else that can do something you can. you better live with those things if you want a happy life help took a shot at elon musk. i'm not sure what that was but i'm going to go back >> more to come. becky, change you so much. becky quick. that does it for "the exchange" "power lunch" begins right now >> i, folks, walking proof of munger's that you can't do very well and proof that other people can do things better i'm tyler mathisen amazon, out of here. prime, no. out of this plan to build a second headquarters in new york city prime no slime, say the new yorkers. the fallout, ahead the biggest retail sales drop in a decade, time to fear a recession or a one-month blip

where exzong us in factors played a role. rolling out jpmorgan cryptocurrency, why? will he give crypto more cred? a vigorous "power lunch" begins right now. >> welcome to "power lunch." i'm melissa lee. stocks going back more than 230 on the dow jones industrial average. looking at flatline, down 30 points. s&p down 1.5 nasdaq higher than a quarter of a percent. coca-cola, having the biggest one-day drop following mixed earnings and weak outlook. we begin with the big story. amazon backing out of its plan to build a second headquarters in new york city following the amazon h q2 story since the start, deidra.

>> this is nothing short of a stunning reversalle facing mounting opposition to the project but pulling out altogether is a major defeat for the company and the lawmakers that fought hard for it like government cuomo and mayor bill de blasio. amazon says it is disappointed but that, quote, a number of state and local politicians have made it clear they oppose our prose sense and will not work with us. de blasio saying, quote, you have to be tough to make it in new york city. and instead of working with the community, amazon threw away that opportunity now, de blasio and quocuomo set their differences to come together, woo amazon to come to new york, offering $3 billion in incentives a number like other politicians criticized saying it would far outstrip any economic benefits and the 25,000 jobs amazon planned as part of this project.

aoc tweeting and calli amazon's retreat a victory. she tweeted anything is possible, today was the day a group of dedicated, every day new yorkers and neighbors defeated amazon's corporate greed, its worker exploitation and the power of the richest man in the world, jeff bezos amazon says it is not going to reopen the hq2 search but will proceed in northern virginia and nashville and continue to grow across the u.s. and canada guys >> thank you new york state senator was on "squawk box" this year here's what he had to say when asked what he would do if amazon did walk away. >> the deal before us is so bad i can't fathom that's going to form the foundation of a productive negotiation we're sitting here, rather than try and show they can be responsible neighbors that would help the community they want to join, which is already overdeveloped, the cranes are on every corner building and building, they're busying threatening to leave, things

they did in seattle. >> you would consider it a victory if they said, forget it, we're going somewhere else zblund the terms of the deal before us, absolutely. >> andrew sorkin and scott cohn. i saw this interview live, it was extraordinary -- i loved how you were saying to him, how can you possibly turn down this deal he was adamant, it was not good. there's affordable housing and mixed use retail planned for that space he said they don't need the revenue, and the subway systems are overtaxed. what do you think the reaction will be to them leaving. >> i think it's going to be harsh. i'm shaking my head. i don't love the idea of incentives and subsidies across the board. we live in reality the reality today is 3 billion of subsidies which is what seem to be so frustrating to certain politicians, means there's going to be $0 in revenue.

you know, this deal, just to put it in perspective -- i'm no fan of subsidies or incentives historically, and the subsidies taking place in wisconsin on foxcon were a terrible deal. i looked at the deal carefully and was well structured in that you were paying out $3 billion in incentives for what likely would have been the equivalent of $27 billion over 25 years you can play with the math, tell me there were going to be additional costs and there likely would have been but if i handed you $3 billion and you gave me $27 billion or if you gave me $15 billion or $10 billion back could be used for roads, schools, police, subw subways, i think that's a good deal what worries me most is not just pushback on this particular situation, but even the response of mayor de blasio today on twitter, who negotiated this

geel, ostensibly in good faith and it seems like hit them on the way out the door today, if you're a major company in america, thinking of wanting to do business in new york city, and i'm not just talking about manhattan but talking about the entire -- the entire city of new york, i'm not so sure this is an atra atra attractive place as it well yesterday. >> not attractive as a year ago when the new tax laws went into effect it's not an easy place to live at this point, given the cap on deducts for property taxes and it seemed a little bit arrogant for that gentleman to say we've already got some plans in place with the implication those plans would generate as much revenue as an amazon hq2. >> talking about 25,000 jobs directly from the company. the other estimate would have been additional 67,000 jobs, even if you don't believe those

