"power lunch," which begins now. indeed, it does. thank you very much. i'm tyler mathisen along with melissa lee and new at 2:00 today, a double dose of breaking news the fed's beige book report on the economy and u.k. prime minister may facing a crucial no confidence vote. market's in the green right now. >> and the beige book is out steve. >> eight of 12 districts saw increased growth at a modest to moderate pace, but four districts, kansas city, new york, st. louis and cleveland saw somewhat less robust growth. growth flattened kansas city and levelled off in new york the outlock was seen as positive, but many districts said the context had grown less optimistic because of financial market volatility, rising interest rate, falling energy prices and elevated trade and political uncertainty. the shutdown was mentioned only

once only by chicago. related to farmers not receiving dwovt payments we'll see if that increases when the beige book is more overlapping with the time of the shutdown there were however 20 mentions of the word tariff which is down from 39. it was linked to rising uncertainty and input prices richmond an fakihturers had highest cost, but maryland retailers were able to pass them along. good christmas sales. higher christmas saleses, but flat auto sales. manufacturing expanded in a majority of districts, but slower growth was reported this whole report is little this and that little better, little worse. services growth slowed cultural sector struggled with low prices employment was up in a plurality of districts hablabor market wrs tight the california restaurant chain couldn't expand. there was some labor horarding i

atlanta. modest wages in dallas,an average of 4. % and increasing entry level wages finally on prices, modest price increases throughout higher input costs, but mixed abilities of businesses to pass along those to consumers and unfortunately, i have to report that the kind of level of detail tells me that the slots and the table revenues were down in atlantic city. tyler. >> thank you very much good to hear that. >> steve's going stay with us. let's bring this michael farr, president and ceo of farr, miller and washington and victoria fernandez michael, i will start you. not sure what you took away from the beige book, but it seems to confirm what the markets thought which was there was less robust growth, maybe a slowdown as you can characterize it in the latest period.

>> that's what the fed has been telling us, too e when they said they thought they would go more to the sidelines we've been expektding economic conditions to slow and we had this wonderful surge up to that 4% gdp level in 2018 expectations for 2019 are two, two, 2.5%. the important thing we heard with steve is that it's slowing growth but we're not having growth we're still having growth. it's slower and i think a lot of what we've seen from markets is a repricing for a slower growth environment which doesn't strike me as awful. >> can i ask you what the period of the beige book covers >> steve liesman >> can you hear me >> yes got you. >> it roughly goes from the last fed meeting until just about week or so ago so it's, it overlaps a bit on the over the shutdown, but not totally. >> i'm reminded of the ads

maying in heavy rotation these days where they, the punch line i think it's at&t ads, okay is not okay they ask about your doctor is your doctor okay? how good he's okay. but that's not good enough but michael farr seems to be saying an economy is okay is okay do you gragree? >> i think michael is correct in this we've had such high expectations through 2018 the tax reform, really high earnin earnings as we came into 2019, we saw will ta lot of that get lowered. have they come so far down that now okay news is okay. i think we're see thag with some earnings, too. we saw samsung come out with not great earnings, guidance and the stock was only down like 1.5%. we saw some bank earnings. their not great, but they're solid. look at the movement we're seeing in their stock prices

i think expectations have come down enough to where now, solid numbers are good enough, which is better than last year >> i like those examples, but they're also examples of stocks and sectors that had been beaten down i'm just wonderfing in your opinion, how much is okay worth in the stock market? >> i love that the stock market is telling you it's worth about 14.6 times earnings right now which is significantly lower than we were a year ago. at typical periods where we've had 2% inflation, you see price to earnings multiples around 19 or 20. so this correction that we endured in december i think has a lot of people still feeling bruised and bloodied just about a 20% top to bottom the fang stocks were down 30% last year. a lot of people i think are clearly very feeling very fragile. but pricing has corrected and

