners today we think there's opportunity to enhance those existing agreements but also play offense and look for additional markets around the world as well >> we always ask you this but the president always mentions farmers. it seems like they are always top of mind. the politics of the farmers, yes, there's certainty on nafta

what about lingering uncertainty not to mention china and it could be painful are they supportive of president? >> we'll have to see how it plays out. i think most folks would, most farmers and businesses that i visit with, they understand what they are attempting to do. the issues with china are well known and have been disruptive to our markets in the past farmers understand that out here the tariffs are impacting our narcotics. th -- our markets we need to see progress. we need to see urgency to move us forward. >> we need markets to get the

products out the door. >> okay. thanks so much for joining us. >> we have got an earnings alert on stitch fix. shares moving lower. >> hi there. stitch fix is reporting the fourth quarterresults. >> it is a little shy of what analysts had been looking for. the estimate was for 2.81 million we should point out shares of stitch fix have actually grown about 125 percent since early june they have been up about 10% this week we are seeing downward pressure.

>> stitch fix. >> i can't do it either. >> it's hard to say it >> stitch fix. >> it is >> s fix is the traders shorthand. >> thank you down 14% i guess you can't afford to miss any when you're up >> that's a $15 ipo less than two years ago. 20 months ago. so no. i don't think you can. it was november of last year i think that's the less son her. big short positions here too i don't know how many remain but almost a quarter are short papa john's founder and former ceo testifying in court

over his ouster from the pizza chain. find out what he is saying when we come right back free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪

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>> john snyder wrapping up several hours of testimony in the first of two lawsuits he filed against a company he formerly ran >> we are very happy with the way the trial went today i think john did an excellent job explaining the growing sense of unease he has had over the last several months, concerns he has had with what's going on and whether or not various members of senior management may have been violating their fiduciary

duties we made one step closer to finding out what really happened >> so he told me this morning heading into court he is not interested in returning to the company as ceo he believes he is acting in the best interest of the company

>> i'm sure whoever comes out on top the other side will likely challenge that we'll have to see what happens next >> thank you very much for that. your take on this. is the court case crucial to the stock? >> i think it is pretty crucial. it is perhaps a clean break. it complicates theidea

jeff flake spoke at the forbes under 30 summit. >> they want the fbi to do a real investigation we are working to make sure that ithappens. >> the church deals with a number of child abuse related scandals you can't make this up look at that a young horse escaped from her racing stable and ran for the nearest cafe customers scrambled for safety the horse ran from one end of

the bar bumping into tables and chairs before leaving. >> apparently a little thirsty >> it is the best of times this is really terrifying. >> there is a very old joke that starts this way. >> a horse walks into a bar. >> yeah. >> and this is not -- this is not the first time that this horse has escaped. she has a tendency to wander apparently >> really? what's her name? >> i don't know. it wasn't in the story i don't know >> you knew that fact though no worries >> no.

>> you would have done it. >> in a second all right. let's move onto shares of tesla after elon musk reached a settlement. >> he must step down as chairman of the board he is not allowed to be on the board for three years. >> joining us now he sent an open letter to musk asking him not to take the company private. as of friday tesla is the number one holding. welcome. nice to see you. you guys are super bullish on this company has anything changed over the last few weeks has behavior, the lack of the first settlement, some of the uncertainties about what would happen in that case or are you still as bulled up >> when we look at tesla we see it's three years ahead on

autonomous hardware and three years ahead in autonomous data it is the only collecting data from the kus customer cars. in terms of settlement we are glad to see musk is staying on as ceo which is the biggest opportunity ahead of tesla it is good he stays on until they get there >> what about the fact that he is no longer chairman? is that in your case which is bullish? is that the sort of perfect outcome? he will get the guidance and restrictions from what he has been able to do in the best. >> i think other investors would like to do that. there might be extra guidance over twitter so we are happy. we think he proved himself in a sense. >> so the vision is out there. you guys have kind of bought into it. they are three years ahead on all of these big picture