are all high-tech jobs, those would have been local people in queens and i'm about as sympathetic as i could possibly be, as anyone could be, about the impact on the people in queens, in and around that area there's no question. but at atime when this city and long term, call me in ten years from now, we're going to have less revenue from financial services because of what's happening, the idea you had a big opportunity to diversify that revenue into tech revenue to attack a place in long island city -- i know the councilman was saying, has cranes every which way but there's no other major tech company rushing there without incentives everyone says google's here, coming into manhattan, but they're coming to new york city. they're not coming to long island city. here's an opportunity to create a real hub i think for all of the talk that seems so politically correct or

exciting to people today on the left, it's -- i think the stark reality of what's happened just now, if you're a new yorker, should be very apparent, and i have to imagine that these politicians ultimately will get held to account when elections happen, i imagine, but we'll see. >> like you, andrew, a neck-snapping response to me from mayor de blasio, who had been all in on the deal. and now for him, as you put it very well, don't let the door hit you on the way -- scott, how did this unravel so dag gone fast >> that's a good question, tyler. when we went through and we looked at all of the 20 finalists and we graded them based on amazon's stated criteria first one after population being a stable business-friendly environment, this is where new york fell short by the numbers, getting something like a "d" in that particular criteria.

so, perhaps, you know, we didn't know when they finally came up with long island city, is this a place where they had something new york city had something up its sleeve or amazon knew something was going to be there that wasn't in the public data apparently not let me ask everyone to take a deep breathe here. new york city will be fine and amazon is going to be fine the strength that new york city has is a huge tech workforce, a burgeoning tech economy. yes, it's going to be a little bit more difficult to get the next hq2, the next giant project to come to long island city but we don't know there's anybody else there meantime, there are jobs that are -- >> scott, i hope you're right. >> let me finish this thought. >> this is not even just -- in fact the opposition was strongest for people most directly affected by the development. but if you back out, supporting new york city was for it if you look at, you know, not only

democratsing republicans, everybody like that union households, 53%, blacks, 70%, latinos, 81% for it support lowest among white it's interesting to look where the support bait for a project like this was. we have response from alexandria ocasio-cortez, new york congresswoman just asked about this on capitol hill. >> we were subsidizing those jobs for the city was paying for those jobs frankly if we were willing to give amazon -- if we're willing to give away $3 billion for this deal, we could invest those $3 billion in our district yourself if we wanted to. we could hire out more teachers, fix subways, put a lot of people to work for that money if we wanted to. >> that wouldn't go far in the subway system. >> i don't understand this there's basic math here. it's a subsidy insofar only if

you get nothing back for it. i -- it's one thing to win the war on twitter it's another when it happens in real life and happens to real people with real jobs and real families i don't get that upset about a lot of things. this is one of those moments when i saw that headline kroshgs i just -- you can see it, i'm still just -- >> i was going to say, i've rarely seen you -- >> you are making it a given that amazon is going to give back $24 billion, $25 billion to the local economy. >> i think of this more as a missed opportunity than anything else look, let's accept, i think new york and new york city will be just fine, as you said i don't think all of a sudden new york city is in dire straits at all even if you think the math was funny at $27 billion and knock $10 billion off in terms of what it might cost in terms of spending, i think the signal it sends -- and this is about the politics where we are in the country, especially when it

comes to states like new york, california, elsewhere, in terms of what it means to be friendly and i'm on "squawk box" considered the most unfriendly of the group, you know, i think it really -- there's something going on here and i think that, you know, as i said, this wins a great twitter war. but in real life it's a very different story. >> scott, what are we missing? >> in real life, in real life, maybe there's going to be $27 billion, maybe there's not it's great bragging rights to say that you won a corporate headquarters looking i cover this all year round. we do a whole study based on this top states for business every year the fact is that in the end companies are going to make decisions where to locate based on a lot of factors. not -- not so much incentives anymore, that's not a big deal, it's workforce, it's infrastructure, it's economy