there's a sense that well is there going to be another punch. another shoe to drop god knows there are enough headlines out the there between government shutdowns and tariffs and everything else that could cause a concern for further down trend, but when stuff goes down 20%, it's on sale, warren buffett says buy it. when you buy it, get it on sale, you buy it so looking out, i think okay is worth 14.5 times maybe worth more than that by year end >> is this a year where we test the christmas eve lows or pierce the early october highs? >> i don't think we're going to reach new highs this year. i think we've got steady growth going. we know things are going to bber slower this year whatever it may be, slowing global growth. we know things will be slower. i don't see us hitting new highs, but we're doing much better i don't know if we hit the limit

today, but earlier, the dow was on the verge of coming out of correction i think we're going to see more positive momentum going. people are hearing what they want to hear out of the federal reserve at this point in time. so i see us trending higher. not sure we'll hit new highs, but getting close. >> when you were outlining why districts were less optimistic, you citeded four different reasons as i recall, as i read my notes here. volatility was up. rates were up. energy was down. trade and political uncertainty was up when you look at those things that cause districts to be less optimist ib, some things go away so if you were going to rate the draft of the next beige book potentially, what would you write? >> well, if i can editorialize it's as tonnishing how much of the hurricane we're enduring isn man or perscription made zb amen. >> you know the financial market volatility, you know, i don't know if anybody can personally do anything about that

>> that's subsided though. rising interest rates have gone away falling energy prices seem to have stabilized and the main thing now is the trade in the political uncertainty and you know you can kind of snap your fingers and make those go away you could stabilize, i think what mike was talking about was an interesting concept just say og kay is the same concept of coming back down towards potential growth there's a readjustment underway in the economy the market might have gotten ahead of itself overly cube rexn and now we're coming back down which in the word of tyler mathisen is just okay. >> we'll leave it there. >> okay. >> thank you all >> thanks, melissa the other big breaking story we're watching, theresa may facing a no confidence vote in parliament this a day after sufing a historic defeat in the brexit vote what are we looking for now?

>> we're looking to see whether any members of may's conservative party are prepared to vote against her government this would be a pretty unusual move for them to do. but remember, bear in mind, she has a razor thin majority in the house of commons behind me they're just preparing now to tally up the number of votes as members go through what's known as the lobbies she has a razor thin majority thanks to a small northern irish party. they have paerobably said all tn of their members sat in the house of commons they said they will support the government, so it's relying on a few conservative mps votiing against may pr her to lose this motion but frankly, whether she wins or loses, it's much more important to look at what she's prepared to do to get a brexit deal over the line before this deadline. all through the day, we've heard unity among conservative lawmakers, but no unity about what they're going to do next.

a lot of criticism of the prime minister having promised last night to reach across the physical aisle today in her public statements she's not been that willing to make compromises, so a lot of questions about what happens next she has until monday to come back with a new plan b in the next few minutes, we'll find out whether she will still be prime minister. >> thank you >> meantime, here in the u.s., stocks are nicely higher across the board and bob pisani is tracking it from the new york stock exchange bob. >> well, it was interesting listening to the beige book and i agree with michael's comment the market is repricing slower growth, but not that much slower remember where we were just three weeks ago. we dropped 450 points on the s&p. that's 4,000 dow points between december 4th and december 24th we have regained 300 of those points more than 60% of the declines. about 65%, actually. the important thing now is the market is cheaper. much cheaper about 15 times forward earnings.

anytime last year in the middle of the year we were 17, sl b east braine18 even close to 18 15 time. a little below the historic average even with the recent rally. the other important thing is the volatility has dropped dramatically we were at 36 on the vix three weeks ago, we're now half that level. we've dropped below 20 18 on the volatility index and the volatility has come down, you see slow rises in the market since the beginning january. that's a sign people are less concerned of any imminent moves in the dow we saw earlier and a lot of these trend following techniques kind of move along with it. so yes, volatility is down markets drifting upwards a little bit to reevaluate the earnings situation and that's a very good sign back to you. >> thank you and rick santelli is watching bob and currency reaction to all of this breaking news.

