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. invidia reports after the

bell with cbs and canopy growth and bringing the numbers in an hour's time. check out the marks. we have come back from earlier losses the dow only down 40 points. earlier at the lows it was down 235. s&p down 21 at the lows climbing back toward the flat line. technology leading us there with the nasdaq up a quarter of 1%. small caps doing even better digesting the retail sales numbers which were sort of shockingly bad at first. weakness in nine years and thinking this is old news, maybe it was -- maybe it was brought lower by the shutdown and then the stock swoon we had in december either way, we talk about what it means for the consumer. >> if we can switch to the intraday chart of the dow or the s&p it talks to that theme in terms of how people started to digest those details we're kind of resilient in light of what the headline number was cha what was pretty scary.

anyway, let's get to the news on amazon deirdre bosa has the latest, contessa brewer in long island city and contributor cara swisser with a take. d., let's start with you. >> in a blogpost amazon said it won't build a headquarters in new york city after disappointing developments and local and state politicians made it clear they oppose the presence and will not work with us guys, that is huge defeat for amazon and the lawmakers that fought for the project but it's a massive victory for the activists, labor unions and local politicians that lobbied hard against it, the center of the controversy an incentive package of amazon one of the largest ever, the idea as they argued is that long island city see a far larger return in tax revenue and jobs and they argued it's better used for education

and public works and amazon said it won't reopen the search at this time and it will proceed as planned in northern virginia and nashville and grow the presence across the u.s. and canada back to you. >> thank you very much governor cuomo issuing a statement saying in part, quote, the new york state senate has done tremendous damage they should be held accountable for this lost economic opportunity. let's send it over to contessa brewer who is in long island city with more on the local reaction there contessa >> reporter: yeah, sara. local reaction is loud, vociferous, shouting matches over the victory lap governor cuomo said, look, if we have to pay $3 billion in order to get $27 billion in revenue, that is a good deal for new york state. we'll do it. best deal that we have it gets us into the tech world but local politicians were furious they weren't consulted this was a fast track deal an one of the most outspoken city

councilman took a victory lap over amazon pulling out. here it is. >> we are proud that we fought for our values proud that we fought for our values our values in new york city are to defend working men and women. >> reporter: so while he's out there talking about how he accomplished what he set out to do, neighbors were furiously shouting back include a local man wanting know where the jobs were watch this >> jobs -- >> let me just say this. we are proud that we fought for our values, proud we fought for our values. >> i think it's a sad day for the community. i really do. there were a lot of jobs coming our way. there was a lot of energy in the community. and it's just unfortunate, you know in there were a couple of politicians that made a lot of noise and they didn't speak for the residents in this community. >> reporter: though amazon paid

props to the governor of new york state and the mayor of new york city and new york city mayor bill deblasio has somewhat changed 0 tune on amazon saying, hey, we gave amazon the opportunity to be a good neighbor an do business in the greatest city in the world instead of working with the community, amazon threw away that opportunity i mean, the lesson here from neighbors is that maybe if you want to come in and get more support, amazon says that they had 70% support from new york state, but if you want more support locally, come in and involve the community in the groundbreaking you do to say, can we come in here? how much are you willing to pay in tax incentives? what does it do to the transit and the real estate prices in this case, the opponents won. guys >> contessa, thank you very much for that to discuss further, joining us is executive editor cara swisher. you called this essentially. >> yeah. >> now that it happened what is your take? >> i wasn't surprised.

i don't think amazon wanted the headache and growing and growing and had not just local and state politicians but someone like representative ocasio-cortez putting a lot of focus on it, on twitter and elsewhere. for amazon, probably too much of a headache to save it is not a good time to be a billionaire looking for gimmes, real or perceived. not a good look to give away money to amazon when its founder is richest person in the world and all the perception july things around this are bad, bad for those that negotiated this and amazon and not surprised amazon left and, you know, i think they could have coop rated, the community, come up with a new way to do this to benefit everybody. it was done too quickly by andrew cuomo who's seems to be the worst poker player on the planet i think it had to sort of end this way and why i was predicting it. >> so it may have been mishandled on many sides amazon, politicians.

but ultimately, how big of a missed opportunity is this for new york >> i don't know. you know, it's hard to say what they are i think, you know, apple did something very similar and didn't make a lot of noise the way they conducted this thing i criticized amazon. the way they constructed this hq2 thing is like a circus pick the best place for themselves and then negotiate a good faith dealwith whatever community and a lot of givebacks and gimmes and things like that even perceived is a problem and have to look like they're part of a community they're joining or else it ends up in this kind of war of words that goes on between communities and these communities have good concerns of gentrification and urban planning, crumbling subways and things like that and need to be heard and you absolutely need to be heard today if you're going to move in a massive company like amazon. >> kara, is jeff bezos' leadership under question at the moment is he distracted