right now new york city still has that yeah, they've set out probably a tough signal for with the issues that new york hauls had with stability and business friendly's but companies and workers and people still flock to new york. why is that? >> in terms of the headquarters we've seen the recent decisions for companies to locate headquarters in various cities or states across the country, do the coasts still win, or you know does the cost of living, the high property taxes, is that all starting to add up and move the favor into virginia or tennessee or other parts of the country at this point? is this a longer-term trend. >> yeah, that's been going on for a while, that the costs, the red tape, and everything else are somewhat of a deterrent, yet you have, where i am in the silicon valley a huge tech economy. you have a huge tech economy in new york virginia, it's an interesting situation, here's a state that, bipartisan way, has been cutting

red tape it's still an expensive place to be but they have a tremendous workforce among the best in the country, if you take northern virginia, d.c., and maryland, all of which were in their own right finalists for amazon hq2 if things change in virginia, it's an interesting time, the whole state government's in a bit of disarray, but on both sides of the aisle they seem to be committed to hq2. >> relying on a vibrant new york city it's not new jersey -- there's nowhere else to turn >> look, i thought -- as i said one of the great missed opportunities. i thought it would have done wonders for an area of our city that has struggled for so long and as i said, it's a great missed opportunity i thought talking about the east coast, i thought if you understand the corridor that could have been greeted between long island city and boston a fantastic thing.

i have to imagine there's a robust debate about this topic, not just today or tomorrow, but i imagine for months, if not years, to come. >> thank you andrew ross sorkin and scott cohn. the biggest retail sales drop in a decade how worried should investors are be steve grasso, a cnbc fast money trader also a cnbc contributor. welcome. peter, let me start with you, how bad was this number? and is it really explained away by two things, the slide in the stock market that was running through the fourth quarter and the government shutdown, which began in december? >> i don't think the shutdown had an effect, it was the latter part of the month. i have no doubts the stock market influenced consumer spending i'm done think the number was as bad as the print looked i think there were seasonal

issues there are data points showing the consumer is reluctant to be spending january auto sales came in below 17 million delinquency rate for subprime car buyers are rising. consumer confidence for january fell to the lowest level since the month of the election. also yesterday's housing data, the mortgage bankers association, with mortgage rates falling to one-year low, purchases of homes are down 5% year-over-ye year-over-year. >> you think this is more of an enduring trend change than a one-off? >> i think there's some corroborating evidence there is. i'm sure the number gets revised upwards but we can't ignore other numbers and the impact of a falling stock market on the psyche of the consumer. >> grasso, reaction of futures was swift to the number and a quick bounceback what are we seeing we're in the pifinal countdown n

terms of hours that the gauche yarts have in china to reach a deal or not reach a deal s that's also putting a floor under the market. >> i think it's go china i agree with peter, the way he wrapped up the statement i don't believe it was about the shutdown it was about a confluence of events that transpired that gave markets and the consumer the ability to hold back, keep their money in their pockets but it is ultimately about china the market shrugged it off quickly. it's amazing how we shrug off negative data we don't want to believe. we have to wait another month to see if it was real or wasn't real but there was enough of a reason that you could say it was a little bit of an outlier for now. >> the retail sales figures that the government calculates are different from the national retail federation. as we head into the holiday season, peter, everybody said this was setting up as a

magnificent holiday spending season did it turn out that way you had a good setup with labor market, certainly the best pace in ten years, that was a good setup for. but i think we've seen is that just because you have that sort of backdrop, savings rate has fallen a lot that's actually helped to boost spending as well maybe it was just a way for consumers to say, you know what, i have what i need, i'm not necessarily going to add to that with what i want. >> tyler, remember, macy's said it was weak going into the -- only thing that saved macy's was christmas week i'd be interested to see what peter thinks this will do to gdp. the consumer is 70% of the calculation is consumption 2.8? >> good question >> i think the whole global