rick >> all the markets had a big day. if you look at intraday of the dollar index or twos or tens, the dollar index is being buffetted. hanging around 96. that's a very important element for the dollar index imagine a boundary on twos and tens the culprit is more likely what is viewed at resistance. let's do a multiday chart of ten-year note yields two and three quarter ss resistance and the markets have contracted a bit because the economy just isn't as horsepower driven as it was market's sim pat ko with the page book and i think investors realize that it isn't the same economy it was 12 months ago, but we're still better than

others and the real key is if we could just get sochl these interest rates to pop up above some of the resistance levels for 2019, i think that would drive the point home back to you. >> thank you rick santelli as we await for the result of the no confidence vote, we're gaming out some of the possibilities and what they mean for markets we're going to tell you about that we're also looking at the other big global risks to worry about. plus, goldman sachs shareholders have nothing to worry about today. the stock is up 8.6% right now much more on the bank bounce when "power lunch" returns it's absolute confidence in 30,000 precision parts. or it isn't. it's inspected by mercedes-benz factory-trained technicians. or it isn't. it's backed by an unlimited mileage warranty, or it isn't. for those who never settle, it's either mercedes-benz certified pre-owned, or it isn't. the mercedes-benz certified pre-owned sales event. now through february 28th. only at your authorized mercedes-benz dealer.

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welcome back to "power lunch. we are waiting for another big vote in the u.k. this hour let's listen in. >> the nos to the left 325. the ayes to the right, 306 the nos to the left, 325 so the new york ci nos have it. the prime minister >> on a point of order, i'm

pleased this house has expressed its confidence in the house tonight. i do not take this responsibility lightly and my government will continue it work to increase our prosperity, guarantee our security and to strenten our union and yes, we will also continue to work to deliver on the solemn promise they make to the people of this country to deliver on the result of the referendum and leave the european union i believe this duty is shared by every member of this house and we have a responsibility to identify a way forward that can secure the backing of the house. to that end, i've proposed a series of meetings between senior parliament and i'd like to invite the leaders of the parties to meet with me individually and i would like to start these meetings tonight mr. speaker. the government approaches these

meetings in a constructive spirit, but we must find solutions that are gauche b bable and command support in this house and we h return to the house on monday to make a statement about the way forward. the house has put its confidence in this government i stand ready, i stand ready to work with any member of this house to deliver on brexit and ensure this house retains the confidence of the british people >> so the government survives a no confidence vote what do you make of this >> that was a very, very thin majority there she held it by just five votes required essentially, it seems every one voted in favor of her continued role as prime minister

also those key votes important to holding that majority as of tonight, she will be initiating meetings with leaders from other parties that was kind of an assurance that he made last night. it seems she's going to try and turn those words into action and start meeting with her opponents to figure out how to come up with a plan by monday as required again by parliamentary amendments we've seen to come back with a plan b this is a bit of breathing room for her, guys. >> there was a couple of proposals to make the way for a potential referendum on the uk's relationship with the eu can this happen in a parallel process with what may is doing >> so what she just said there is that she will put forward an amendable moex as of monday. that means other members of the house of commons can amend it, add their own ideas and try to get vote on those ideas. thoeld would include some other

options that others say they would like to see over the raasch few weeks, so that monday situation is one we have to watch to see which options are placed on the table by members of the house of commons. >> thank you very much and keep watching it for us at the very colorful house of commons. well, we have just heard from theresa may and jeremy corbin. labor counterpart to may about the no confidence vote let's talk more about brexit the no confidence vote and other risks for the global markets with the founder and prosecutor, ian brimmer. always great to see you. >> i love that guy who's the speaker of the british house he is one colorful dude. toipt talk more broadly here we can come back to brexit and the no confidence vote as i rook at what's going on in london, and i look at what's going on in washington right now, i sigh two governments that are locked up. that cannot seem to find a way