>> no, no. i know you're talking about the thing of the "national enquirer," no. he is not involved in every aspect of amazon he has other executives there. i don't know if you know that but they do an one of the situations where it wasn't going to get better and maybe felt like there's other communities where we can work cooperatively. it's new york city, by the way the center of media. getting a ton of attention and relentless and probably like let's go to a place to have a lot less profile, open up in our d.c. area where there wasn't that much pushback nashville and other areas and find somewhere else. could be in the new york area. someone from staten island saying come here there's still a lot of communities that want them and so, they wanted probably an easier road than this noisy part of the world. >> new york wanted them. right? the polling was suggested that a majority of new yorkers wanted it the governor and the mayor rarely agree, an i greegreed ito

thing for jobs and tax revenue. >> if that's the case. i think that's the question is i think they did it without cooperation of everyone in the community and you can't do that in this day and age. you just can't and i think that it's very -- it's hard to predict what would have happened there and should have addressed concerns around gentrification, the subway system and how we spend our money and i think it's fine to have disagreements i think the issue is can we have disagreements an come to compromise which i think is very hard thing in this country these days and in general and in particular here and so amazon didn't want to deal with it and the people who were opposed it successfully drove them crazy enough to pull out i guess. >> yeah. i sort of wonder if this is a broader signal to silicon valley that the tech lash is real and picking up speed. >> not just the tech lash, pay inequity, the billionaires why should this massive company

be getting these tax breaks at all? maybe they should in some parts. that is the problem. we can't talk about this thing intelligently. it's very emotional on all sides and so what's got to happen is sitting down and seeing the real benefits, what the real disagreements are and locate there and people want jobs but it's not -- everything is so black and white in these situations and especially because it's in the new york area. this is a center of media and center of media attention so they're gong to get a lot more pushback and i guess amazon decided they didn't -- this was not going to get better, just noisier and more okay acrimonion moved on. >> we have the details from ylan mui. >> mitch mcconnell said he just spoke to president trump and trump said that he would sign the spending deal, however, he would also declare a national

emergency at the same time to allow him to build the border wall without congressional approval mcconnell also said that the vote will happen in the senate on the funding deal at about 3:30 this afternoon. and that mcconnell would back the declaration of a national emergency. there's been a lot of consternation amongst republican senators over the possibility that trump would make that move. some senators feel it's an overstep of the president's authority but now mcconnell saying that he would back the idea of a national emergency and that president trump said he would sign the funding deal. back over to you >> ylan, thank you for that. we did see a slight jump in the market very small indeed but the s&p into positive territory briefly. the dow down 0.25% s&p just negative again down 3 points. charlie munger, right hand man of warren buffett in los angeles at the daily journal's annual meeting

our becky quick is there and joins with us the highlights hi, becky. >> i'm sorry it's hard to see here because the meeting let out and 700 people coming out and who have been listening to charlie munger over two hours take questions from the audience, wax on about everything from the national debt to what he thinks about the secret to a long life and took questions from people of whether politicians should be telling companies if they can buy back stocks here's what he had to say on that front. >> generally speaking, i'm restrained in my enthusiasm for politicians telling corporations what they should do. but i will say this. when it was a very good idea for companies to buy back their stock, they didn't do very much. and when the stocks got so high priced that it was a bad idea they're doing it a lot welcome to adult life. this is the way it is. but it's questionable. at the present levels whether a lot of it is smart

was eddie lambert smart to buy back so much sears roebuck no there's a lot of that mistake that's been made. >> reporter: he was also asked about berkshire hath away's largest holding and said he wished that they were buying more shares of apple today a 11-year-old boy from china in the audience asked him why he thinks shares of apple have come under pressure. >> well, i don't know why apple stock is going up or down. i know enough about it so i admire the place but i don't know enough to -- to have any opinion about why it's going up or down recently part of our secret is we don't attempt to know a lot of things. we have a -- i have a pile on my desk that solves most of my problems it is called the too hard pile an i just keep shifting things to the too hard pile

and every once in a while an easy decision comes along and i make it. that's my system everything goes to the too hard pile except for a few easy decisions which i make promptly. >> reporter: he was also asked right at the end of the meeting why warren buffett is richer than he is and he had a few answers he said, first of all,warren started earlier. warren's probably a little bit smarter than him and worked harder and paused for a moment and said why am i richer than albert einstein was. the kraud laughed. they have wrapped up we are about to sit down with an interview that we'll roll out tomorrow morning on "squawk box" and one thing is what he thinks about amazon making this decision to pull of new york city and the consequences might be for new york city and beyond. back over to you. >> okay, becky thank you very much for that we look forward to the full interview on monday morning. a colorful character, mr.

munger after the break, we're diving into today's retail sales wreck. whether the big miss is a one off or a sign of bigger problems for the economy. shares of coca-cola sinking after its 2019 outlook fell flat what the ceo told us about grow eectis mi uthxptaoncongp. lies beyond the tech sector. it's about technology transforming every sector. ♪ at pgim, our bottom-up approach uses a technology lens to identify long-term winners. from energy... to real estate... to retail. finding such opportunities for alpha is the true value of active investing. and around the world, you have a partner in that pursuit. pgim: the global investment management businesses of prudential.