economy has been relying on the u.s. consumer. look at soft data overseas and within the u.s., exports are slowing, capital spending has been immediate yolker. it's all about the u.s. consumer it was the stock market, it tells you what strange, bizarre situation we're in, that the stock market is driving the economy. historically, the stock market reflected the under lying economy. so here we are, it's the wealth effect, and that's why the fed backed off and that's why the answer to the question of when is the next recession, watch the s&p 500. where that goes will tell you when we see the next recession. >> peter, we've got to leave it there. thanks, guys coming up -- jamie dimon once called bit cone a fraud. jpmorgan coming out with its own cryptocurrency is jamie doing an about-face a read on the economy from two different perspectives a top executive at mars is telling us what she sees from

the consumer and the ceo from ryder systems ♪ driverless cars. all ground personnel please clear the hangar. trips to mars. $4.95. hydroponic farms. robotic arms. ♪ $4.95. delivery drones or the latest phones. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.

i could care less what bitcoin trades for, if you're stupid enough to buy it you'll pay for it one day the block chain is technology which is a good technology, we use it, will be useful for a lot of different things.

cryptocurrencies and digital currencies are even. we don't do did in cash, it's done digitally if it's done digitally with the block chain, so be it. >> that was jamie dimon, railing about bitcoin a year and a half ago but pointing out the value of block chain jpmorgan the first u.s. bank to roll out its own cryptocurrency. used by clients to make instantaneous payments our banking reporter broke the story for cnbc.com it's just interesting how this is a back-off type of thing but potentially transformative. >> to be clear, people in public can't own a jpm coin, they can't buy one, it's institutional. and that's important they've done kyc, know your client all of the transactions that happen are in the light, you know, regulated and clear. >> why do you need it? >> so a couple of cases.

great question today we use swift wires travel over the 1972, 1973 decades-old infrastructure if you want to send a wire it's 4:00 but send it in the world where it's 7:00, guess what? that's going to appear in their ledger the next day. it might be t1, t2, might take a day or two to settle the other use case, as described, stock issue move on to the block chain block chain settling instantaneously. but if they have to move the money on wires it's going to be some time. they need to move instantaneous instantaneously. >> the sooner you settle, the less time that money spends in limbo and the faster the money can get back into the system and be spent. >> the other side sitting on their hands. >> we want to ask, will buying a

major bank bring credibility to block chain? the founder and ceo of brian kelly. this does seem to validate block chain. but this make the bitcoin model i don't want to say obsolete but less necessary >> no, not necessarily bitcoin in itself was designed to work outside of the traditional financial system so again, as hugh mentioned this is for jpmorgan's clients and what this is, is really kind of replumbing our financial system which is something that i talked about as a valium since 2013 so, you can either do it within jpmorgan's walls, similar to what intranets did in 1995, or you can do it on a public block chain like bitcoin or atheerium. by the way, if they tried to do it on the bitcoin network they count yet because it doesn't have scale ability yet

all in all, it's positive for the industry and i don't think it's a bitcoin killer, by any means. >> es this an xrp killer >> it's potentially a threat to that xrp has every bank involved. this is a closed system. you can only use this at jpmorgan say your at morgan stanley, hsbc, you might need a similar system to go between banks and that's where a coin like ripple might play a role. >> how much is this a template for other banks to join together and create an intranet amongst banks? >> i suspect other banks if they think it makes sense they'll develop their own. they want the same frictionless movement throughout within their systems done i think they'll eventually come to an agreement. >> it's possible we evolve to that point but it's early days. >> thank you >> thank you. love them or dump them five stocks for valentine's day, two choices, one man

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welcome back, everyone i'm sue herera here's your cnbc news update by 54-45 vote the senate confirm the william barr as attorney general putting him atop the justice department overseeing robert mueller's russia investigation. barr previously served as attorney general from 1991 to 1993. european aviation company airbus says it will stop making its super jumbo a380 in 2021, after struggling to sell the biggest passenger jet. emirates is cutting back on its orders and as a result, no substantial a380 backlog. the flu shot is doing a good job of keeping people from getting the flu, according to a new report from the cdc. the vaccine's more effective than last year and the vaccine's lessen the flu severity even if one does catch the virus. former congressman john