out. that can't seem to find a way to compromise and one of those is partly locked down what do these respective log jams say to you about the state of governance, the state of leadership and the state of politics in arguably the two greatest democracies on earth? >> certainly it says that in both of our countries we can give a lot of other principles, too, among dmemocracies you have a lot of people that believe the political leaders, the establishment and those that are aligned with them. say the mainstream media, public intellect yual intellectuals, ceos, bankers are rigged against them. they feel powerless and that koms out in the comes out in the ballot box that's what got you brexit in 2016 even though no one knew what breck it was. it's what got you trump in 201

at the time, no one really knew what trump was in what kind of a president he'd be, but they knew he was opposed to the establishment. we have now two years of trump and support for trump among his base is higher than we've seen for any president post war after two years except for bush jr. after 9/11 really extraordinary and as much as you have this incredible polarization in the united states and trump has lost the independents and democrats hate him, it's because of this polarization people having different conversations. >> yet you've got a government in washington, an administration and a government, may's, in london that is at logger heads with the legislative branch with parliament in london and with congress here in the united states and neither of them seem

to be abe to come up on a way out. so what is the way out for england? for the united kingdom what is the way out for the united states and who, which country, is in the more intractable pickle >> uk is in a more intractable pickle it's about leaving europe and they don't have a deal, they're going to be putting themselves in an extraordinarily hard immediate recession. so there's in a sense, more at stake in the u.k. where whether it's in two years or six year's time, trump is gone and you know, you have another president and people will have their heads less blown off and on fire than they do right now. but you know, one of the things that these two systems have in common is there's just not a will the of urgency. why did they vote her down so strongly on her deal but then

decide to stick with her all of her party and coalition mates just in the last few moments and it's because voting down the deal had no direct consequences they can extend and keep on negotiating with the eu. maybe even through 2020. as angela merkel intimated in the past few hours where if they had not voted down the vote of no confidence that came from the opposition then they'd have to have new general elections they could lose power and labor would come in. so suddenly, when it's about them, their own political futures, careers and money, suddenly, you see urgency. when you asked me about whether the united states needs to fix its government right now, the answer is we don't i feel very badly for the hundreds of thousands of workers that have missed a paycheck and may well miss more but frankly, the u.s. economy is doing quite well right now

cnbc knows and a lot more people have been coming into the market many over 50 years old who thought they were out for good they're getting hired, getting retrained. they're ain't a will tlot of ury on the part of wealthy elites that have access to power in the world's democracies to try to fix these very deep seated challenges >> as you say that, i'm thinking about future of britain. so like you said, i think you u put it very well okay, they make a fuss about delay. their deal isn't working, but w we're still going to back the stam government. sounds hike we're talking about another year what is the vision for what britain is going to look like even after it orchestrated some kind of exit from the eu >> well, there's no guarantee they orchestrate an exit sometimes, they say frequently about many things that you have to sometimes make problems bilger in order to solve them.

and that was the case with the greek exit deal. that if the government decided not to stick with the eu, that they were going to be immediate economic shape that's when they decided to compromise we aren't there yet. when we do get this in the end of 2019 or 2020, it is absolutely possible that they'll say you know what, we don't like the plan b the prime minister may have come with up. it makes some on the left happier because it maintains a common market, which is probably where they're going to move right now, the norway plus deal, but it makes the hard brexiteers very unhappy that's a way to get a second referendum, where after four

years of everybody pebeating upo each other, the uk says we couldn't get our act together, so let's not do this all you have is enormous opportunity costs and you know, 15,000 jobs lost in the financial sector that went to europe t really stupid r, but ultimately we'll stop talking about it but you could also have a hard brexit in that virenvironment. if you get up razor's edge, there's a possibility they don't get to a deal and they're out with the world trade organization and that's a disaster >> let me say that your book us versus them, the failure of glob globalism, so there's the compliment i need a quick answer on this. who in your estimation is the most powerful influential leader in the world still the president of the united states? >> no. but it wasn't two years ago, xi. america eerks much more powerful with china, but an american

president has rule of law and independent judiciary and free media and that's why the president is much. >> lewis: powerful than what you see in authoritarian china >> thank you >> my pleasure >> stocks are sitting about at session highs. the dow is up about almost 200 points s&p 500, about a point off a brain drain at snap. more top executives are leaving and the stock, it's plumeting. down 12.5% we give snap the trading nation treatment next plus, big banks rallying today, but is there trouble on the horizon? democrats taking over the house means maxine waters financial services committee and she's promising to hold many hearings on the big banks what could she str have? that's coming up on "power lunch" his family. his steinway, which met a burst pipe.