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welcome back december retail sales coming in well short of expectations posting the biggest decline in more than nine years courtney reagan has more on what's behind the big miss. >> the detailed number was a shock to many leading to lots of skepticism and saw that retail sales dropped 1.2% from november when they expected a slight gain sporting goods, those stores down 4.9% from november. nonstore, mostly online, fell 3.9% from november up just 3.7% if you look jeer over year and really the head scratcher that online number especially when amazon makes up about half of all online sales and we know that its holiday sales grew about one quarter that's the rate estimated for

total online holiday sale and many economists aren't sure how much credence to give the numbers. here's what a fed chairman had to say. >> certainly caught my eye it's a miss, it is one month of data so, you know, don't want to take too much signal from it but certainly adds to a story where we want the take on board that there's some downside risks. at the same time we are getting pretty good numbers. >> retail sales, that was -- you know, there's glitches in that number some of it because of the shutdown some of it because there's a message there. i'm very glad the federal reserve is putting the rates on hold >> now, the six flag ceo said on cnbc it had the highest ever holiday in park sales. he said they're not seeing a deceleration at all and many banks are lowering the forecast on the big miss. lots of folks, sara, saying, i

don't know i have to see more than december to know if it's trend or what happened there back over to you. >> those retail earnings soon, right? >> exactly we have walmart next week on tuesday and then a bit of a break before everybody else a week or two after that. >> thank you. joining us our "closing bell" exchange today to discuss all this, we have ali mccartney, torshin slack and rick santelli. how are you reading the data of a tell on the u.s. consumer and the u.s. economy >> we do really good degree of skepticism we haven't seen the other data so that sense a grain of salt. that being said, it is, of course, pretty significant as an input of gdp calculations. atlanta fed lowered the estimate of q4 to 1.5 as a dramatic decline on a single reading and

somewhat on alert of figuring out is this real or just a fluke? >> have you changed your gdp reading? >> we have lowered our forecast and the conclusion is other data coming in we have seen sentiment on small businesses decline, sentiment of consumers generally decline and carefully watching this is something temporary or something more permanent with the economy that's worrying. >> you can say this is all fourth quarter that's behind us yes, we had a shutdown going into the new year and stocks come back in a big way and some of the anecdotal evidence and coke ceo said this year is looking better than the end of last year. >> yeah, look. i think we are seeing that, as well you have three major issues that really have determined daily movements of the stock market. the first was the fed and how dovish and seem to have gotten past that. the second is global growth. china, a slowdown and trade and those are really completely and toetdly tied as evidenced in this number so the answer from a ubs perspective is both we are

concerned because we absolutely see a lot of things that are overhanging as well as, you know, as well as as a slowdown but we are looking to the data to see was this temporary and exaggerated or was this symptomatic. only thing to add from a ubs perspective we expect q1 to be weaker and forecasting a pickup in q2. >> rick, in terms of the data, what do you make of the retail sales? but also the international data, china data fairly interesting on trade and german gdp fairly disappointing. >> yeah. everything you mentioned i'll tell you what i have to admit i love larry kudlow but i was a little disappointed in the answer because to me the nonseasonally adjusted retail sales figures a different image of the economy than the seasonally ajussdjuste data this. nonseasonally adjusted up over

8.5% and seasonal adjustment process, i could spend hours talking about it but basically, last december and november that pairing kind of is learned in the seasonal adjustment process and we all know that many of the numbers were distorted due to tax reform i don't think the partial closure distorted the number but more than that now, that doesn't change a minus 1.7 control number is still plugged in and it is going do give us a lower gdp but the bright side is that the real economy doesn't look at adjusted numbers. they look at unadjusted numbers, the economy is the economy so i suspect as many of our guests have pointed out, it seems incongruent today's data on the surface is real and contend much of it may not be and looking for improvement in the economy despite the numbers and as for europe you nailed it: looking at the eurozone complete year over year picture of gdp at

1.2, it doesn't sound so bad it's the worst year over year quarter since the last quarter of 2013. so it's a five-year low level. germany specifically for its quarter was a goose egg followed previous was minus .2. china, china wasn't so bad there was areas there much better than expected i guess the moral of the story is a globe is slowing and u.s. numbers aren't as good but how much the globe's slowing and how not so good the numbers are in the u.s. yet to be vetted in my opinion and i do suspect as we move forward the numbers will look a little bit better. >> we will have to wait to get more proof rick, thank you. alli, torshin, good to get your takes on the big news of the day. amazon no longer planning to build second headquarters in

long island city alexandria ocasio-cortez reacted to the news moments ago. listen. >> we were subsidizing those jobs so, for the city was paying for those jobs so, frankly, if we were willing to give amazon -- willing to give away $3 billion for this deal, we could invest $3 billion in our district ourselves if we wanted to, hire out more teachers, we can fix our subways, we can put a lot of people to work for that money if we wanted to >> not everyone in new york agrees let's bring in represent gregory meeks. his district in the borough of amazon was going to be adjacent i guess thank you for joining us. >> good to be here. >> what is your reaction >> a sad day for new york. you know amazon representing 25,000 jobs, mostly paying $150,000 or more tech industry making new york, you know, diversifying its