dingell was remembered at a mass he was praised by members of both parties for his bipartisan. you are up to date that's the news update this hour back to you. >> thank you, sue. it is valentine's day and we want to help find your stock soul mate. we want to play a game love 'em or dump 'em five eligible bachelors or bachelorettes. ch chipotle, macy's. if you should buy or sell. >> who goes home -- >> love 'em or dump 'em. straightforward. love 'em, you buy them, dump 'em, you sell. >> on valentine's day, a lot of responsibility >> all right great to be here with you. let's do this. >> chipotle, expensive date, bottom line. trading at 45, 50 times depending on earnings numbers 2020 i think the fact they're growing

same-store sales roughly 5%, those that beat nicely 6.5%, i would dump it. >> dump it. >> it's difficult it do that but i will dump this stock. >> general electric? >> it's about finding the beauty within, and i think in this case this is a story where the power business is so poor and you've got a dynamic, a road map for three years before they can work the order book off the balance sheet. the parts in the energy sector look interesting i would love ge at these points. >> it's a painful relationship in terms of ge. >> it really has at times i've felt like walking out the door but i'm a man of commitment. >> nice to know. macy's, tim? >> yeah, i think macy's is a case where this is a company despite the fears of the same-store sales there, it's a gross margin story the recent numbers was a bit of a concern in the fourth quarter.

people didn't push around macy's they've been talking more about the debt side and that's been some of what an improvement. debt to equity 5%. dividend's intack, watch the metaphors -- >> i've enjoyed them. >> i'll get myself in trouble before the segment's over. undervalued asset. >> that heart came out before you were ready to reveal. >> i would love this. >> macy's one of the major stocks boeing, talk about outperformer and a struggle lately. >> this is an easy stock to love despite the moving at all-time highs of the company, a company that continues to produce on free cash flow basis, do 17 billion in 2019. it's a company that despite the fact there are concerns about trade wars and in china, your classic industrial anti-cyclical april long lead production time, i think valuation it's not

difficult because of the free cash flow. i love this one. >> supposed to be the ultimate somethingly cal. >> can't you cancel orders >> where are you going to go >> can't trade down. >> this may be the best-looking girl in the duopoly, i'm about to get myself into trouble love this one. >> another stock in the crosshairs of the trade war. alibaba, love 'em or dump 'em? >> love 'em. this is one of the most popular dates in 2018, in fact, i think it's gotten to be an unwanted choice for equity investors. some of that has been the trade war, execution, big brother in china. i think their market value sales continue to be positive. valuation, consider where it is in other pierce, this is 27, 28 types you have a peg ratio of one times. love it. >> overbooked here >> it's valentine's day. it's a day you have something

extra for everybody. >> a lot to go around. >> something extra for you >> i don't know what to say. >> it broke. >> so the bachelor gets two roses. >> i'm a lucky, lucky man. great to spend valentine's day with you. >> see you later on "fast" a man of commitment. up next, we talked to one company hitting a sweet spot with consumers and shares of ryder system soaring after an earnings beat. ? the oil mar

for the day. let's go to the dominic chu at cnbc commodity desk. >> oil prices are hire and off of the best prices of the day, brent crude 64 wti, 54. up in excess of 1% trade optimism helping to boyd price. at the same time capped by the more dismal retail sales number we got this morning. all in all, wti up for three straight days. still up 28% since the december 24th lows oil prices in the near term.

>> a closer look at the sweet spot of the economy. the candy industry what mars is seeing from the consumer look at the goodies they brought for us to try on this valentine's day.

welcome back fears about the american consumer are front and center after of the weak retail sales report fewer adults plan to celebrate valentine's day. but expected to spend $20 billion or $161 a personen nearly $2 billion spent on candy. here to give us the poufls the candy business, tracy massey welcome. >> thank you. >> the biggest manufacturer of chocolate, gum, mints, you got m&ms, skittles, al todays.

and hazelnut m&ms. is everything okay with the consumer >> for us retail sales are good in confectionery, we had a great december and the seasons are really big for our category. retailers rely on us to bring consumers into the store. >> no december slowdown? >> not for us. december was a great month because of the holiday typically valentine's day, another great season for us. this is a good day for me. >> christmas, valentine's day, halloween? >> and easter. >> easter. >> four seasons, yeah. >> so talk to us about these pretty packages we have here. >> m&ms hazelnut spread, comes out in the middle of the year in stores you get to try it before everybody else. >> it's not this blue color, which looks like crispy color. are they blue? >> the pack will be blue the m & ms inside -- >> this is a test.