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. snap shares all but giving up the ghost cratering today, tim stoneis leaving after just eight months. that's a latest stohock for a

stock hemorrhaging stacy gilbert is the susquehanna, aaron gibbs with s&p global aar erin, down below had been 30 at one point any cause to do some bottom fishing here >> no. we do not see this as necessa necessarily the bottom the fact your cfo is walking away from about 80% of the stock he got as a signing bonus is a clear indication of how he thinks the company is going tooto go we have two other points one, the on going investigations and earnings are going lower certainly the stock would go farther down and i wouldn't say this is the point to get in. >> certainly the business model is sill really unproven two years. stacy, at some price, what are you seeing here? >> i know we're in erin's camp we had a great call on this.

downgraded it to a negative. he's concerned in addition to the points that erin raced, they're not seeing the return op investments and users are fleeing. you know to the cfo point, that's concerning. from an options perspective, when you have a stock that has 24% short interest, the flow we're seeing is more consist went those protecting short positions. not anyone positioning for longer term growth here, taking the lottery ticket yet so we're erin here this is a negative we're avoiding it. >> bears remain in control see if that can change soon. for more, head to our website or follow us on twitter >> thank you, mike here's what's ahead on "power lunch. goldman sachs is soaring today on a monster earnings beat is now the time to bid on financials plus, we'll sit down with a man who's feeding government employees impacted by the

shutdown and apple is in talks with private medicare plans to bring the apple watch to at risk seniors, all this when "power lunch" returns

welcome back to "power lunch," everybody. here's your b cnbc news update at this hour white house spokeswoman sarah sanders telling reporters despite the partial shutdown, the economy remains strong >> i know there has been some impact, but at the same time, again, we're focused on the long-term economic principles that the president's laid out, whether it's through deregul deregulati deregulation, tax cuts that have given us the booming economy that we have >> sears has stave d off lick wi

edition. eddie lambert winning the auction after sweetening his bid to more than $5 million. the plan must be approved by a bankruptcy judge. verizon is offering free apple music to top tier plans. starting tomorrow, customers with beyond unlimited or above unlimited can take advantage of an a l music at no charge. it normally costs $10 a month. my teenagers will be interested in that. that's the news update at this hour m guys, back to you >> i think i could get that if i'm verizon. cool thank you. the financials are nighing today and the xlf is on pace for its ninth straight day of gains for the first time since 2014. both stocks are soaring. goldman is up near ly 9%. this comes amid a rapidly changed landscape in d.c maxine waters pledging to quote

hold many hearings let's bring in jason, managing director and senior equity analysts kickocovering the banks let me start with the huge moves. we're still talking about stocks down big last year why is it that investors are so relieved z >> december was the worst month since 2009 so despite the rallies we've seen year to date this year, you're below where you were at the start of december gotten concerned that a recession was right in front of us and loan growth would come to a halt and credit costs would soar what you're seeing out of the banks this quarter is loans continue to grow and asset quality remains at pristine levels. >> do you think jamie dimon is right when he says investors, too short-term focused, they're

obsessed with margins and trading ruts those things don't matter. market share matters and so forth. if that's true, how important are today's result sns. >> clearly, they're important. you need a scorecard to measure the banks. we get a good look every three mont months a lot of the positive trends, you are seeing the good companies will continue to grow low, revenues, every bank has grown relative to a year ago and you see profit bability metrics, ratio is down 16, 17%. you know measures that people thought several years ago we'd never be able to switch. >> we've seen a sunny move in the banks from the december lows and this year in particular, but how big of a risk do do you think is washington in this coming year? we've got maxine waters then alexandria cortez takes a seat on the house financial services