economy with financial services and tech which would prevent the city from hurting if there's a downfall additional revenue, this was a long-term investment in the city of new york. so i know you talk about $3 billion right now but over the long term is like investing money in your bank account with equal about $3 billion, about $25 billion to be getting back in return. and addition there to i think dwa educating them and preparing them for the jobs of the future so i think that, you know, it's a -- not a good day for new york i wish amazon had stuck it out a little bit longer because in the long term i believe that this would have been a good deal for both. >> congressman, what do you blame for this we just heard from aoc we are going to be joined later by state senator michael

janoris. do you blame those people or amazon >> there is enough room for blame on both sides. i think -- when you are in the business we are in i think sometimes you quietly negotiate things you know the deal was not finalized as evident by them pulling out now but as a result calmer heads and negotiate, you know, at times and talk about those things that are important. that's what we were attempting to do with amazon and amazon did pull out, you know, a little too quickly in my estimation we should have sat at the table and negotiated and make sure that we just as we're trying to do on the hill right now and talk about not closing the government again so generally with compromise that means that everybody -- little upset you don't get -- no side gets all of what he or she wants and what compromise is all about and that's what should and i was hoping to take place here, there would be some compromise. >> i mean, beyond the speed,

congressman, do you share the view that amazon went about this wrong and discalculated? first of all, the incoming wave of democratic lawmakers in new york and some of the populist left sentiment going on there and host willed widely publicized beauty pageant competition for states to get the new headquarters they could have just done what google is doing and spending billions of dollars on the lower part of manhattan under 23rd street and quietly hiring an army of people. >> well, yes but still, if you look at the latest poll most new yorkers wanted amazon to come. i think if you would have polled broadly other elected officials they wanted amazon to come i think clearly the majority of individuals within the city of new york as well as elected wanted the deal. just needed to noeshtd it. i think amazon did pull out a little too quickly you have to have a little thicker skin and deal and have to them work out that being said, you know, i

know a number of colleagues now are chomping at the bit to get amazon to come to their districts and their cities and their state. because they understand the diversification of the economy and the creation of jobs and we have got to focus on new york, not just on the slow paying jobs but the high paying jobs i'm a young guy that grew up in public housing amazon would have been across from public housing and what hope to give them to come up and see what they could do staying in school with a quality education and not worry about just getting a minimum wage job but a job that's -- making a lot of money and to me that's one of the ways that you begin is also to close the wage gap that so many people are complaining about. we have to educate the young because it's a competitive environment and technology is the jobs for tomorrow. a number of jobs here today are gone tomorrow. the future says it's all in tech >> congressman, what do you make

about the initial principle behind the criticism from some of your democratic colleagues towards this whole issue that it is the biggest or one of the biggest companies in the country that is able to secure concessions when smaller companies are not able to do that >> i think that you see the different kinds of concessions that are guided by different businesses and in fact, you know, what we are looking to do here in washington, we once add the empowerment zones, for example that was utilized, give increptives and now community that is did not have certain businesses, they're thriving there. currently we have got another bill to work on here in washington that will drive and incentivize individuals to invest in developing areas within cities across america so, i think that, you know, again, these deals are negotiated and try to make sure that you get small business as well as big businesses because it's the combination of both is

what's going to create a thriving economy, create the kinds of jobs that are necessary to keep us where we are. you know i just looked, for example, just recently where because of the financial services industry's lost over a billion dollars or so that the revenue's down in new york are down. i don't want to have to go to my homeowners and the middle class of individuals that will have to now raise their taxes to pay for the money that's, you know, for the items necessary to keep the city running >> so, ultimately, congressman, do you see it as an amazon specific issue or broader implications or other companies moving to new york, putting up a big fat sign saying new york is not open for business? >> i hope not. i think people know there's a lot of things that -- there's a reason why amazon chose new york in the first place i think they recognize the beauty of the city, they recognize the talent of the city, they recognize the fact that the future, you know, of the city is great.

so i think that that would be something that others would look at but, you know, for me and my little time here, this is the second deal where i think that we missed out on an opportunity and i think about the opportunity to build the stadium on the west side of manhattan, that was another missed opportunity and now, you know, jersey gets a lot of those taxes for the teams that want -- a team that wanted to play in new york so that's a mistake and then you look at what took place in brooklyn and did build an arena and see a thriving community and people who have gotten jobs there that wouldn't have been there if we had not gone ahead and stuck it out and built that arena and seems clear to me, thinking in the long term and not short term, the $3 billion that scared people, a long of the term investment for the opportunity of a greater economy in the long term not something that you just get back immediately. >> congressman, thank you for

joining us today. >> my pleasure. >> representative meeks of new york. >> next hour, the new york state senator michael gianaris who was a critic of that plan. >> at the center of all of this. coming up, one policy expert says proposals to limit buybacks would amount to triple taxation and will explain what that means. is cbs closer to naming a permanent ceo? we'll look when the company reports after the bell and looking for the vote on the government funding bill. don't go anywhere.