>> customers have samples. when consumers buy them they'll be the normal six-color blend. >> what color is the bag going to be? >> it's the right color. a blue bag you won't get all blue m&ms inside. >> are there any physical, you know, restraints or constraints as to what you can do with the flavor of an m&m can you do a liquid center, a chocolate lava m & m >> asking for a friend. >> that would be a great flavor, a dark chocolate with a burst of liquid chocolate in the middle. >> and complicated to make we've been making them for a long, long time. complicated to make, to make sure it always tastes good a peanut m&m always tastes the same consumers expect that standard of course that's what's difficult. a lot of rnd people working on making new varieties >> can't call it nutella.

>> it's hazelnut spread, m & ms, we make it from scratch in our factory. >> these bars here, this peanut bar with the m & ms, a new product for you. the big super bowl ad campaign, how's that going. >> we launched it towards the end of last year it did really well one of the things that drove sales in december. m & ms has not been in the big tablet before. >> is it really m&ms can we look at it? >> yeah. inside the chocolate bar if you -- have you seen the ad >> i saw the ads, yeah i think i did. >> stuck in the chocolate bar. >> the ads -- i see. it's an m & m stuck in the chocolate bar. see this can you come here, chris >> made in chicago. >> made in chicago >> and it's an m & m in a chocolate bar. i see. >> tastes fantastic. let's see what you think. >> very good.

>> clever, as an idea. >> mm. >> we talked about december, seeing trends of the consumer. today coca-cola is down big. constant questions how much can they raise prices in this environment, tweak their packagi packaging. are you seeing concerns showing up in their market today >> no, if you think about confectionery, it's a treat. it's not something you have every day. it's not a snack, it's not a real replacement, it's a treat consumers always want to treat themselves it's a chance to give a gift to someone you love, somebody you care about. business is good we invested $140 in cleveland, tennessee, added 70 job to make these wonderful candies. >> it is a meal replacement. >> march 2019 when these babies are going to come out. thank you. >> thank you. >> nice to see you again. we have news here on amazon.

let's get to deidra. government cuomo, came out with a statement in response to amazon's announcement. a small group of politicians put their own narrow political interests above their community which poll after poll showed supported bringing amazon to long island city, the state's economic future and the best of interest the people of the state. the new york city senate has done tremendous damage they should be held accountable for the lost economic opportunity. remember that cuomo was a major advocate of the benefits and the jobs the project would bring and fought hard for it alongside mayor bill de blasio >> that is a big part of the story how a small group of politicians took on a powerful incumbent governor and two-term mayor of the city of new york and won. it has been a good start to

2019 for shares of ryder systems up more than 30% we'll talk to the ceo what he's seeing in the economy. a big interview tomorrow, nba commission consider, adam nba commwhat do onsider, adam resh food being the global norm, not the exception. we see homes staying cooler, without the planet getting warmer. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved. what do you look for i want free access to research. yep, td ameritrade's got that. 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.

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check out this stock mover ryder shares, soaring after a strong earnings and revenue beat there you see it up 4.5%. the transports in general with a strong year, so far. outperforming the overall market as you see on that graphic and by a major factor. what does it say about the state of the economy with us now is ryder's chairman and ceo robert sanchez mr. sanchez, welcome good to have you with us. >> great to be here. >> fantastic great to have you here you have got your finger on the pulse of the u.s. and to extension the global economy how's it doing >> yeah. it is doing very well. we primarily north america based. so we really have our finger on the pulse of what's going on in that our trucks, and our employees typically moving product across the economy every sector to move product, typically ryder's involved we are seeing really healthy