movements essentially. to bridge their way to that point when they can capitalize on an autonomous driving world they have to sell cars they have to do all of these things along the way have you gotten more or less confident they have the ability? >> tesla has it. the model 3 is the top grossing car in the u.s so really tesla reached escaped velocity the company is there instead of to do well we are happy he is staying but the story is set up. >> so you have no concern about evaluation, cash firm, long term profit blt these are the long list that nothing was done to remedy any of those bigger picture

concerns >> we would be happy we factored in a 10 to $20 billion raise in equity markets. we would be happy with that. we think it's the largest opportunity. given autonomous we think the stock could go to 4,000. >> in terps of the production numbers we are expecting tuesday i believe and the earnings to come from that what are your latest hopes >> we are seeing for model 3 production numbers are in range of the 50 to 55,000. we heard deliveries might surprise -- actually our ceo got our model 3 this weekend we are really excited about it again, we are long term investors. a month late it doesn't often shake us too much.

we are looking for that long-term picture we are going to see two people come on the board. we'll see possibly a third person if the new chairman is considered independent it helps with some of those concerns >> a final quick question. if he left would you alter the long term price target >> yeah. like i said, we are happy he is staying on for the company to achieve full a ton my. we certainly consider if he were to leavetomorrow

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>> tsome applaud the governor's actions. >> this is so controversial. i can't believe how much twitter hate i received on this one. joining us now is betsy, chief executive and also joining us we have another betsy she served on state wide board of women business owners which cosponsored the bill so you are against this kind of legislation, why >> i don't think we need more legislation or regulation.

the marketplace is working you know, in 17 we had state street global advisers do a with hold vote on 400 companies mandating their put two women or more on boards the marketplace is working we already have 38% of all new fortune 500 seats being filled by women >> betsy, why is betsy wrong >> well, certainly about three-fourths of the company are doing very well the law always lags behind the need there are companies like sketchers, like stamps.com, like mankind who have never had women on their boards and we are

trying to prompt that positive action because research shows research shows that companies do far better and profit blt and productivity when they have women on the board so why not try? a fourth of the companies don't have a single woman on the board. it shows better results anyway what's wrong with it >> well, first of all you do want the thought you want cognitive diversity it includes ethnic diversity you know, regulations have

unintended consequences. it destroyed the u.s. ipo market we had a 70% decline in ipos we haven't fully recovered there will be a burden companies will have to measure they will have to report they will have penalties we are already making great strides. we are moving so fast now that we don't need more regulations >> betsy, to come back to you again, how fast are we -- how fast would not be fast enough if the numbers aren't up where you want them? would you say regulation is now needed in order to get to where we need to be? >> well, you to look at what the regulation is going to cause you'll have two competing legal frameworks if you're incorporated in delaware is california law going to trump the delaware incorporated framework the supreme court says it won't. the supreme court says that delaware incorporated frame work

will be the one that rules this is going to open the flood gates. you know, we have a third of every board in america being sued at any one time between a class action, derivety suit. we don't need regulation >> betsy, did you want to respond? >> i would love to respond we are not making great strides and for those companies almost 100 here in california that don't have any women on their boards all they have to do is add a woman and there will be no fine and no penalty and no lawsuit. to the other betsy's point, any company whose sec address of their executive office is located here even if it is incorporated in delaware or another state, any company that's here has to comply.

it's really critically important. how proud will we be with all of our companies showing the world that we have women on boards that our companies are profitable and that we are doing the right thing to represent half of the population half have had old white guys on their boards for decades women also bring the skills and talents, the pipeline is over flowing with women who have financial experience, have the digital marketing experience, the human resources experience that is needed now and guys have been on the boards for 40 years have no knowledge of those important aspects about running a profitable business to date when cyber security don't forget there are lots of reasons to bring talented more qualified women might be than guys who are

certainly on the board right now and all companies have to do is add one in the year 2019 >> well, that's a criticism based on age and experience as opposed to the agenda. thank you very much for joining us >> thank you >> thank you >> shares of netflix climbing more than 2.5% today it would give users more control over shows like black mirror those details coming up next and one strategist says this is the end of the bull rally as 'l know it hel tell us what's got him so worried.