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welcome back we have got 24 minutes left until the close. we are down just slightly on the dow. positive for the s&p and nasdaq. >> what a comeback. >> nice and steady most of it in the morning and positive impetus in the last ten minutes or so. weighing in on the stocks that could be hurting the most from today's retail sales wrk.ec plus one name to buy on the news that's coming up

welcome back the white house just releasing a statement on the government funding bill eamon javers has the details. >> reporter: the president is going to declare a national emergency, this according to the white house press secretary. her statement just out saying that president trump will sign the government funding bill and as he stated before he'll also take other executive action, including a national emergency to ensure we stop the national security and humanitarian crisis

at the border. the president is once again delivering on the promise to build the wall, protect the border and secure our great country. so that statement from sarah sanders just within the couple of moments confirmed from senate majority leader mcconnell said earlier this afternoon that the president will sign the funding bill and then declare a national emergency in order to build the wall that he says is needed on the u.s. southern border mcconnell said he'll support the president in that action now, a number of republicans had been wary of the idea of a president declaring a national emergency to get around congress's power of the purse largely because some democratic future president could use this tactic for gun control or climate change that precedent though apparently not foremost in the president's mind here making the decision. this is a president who has been backed into a political corner here accepting less money for fencing and border security than

on the table previously. now agreeing to sign the bill and under the condition to declare a national emergency and see how that rolls out and what the political implications are as the day goes on back over to you. >> eamon, thank you. let's bring in dan clifton dan, you translate washington policy to investors. what are the implications if any of this? the border bill will be signed and the president set to declare a national emergency. >> yeah. so let's separate out the short term verse long term for you, sara by declaring a national emergency, it takes the wall funding out of future budgets and will make it easier to get some of the fiscal measures done later this year. second, this is a really important to the president's base and we think it gives the president elbow room to make a deal on china that could be -- that will be a compromise because he's delivered for the

base on the border wall. so in the short run, this is a positive for the equity markets but i have to agree with what eamon just said. on the longer term perspective he is created a precedent that could be followed by future presidents with more power for the executive branch and more uncertainty for investors. this is going to get caught up in the courts and so we anticipate that once the president does declare that national emergency that it's going to actually be months and months before it gets resolved by the courts but if it's resolved by the supreme court in early 2020 the president will be building a border wall right before his re-election if you want to think about it in political terms. >> do you think this directly influences the negotiations with china? >> yeah. just saying from a political perspective, the president's deal with china will be criticized by both his conservative base and the democrats in congress. it's just simply never going to be good enough for them but delivering on the border wall for his base, a top priority,

it's more wiggle room with the base cutting a deal with china and far more important issue for investors than the border wall itself you. >> you spun it as sort of positive for investors do get nervous about which is the debt ceiling. >> that's right, yep. >> we have to deal with this summer doesn't it poison the waters even more? aren't democrats just going to get fired up again and try to fight this emergency funding that's transferred to the border wall >> yeah, that's an important point. eamon was saying that senator mcconnell would support the president. to disaproof of the president's terms, it is unlikely clear to get the votes to clear the senate the republicans will dig in and fight and what do they fight on with the debt ceiling? if the president introduced i want border wall in a budget package, that would have been very, very negative for markets. very different than a government shutdown which has a limited temporary economic affect. the debt ceiling is playing with

the full faith and credit of the united states so from that diffusing it from those budget fights is a short-term positive. >> dan, what do you make of the amazon decision to u-turn on the new hq in the new york area? do you think it suggests that the more anti-capitalist, the more left leaning part of the democrat party winning over the policy debate? >> well, you know, i wouldn't extrapolate too much but i think your point's a good one and that is that the populists are getting more attention and build the issues much more this is a decision that new york as policymakers had to make and they're living quite frankly in an old world where there was no change to the state and local tax deduction, the financial industry continued to grow and unfortunately those issues are less likely to happen now. salt is leading to an outmigration of residents and confirms to see jobs moving west and south and that will be the

case with amazon i'm a northern virginia resident we are probably going to benefit from this. nashville will benefit from it and, wilfred, in the new jersey governor's office we always said that the best economic policy in new jersey was new york's tax policy new york needs to reform its tax code and reform it for everybody, not just giving out the subsidies themselves. >> dan clifton, thank you for joining us >> thank you. still to come here on the "closing bell," we will, of course, have the close of the markets. we have got 15 minutes left of trade. down .2 on the dow shares of coca-cola sinking today after reporting earnings what the ceo said about numbers, next

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we have 12 minutes left of trade. the dow down .2. nasdaq slightly higher weak december retail sales numbers rocked the market earlier. up next, we'll talk to a top analyst telling us what it signals outhabt e state of the consumer and which stocks to buy. "closing bell" back after this