economy across all the sectors it all started i think in late 2017, 2018 we saw a lot of freight movement a lot of confidence from our customers, primarily businesses, big an small and their willingness to sign up to long-term contracts with ryder as they saw the economy doing well and confident about the future of the economy. so we're a little bit of a canary in the coal mine in the economy i think because we have that visibility. >> oh, yes, you are. a lot of people today have been talking about a potential slowdown in the retail marketplace. and i take -- i infer you're not seeing any particular slowdown in the economy or in retail which you would certainly have a direct connection to but let me ask you a different question or correct me on that a different question, that is about your labor costs i gather there's a shortage across your industry of qualified drivers. i would guess that because of that that may push the price of

the existing drivers a little bit higher talk to me a little bit about that if you wouldn't mind. >> tyler, there is some of that. but again, anything that makes what we do more difficult is really good for ryder. because we're in the outsourcing business so companies that would otherwise hire their own drivers and buy their own trucks are more likely to outsource to ryder. we employ over 9,000 commercial truck drivers and very good at finding them an retain them and give them opportunities. so we are seeing certainly it has gotten harder to find qualified drivers. and certainly there's been some wage increases that we have been a part of obviously providing those as we turn around and also our customers in that case also have to provide them so - >> very quickly -- interesting very quickly, what's the range of salary for one of your drivers, what to what? >> well, depending on the type of work they're doing, the

salaries could be anywhere in the 50s a year to six figure depending on the type of delivery they're doing. >> right. >> robert, i'm curious you mentioned canary in a coal mine how much of a leading indicator is your business and how much more of the business realtime and closer to the time of ordering i guess i'm asking this because the retail sales number could have captured what was going on in the stock market when really retailers could have placed the orders way in advance of that. >> right well, in our business when's more of a realtime metric is our rental business. this is the short-term rental of trucks you think about it, businesses going out to rent a truck with a surge in their demand. and that business has been very strong in 2018 and as we started the year in 2019 it's continued to see high utilization rates so we haven't seen a slowdown in terms of demand for trucks to move freight moving and that is

the economy. and indication of the economy. we had strong freight environment last year and we are starting off the year with a pretty strong freight environment again. >> what are you doing with autonomous drive vehicles? >> well, we are partnering with several companies, both on the autonomous and electric truck side and we have partnered with three electric truck companies and start-ups and we are the sales and service arm in north america. so we actually signed the largest electric truck deal late last year for 1,000 electric trucks with a big customer so, you know, we have our finger on the pulse. i think it's probably going to start with the lighter duty trucks first and then over time be able to transition to the heavier duty. >> thank you for your time today. we appreciate it. >> great thank you for having me. >> robert sanchez of ryder. we have done a lot of sbe views on tv but i have never seen a guest fall out of a chair during an interview until this morning. check please is next

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check please >> so important to us as d - >> oh no king, are you okay >> no dogs were harmed in the filming of that interview. that was the best in show winner. >> you can't imagine how many times i have come close to doing that >> poor king >> poor king. >> king apparently was not

injured and just fine. he is just fine. >> a champion. the champion dog. >> yes he wears the crown. >> i wonder if they take away the crown because of that mishap. >> chairs are slippery. >> talk about dessert in honor of valentine's day a new study talking about why you should not eat but order dessert first and you will consume less calories overall. turns out if you choose cheesecake or something like that at the beginning of a food line, the study, cafeteria, choosing it first, they chose lighter main options. >> so you have a salad >> i guess i'm more okay with this than -- i thought to eat the dessert first. >> up your alley. >> it is. >> if you take the guilty pleasure early you're likely to be thinner i was really struck early in the broadcast by how animated andrew ross sorkin was about amazon pulling out of new york city and how quickly it happened and unraveled and how the local people in the city council and

neighborhood organizers took on and took down a very powerful governor and mayor. >> i understand why people right in the heart of it don't want the development and the disruption and the short-term headache the onus on everybody else to make the case to them. make the sacrifice here's why it's worth it. >> happy valentine's day ♪ good afternoon welcome to the "closing bell." i'm wilfred frost. >> i'm sara eisen. amazon canceling plans for a new headquarters in long island city, new york we'll talk to representative gregory meeks who says it is a major loss for the city. plus, we'll dive into today's retail sales bombshell a top analyst gives a within dm name to buy. invidi