committee as well. greg at horizons wrote this morning this could be headline risk and while that it's unlikely they can pass legislation, this committee has u subpoena power >> something to watch. if you look last year, treasury laid out 250 recommendations that they thought would help improve the financial services system 200 the regulators need to get done all which have new people into long-term positions. then the remaining 50 had to be done by congress a lot of which they've done last year that's kind of going into effect during the course of this year from a new regulatory standpoint, you've seen this year looks like the finalization phase. what weather seen. don't expect anything new to the negative certain tli there could be hearings, but these banks are in much better kngs than they were anytime in the last couple of decades. >> eve p wells was up today. jason, thank you very much

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♪ it's day 26 of the government shutdown and for hurricanes of thousands of furloughed workers, it's tough times. could cover a $1 thourk emergency,000 emergency expense is savings our next guest is trying to lend a helping hand nate joins us from an emergency kitchen set up in d.c. today it looks very busy behind you. >> very busy you know it's been pretty much non-stop since we opened up at 11:00 a.m. this morning. >> how many meals are you serving? have youed so r far? >> i think over a couple of thousand so far.

folks are still coming in. we're opened until 6:00 p.m. and will be open every single day. it's been heartening to hear the stories of folks impacted and we're happy to do ou small part here >> you usually respond to natural disasters. and you choose to open up in washington, d.c. is that a statement on the situation in washington d.c. >> you know, it is new for us. you're right we typically respond to hurricanes, wildfires, volcano, these types of things. you know at the end of the day, we're in the midst of a crisis here whether it may not be a natural disaster, but it is a manmade disaster we have hundreds of thousands of fellow americans that are struggling now because of the situation and they need a hot plate of food to help make ends meet so whether it's impacted by you know, a naturally occurring disaster or one like we're seeing here in washington, d.c.,

you know, our role as a non-profit to provide a hot plate of foot is the same. >> you know i read the story about you guys setting up in washington and i immediately thought back to our interview with the chef that we did here on "power lunch" in september. he was openly critical of the trump administration he's had entanglements with the trump administration in the past being involved with the lawsuit with the trump organization. he's openly criticized the response to hurricane maria. is this sort o a statement on the administration >> you know, jose, chef jose has certainly been very public b about his feelings, both you know his private sector feelings with his business deal, but as a non-profit organization, we really have to fulfill our mission which is to support those in times of need and we've been following what's been going on with the government shutdown. many small businesses stepped up in the early days to support those impact and now those

businesses have been b feeling it now that we're into week four so as we've been seeing what's been going on, we felt compelled as an organization whose mission it is to make sure everybody has a hot plate of food. that's what we're focused on in terms of it being a statement, we hope perhaps there will be some dialogue this comes from this. we've invited members of congress from both parties to come down. food doesn't have an identity. it's universal if we can push folks to get the government open again, that would be fantastic, but in the meantime, we'll be here as long as we can be >> where does the food come from is it donated or do you purchase it with money that's been donateded? >> it's entirely supported by private funding. we purchase all of our food. we do receive some doe thagss. whether ever we operate r, we try to purchase locally as well to support the local economy so we're buy iing from local me

and produce. we're buying all the food we're cooking here today >> nate, thank you so much and thank you if your work supporting the government workers affected by the shutdown >> thank you so much for having me today >> up next, what apple is going toakthwah eenal piece of health care equipment we'll tell you about it. we're back in two. and last year, i earned $36,000 in cash back. which i used to offer health insurance to my employees. what's in your wallet? whai tell clients, etfs can follow an index, but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus