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retailers. what was your reaction to that kind of weakness >> isn't it interesting? it is a scary looking chart. we heard the december news a month and a half ago it is february 14th. what is interesting is that hits and to what extent it's true, i have a lot of questions, people trying to frame with all the noise, is it valid or not but does it matter is it new? i think ultimately we have seen -- we have had companies report december, report holiday and q4 and a mixed bag the consumer seems fine and a scenario of i think the consumer sees deals because they're fine and companies may have more inventory. >> so, but to that point, simeon, we have seen the companies report and does that suggest there's a bit of exaggeration in the number, or that we are going to see things turn much more aggressively south from here? >> based purely on that number, that shouldn't lead.

right? we know december and january if that number is correct, what it would argue is someone we haven't heard from yet which is essentially has the size of an amazon type online business that went the other direction to make that math level off. we probably haven't heard something like that because it probably didn't happen so directionally i think it's very fair to feel concern i think there was a general sense of complacency in the u.s. to find out from the department stores that was too comforting and i don't think it's anywhere as near as bad as what this seems to suggest. >> what's interesting is online sales quite weak amazon said it had a regular holiday season what gives >> that's my point to make that math work, if it was legit you had to have another business to counter act the strength of amazon we need to figure out a business that's able to mathematically get us back to that level that it said to make to work and probably directionally it's worth looking at

on a numerical and i think on order of magnitude it is overblown. we are in q4 for the branded retail world and seeing the mixed results and up until this quarter you shied away from multinationals you favored the domestics and that's inverting a little bit. >> so what is your top pick then for the year ahead >> i think right now capri, the former michael kors holding. the reality is of an interesting multinational story. they have self help. and they're creating a new version of portfolio of brands and i argue is a collection of distressed assets. >> i think you were just star struck by kardashian at the versace runway show. >> is that a problem >> no. >> i'm smiling so i have to not smile. >> how does it set up for retail earnings courtney said walmart next week and then a batch of them

are expectations going to be lowered? >> i think what you saw today with the intraday move lets you know people weren't expecting as bad even if they were ready for some pain and internalized it. there's canada goose reporting today. see the movement that's a heavy move on a stock of industry leading numbers and not good enough and a lot of company specific stories where the stock's coming back a lot from the december lows and people more comfortable and that complacency is something to be afraid of and inventories in the u.s. that will be discounts, deals. but then there's also the interesting global opportunities which could surprise to the upside. >> simeon, good do see you thank you very much. >> good to see you guys. up next, back with the closing countdown. we have got just 4:30 left to trade. more earnings. nvidia, cbs, canopy growth no more lugging your clubs through the airport or

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you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. welcome back to the "closing bell." just less than two minutes left to go. s&p intraday for you down 0.2% and lost a little bit of steam in the last ten minutes. we were green 20 minutes ago and much improved from the start of the session particularly in and around when that poor retail sales data came out. you can see the russell, nasdaq just positive. the dow more negative than the

s&p. sectors for you, real estate, health care, communication services doing well. consumer staples and financials suffering. worth pointing out, only utilities is negative which is relatively encouraging, as well. bringing in courtney reagan for her take on the news. >> what a day. we have the retail sales number and dismal, shocking and if you watch the xrt, the etf that tracks the retail names, consumer names, it just began to drift up, hit the highs around noon. when the skepticism came in. how can this really be real? we step back and thought, what have the retailers told us what about amazon? skepticism and pushed us higher. coke dragging down the staples. >> absolutely. thank you very much. we are seeing selling into the close.

people wondering whether we'll seed that again today and not too pronounced and well off the session lows which was down 235 points to the dow. we close down 103 points s&p down 0.3%. russell and nasdaq just positive ringing the bell here, the big board, emerson and avedro. sara, back to you. ♪ welcome to the "closing bell." i'm sara eisen wilfred frost rejoining me in a moment with mike santoli, senior markets commentator. take a look at the day on wall street a lot better than where it started. the dow down 235 points just near the open and essentially the lows of the day. we rebounded to positive territory. ended down lower coca-cola was a drag s&p 500 lower by about a third of a percent

real estate, energy and communication services were strong but groups like staples, financials and industrials weighed down the overall market. the nasdaq positive. tech did better today thanks in part of good earnings and cisco and russell 2000 small caps outperformed again really the highlight of the day the weak retail sales. new york state senator michael gianaris one of the biggest critics of the amazon new york city headquarters deal and will react to amazon's decision today to cancel those plans. investors awaiting a trio of big earnings cbs, nvidia and cannabis company canopy growth. let's talk about this market, though joining us is stephanie link, cnbc contributor and jason fuhrman with us from harvard kennedy school first, though, mike, nice

comeback from what looked like a sharp slide that was confirmed in the bond market on the release of that economic data. >> yeah. it was definitely confirmed. reflex lower and then, you know, it just sort of settled it out. you had a bid in the day i'd say the market in this hesitation mode. really started about a week ago. even though we've made nominal highs for the run and basically been flattening out after the very strong run. the breadth of the market remains good support looking at the equal weighted version of the s&p it was flat overall s&p down a touch and it is not as if seems like lots of stocks are punished for some of this news and i think part of it december retail sales is old data, somewhat old a month and a half of economic and corporate reports for a character of the economy and it is not too incompatible with a general goldilocks fed patience theme which i think the market is trading off all year. >> stephanie, encouraging

intraday intraday looking healthy. >> earnings have been pretty good guidance, we know that the numbers are coming down but i don't think more than people thought an i think that mid single digits for the full year is very doable i think that we are probably in the troughing process in earnings either this quarter, next quarter. back half of the year will be better and that depends on what happens internationally and we are starting to see green chutes particularly in china and the auto and retail sales components for their economy and something we are all watching and i feel pretty good about where we are. >> jason, retail sales weak. surprisingly weak online and with apparel, grocery stores how seriously do you take these numbers as a tell for the economy? >> look. the economic data usually never tells a neat story and, you know, this was a really bad retail sales report.