have you ever wanted to pick your favorite show endings netflix users could get the chance to do that in the near future as the company pushes further into interactive tv, developing specials that will let users determine story lines and the first project is expected to be released by the end of the year. sort of choose your own adventure. >> i think gameification is a little bit of the buzz word. make it alittle bit like a game. you can't object to it. >> i don't know quite how it works. it pauses it with ten minutes left and tells you what's going to happen, happy ending, sad ending. >> it's not clear to me by the report a model with the kids' shows where it's prebuilt and you decide your path through the story. here they're suggesting you can propose themes for, let's say --

it's interesting netflix in a streaming tv world is now considered to be this artist's paradise where you have freedom and they give a lot of money to create new series in an open-ended way this would be a little different where you have the viewers exerting some control. >> i wonder what sort of data went into this decision. netflix, it's all about their data, which they don't share a lot of, viewing habits and bingeing and that sort of thing. i will say some of the best tv shows, i judge them by how they end it i wonder what that will do. >> netflix you -- >> i haven't forgiven the producers of "lost." >> you're going to criticize "the bachelor. >> that's real that's destiny. >> which films would you change the ending to? "la la land. i like a nice, happy ending. >> oh, no. >> i'm still upset about that. i'm still sad. i would change that. i'm with your daughter on that

one. >> we are just a few minutes away from stitch fix's conference call. stock down double digits now we'll tell you what to listen for next. baron capital chairman and ceo ron baron will be on ""squawk box""omro torw 7:00 a.m. eastern time. you don't want to miss that or "closing bell. ignition sequence starts. 10... 9... guidance is internal. 6... 5... 4... 3... 2... 1... ♪

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let's give you a check of the headlines making news after hours, stitch fix reporting disappointing sales, revenue guidance and also disappointing momentum on the users. >> yeah. that one is down nearly 20%. weight watchers or ww as it's now known as, announcing it will transfer its listing from the new york stock exchange to the nasdaq effective october 15. it is down about a third a percent or so after hours. >> a mover to watch tomorrow pepsico earnings are out in the morning. hugh johnston will be breaking down the numbers for us tomorrow and ceo's last day on the job. and whether north american

beverages has turned around. frito lay's snacks have been killing it because she's made a lot of moves in the portfolio, innovation, healthier snacks. >> johnston cfo and vice chairm chairman, that's pretty much expected she was on the job 12 years. does he look at any potential strategy changes there's always chatter, mike, about will they split the beverages and snacks, something that was advocated for a while ago. there doesn't appear to be any change in plans at this point. an insider, following her strateg strategy. >> i do think that will be the main question. >> how much continuity >> how you will set this business up. >> broader markets today, trade one big factor that helped oil prices, really, the overriding factor, though. >> it seem that way.

energy was the best performing secto sector you know, small caps sell-off, you could even almost interpret it as, okay, fine, are we going to unwind some of that trade anxiety positioning that had been in place so long? when we concentrate on domestic small caps instead of global industrials, maybe that's too cute to say that's what was going on in a wholesale way. the overall market trend seems slow motion positive, which i think has been the case. >> and people saying that the nafta overhang on the autos. up 1.5%, ford up .75%. >> steel and aluminum issue is still out there, costs going up there and questions about where we are in the auto cycle it's not as if boom times are expected to continue and they were held back by this overhang of the canada trade. >> did rise a little bit but

nothing too significant. >> little bit of a reflation story. >> biggest impact of the trade deal that was reached, mexican peso had a good day. >> dollars with a little stronger in terms of the broad er index after being up a percent last week. that does it for "closing bell." >> "fast money" begins right now. >> our economy is booming like never before jobless claims are at a 50-year low. the stock market is at an all-time high. think of that. over 50% since my election 50%. people, the 401(k)s, they have 401(k)s and they were dying with them for years now they are so happy. ♪ everything is awesome >> president trump