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if you zoom out into the future and you look back and you ask the question, what was apple's greatest contribution to mankind, it will be about health >> that was tim cook speaking with "mad money's" jim cramer about how important health services are to apple's future today cnbc reports that apple is in talks with private medicare plans to bring the watch to at-risk seniors. here now with the full story is cnbc.com reporter christina farr how many companies has apple talked to, if you know, and which ones >> so we've seen apple talk to a number of companies in the so-called medicare advantage space. and the reason that that makes sense is that these are private plans, so they have more of a

leeway to do something like this with an innovative technology company. i've heard them talking to at least three or four of these types of plans, and thus far the discussions have primarily been about how would this work, what kinds of programs would we need to offer and which of our members would benefit the most from a device like the apple watch. we're not ready to name them but we do expect at some point apple will come out and say just like we're working with aetna and life insurance companies, we want to get into the medicare space as well. it's baby boomers, the senior population, that is finding a lot of benefit these days from the device, especially the latest version, the series 4, which has all these new features like fall detection and electrocardiogram. >> so what would the total size of the addressable audience be, obviously not for everyone in medicare, but the people who are part of medicare advantage plans, which igather is whom

they're targeting? >> that's a great question, tyler. so it's about 19 million people are currently enrolled in a medicare advantage plan, but that's a market that is expected to grow exponentially as we have an aging population, more people are opting for m.a. versus traditional government plans so it's a big market here the key question would be how will these programs work with the device because i don't think everyone would necessarily sign up or potentially wanting to be involved in a program. my guess is they will start to focus on things like healthy behavior as with other insurers the way it's traditionally worked is you can sort of work off the price of a watch you have to behave in certain ways in order to qualify to use one. who knows how much of that actual market they'll be able to tap into, but the size is pretty large and growing. >> is this the first step do you think of insurance companies at large covering the apple watch in some way, shape or form

what could that mean to the margins of apple i would think that would be negative. >> well, last year we saw apple in talks with aetna, a commercial insurance company, about trying to do a program with aetna's own employees that would eventually span out to members as well. then we saw them talking to life insurance companies and were really interested in finding out which among their members were engaging in healthy behaviors like working out and meeting step requirements every single day. i think for apple this is a really good sales channel. tim cook has also said they want this device to not just be an entertainment product or fitness product, they want it to fit into a potential medicare, medicaid or reimbursable market because it's creating more of a medical product these days something like the electrocardiogram, that had to be studied, they had to go through the fda for that so i think they're saying this is closer to a medical device

than it is, say, an entertainment product, which i think the first version of the apple watch was. >> christina, thank you so much. christina farr, our colleague in san francisco. check, please is next. for decades banks have been getting away with it. charging you excess fees. making you wait in line. keeping billions of dollars of your interest. they've been treating you like you're lucky to have them. that's not right. show them who's the boss of your money. you. better is out there. ally. do it right.

welcome back it's time for check, please. how about this, goldman sachs is now up 9%. that's 112 dow points all on its own. that's the bulk of the gains for

the index right now. the dow is up about 182. >> it's a wonder, though, with financials performing so strongly the overall markets are not performing better today. >> nasdaq kind of weak. >> the performance of financials overall. i'm watching shares of square here what got lost is fiserv buying -- they're saying that could challenge square because they run clover and clover go. they have deeper pockets than snap and are also in the midsize business category, which has been a source of growth for shares of square. >> you know, one of the things that stands out to me is the market has been doing pretty well so far this year, right >> yeah, absolutely. >> it doesn't feel that way, does it? after the december we had, the worst, now january is stacking up pretty well snap, one of the stocks not doing so well, losing an awful lot of its value one of the interesting points our guests made earlier is that the cfo is leaving after eight

months and leaving a lot of stock options on the table our guest said that tells you where that person thinks that stock could ultimately go. >> why walk away from free -- >> if it's going to go higher. and if you don't think so, then maybe you're not losing anything thank you for watching "power. >> "closing bell" right now. welcome to the "closing bell." i'm sara eisen. >> and i'm wilfred frost a big day for banks earnings we'll break down the key numbers for you. plus jpmorgan ceo jamie dimon speaking out about what he worries about most. >> the government shutdown is another self-inflicted wound. >> we'll have more comments from him coming up. and later bill cohan joins