november was a pretty good one the jobs numbers are really strong so we have a lot of conflicting data in general, i place more weight on the jobs numbers. i think better measured. we have one that covers the month of january, which is more recent than this so, you know, if i had to guess i'd say the economy's quite strong but, you know, we are not going to have a great q4 gdp and q1 will probably be worse. >> jason, retail sales number so bad and haven't talked that much about the german data which just missed out being in a technical recession. do you fear eurozone growth numbers dragging down the u.s. growth numbers in the year ahead? >> i do. and, you know, in part i worry that the eurozone isn't preactig to the situation they don't want to use a fiscal expansion. i think that makes their macro

economies vulnerable i don't think it's a huge negative for the u.s. but it's definitely a negative. >> makes the fourth quarter took weaker s. the president going to get the% growth year in 2018 it was looking good until today. >> well, year over year growth is going to be 2.9%. for 2018 almost certainly even if q4 was good. it would come in at2.9 no, i don't think he get it is 3% this year and unfortunately, i think 2018 will be the high-water mark and the fiscal stimulus fading from the economy and a lot of other things to move us towards the potential and the potential growth rate -- >> you think he gets it in 2018 but not 2019 >> i don't think 3%. >> oh, you don't - >> 2.9. >> got it. >> mike, if retail sales continue in the vein we saw today albeit notwithstanding the caveats we mentioned, does that

act as a leading indicator to stocks >> yes one of the leading indicators looking at how generally the macro economic numbers roll over nigh the end of a cycle, housing probably peaked quite a long time ago and early we see the confidence indexes, look like they have peaks in their chart at least for now and then retail sales, sure, also a curl up in unemployment claims, weekly claims at low levels bu you've seen them what looks like a bottom there all those would fit with the idea that, you know, pretty far along in the cycle but i don't think anyone would or probably should extrapolate what happened in the fourth quarter for retail sales into the first quarter of this year or really -- it just would be unusual to see the jobs numbers and the wage numbers doing what they're doing an see suddenly such a sharp drop in spending. >> does it make you rethink the retail stocks, stephanie >> no. it is company specific, right? i think that a lot of the

discretionary stocks, retailers themselves, have underperformed in the last couple of weeks and so the valuations are very compelling but it's a stock picker market. i do own amazon. i do own home depot. i think there are poblgts in retail to own and exploit. >> jason, you mentioned earlier you tend to focus more on the jobs number than the retail sales data if jobs did have a month or two of slightly softer data would it make you more meaningfully concerned? >> absolutely. that would be what i would be looking for. i tend to do rules of two thirds of the weight on the jobs numbers. one third of the weight on the gdp numbers and that rule is whether what's keeping me feeling better about the macroeconomy at the moment and if the jobs numbers start to weaken and they have to weaken some. no way to keep adding 300,000 a

month and does goit to, you know, 110, 120 that's where i'd start to get worried. >> isn't jobs a lacking indicator, the last data point to turn if we were slowing >> it is a little bit of a lagging indicator and better measured than the others and that's why, you know, i like to place a lot of weight on it. it's unusual what we are seeing now. you expect job growth to be slowing right now. it's actually picking up really late in the cycle. that's -- you know, that's worth paying a bit of attention to. >> wages are also very strong. we have had three months in a row north of 3% wage growth and personal income is also up there's other things other than just the job market itself. >> yeah. >> it's the consumer as a whole that actually in its entirety i think doing quite well look i don't think you have to dismiss the retail sales number. i think it's important i also think you're seeing consumer confidence in the university of michigan sentiment

numbers come down and worth watching this is not just an isolation. auto sales have been kind of slowing and housing so you have to kind of keep an eye on things so let's just see. it's a month worth of data. >> starting in october - >> i definitely agree with this. >> a slowdown, right seeing the evidence of the market come to clean with. treasury yields are still -- i mean, 265 on the 10-year 2.5 or below that on the 2-year showing you the bond market not necessarily set up for a reacceleration of the economy here. >> jason, what do you make of long island city losing the amazon hq2 >> you know, i think you have to really be in the details to do the cost benefit on whether that was worth it or new york city or not. i don't know i think for our country as a whole it's a crazy system that we let the cities bid and we all lose out as a result of that. >> okay, thank you for joining

us jason furman there now meantime, cbs numbers are out and julia boorstin has them for us >> hi, wilf. cbs reporting a slightly lower than expected results of tn top and bottom line. the company's adjusted earnings per share at $1.50, 2 cents less than estimates revenue's at -- looking at the different forces driving the results, advertising revenues increasing by 7% and distribution revenues that decreased 11%. that's -- they say it's due to timi time issues and an update on the direct to consumer business, acting ceo saying that in addition to generating momentum with the direct to consumer platforms they have now reached 8 million direct to consumer subscribers between cbs all access and ott service saying two years ahead of the schedule. as a result the company setting a new target of 25 million

domestic subscribers combined from both of those direct to consumer services by 2022. now, this is an increase they had previously set the target of 16 million subscribers by 2022. increasing that number pretty meaningfully there back over to you. >> julia, thank you. cbs shares moving down about a percent here after hours, mike. >> yeah. i mean, it is -- not a dramatic miss but seems like -- looks like roughly on target i think the market longer term to take heart in the fact that direct to consumer subscribership continues to grow and i don't think right now material enough and you have the question of permanent ceo and other things over this company. >> potential merger. >> a lot of things going on beyond what's happening on a quarterly basis. a cheap stock. been that way for a long time or by the -- the general numbers of a pe. >> stephanie, your take on cbs >> the numbers are really

impressive, a good sign but with that will be expenses going up and in addition we knew that they would have pressures on the advertising side of things and it is cheap but the stock's up 13% year to date and giving it back it does trade on the m & a to be honest with you. >> meantime shares of coca-cola plunging after 2019 guidance below estimates, sara, you caught up with the ceo james quincy after the numbers hit, down 8%. >> it was a bad day for coca-cola, worst day in about a decade and all about the future outlook because it was another strong quarter 5% organic growth. hard to find what they see for 2019, though, makes them a little bit cautious here's what quincy said about it. >> i think the reaction started to embed in the head winds of 2019 we had a great result in 2018. a strong operational performance. we have a strong plan for 2019

good top line growth and margin expansion and face head winds on the interest and tax there we are trying to be prudent in the outlook given the volatility and the uncertainty for the year. >> importantly he said it was the macroeconomic outlook. that an i long with the strong dollar and started to hurt the company this quarter and projected to slice a big chunk off of earnings next quarter 6 or 7 points there and causing the weakness he said they're still gaining share. double digit growth for instance in coke zero sugar diet coke returning to growth thanks to some new flavors sparkling water doing well and just that global picture so i asked him where in the world is he so worried about. >> so i think it's not one country in particular. there's i think a few parts of the world softening. clearly in the imf outlook the good and bad years will come and what we focus on is

executing against the plan we have good brands, good marketing, good innovation and bottling system is executing. >> he called out emerging markets. argentina, turkey. they operate in all of these countries. i asked about the u.s., especially because this came after that retail sales number he did say we saw some weakness in the fourth quarter and said they have been having to pass on higher prices. they have to take pricing as cost rise from freight and aluminum and everything else but that things do appear to be better in the u.s. starting in january. did not sound like they were seeing any type of major slowdown with the u.s. consumer. coca-cola shares, though, certainly punished and a big outperformer in the staple space and up more than 15% over the last 12 months. >> pepsi was down today. so right i wasn't that the market said, okay, this is some kind of a hand back of market share. so yeah. seems as if that's the big

picture. the stock being up so much, you have people comfortable in this idea that coke can continue to outperform in the category next year to come and - >> pepsi reports tomorrow. if they don't talk about macroeconomic weakness there will be more questions on coke. >> a very telling report tomorrow with pepsi. but i think with coke, yeah, it is overowned at this point i thought the organic growth is very good, 4% excludeing the extra day in the quarter and i didn't like north america weakness to your point, gross margins down 220 basis points. people thought it would be up 20 basis points and a big miss and the currency issue the quarter itself okay. it was the guide to your point, the reason that the stock fell against high expectations. >> stephanie, leaving it there today. thank you very much. great to see you as always. breaking news out of washington on the funding bill ylan >> reporter: that vote is

stilling still ongoing and support to pass the government spending bill the vote stands at 81-16 81 in favor of it. and that would be a wide enough margin to allow the senate to advance this vote and send it on over to the house. now, this bill does have support even though president trump threw republicans a curveball in the middle of the day saying he would support the bill and declare a national emergency at the same time to allow him to build the border wall. that is an issue that's divided republicans, some feel that that is executive overreach but still, it looks like the senate does have support to pass this bill and then it would go on to the house for a vote sometime this evening. back over to you guys. >> ylan, thank you. up next, speaking to one of the biggest critics of amazon's deal to open a headquarters in new york city. new york state senator michael gianaris joins us straight ahead.

invideo earnings any second. g u ems ons th aso a they're released

amazon ending the plans to build a headquarters here in new york city after mounting

opposition to the project. deirdre bosa has the details. >> reporter: pulling the project and saying it's disappointed but, quote, a number of state and local politicians have made it clear that they oppose our presence and will not work with us it is a stunning reversal since the company is no stranger to pressure of politicians and activists and the opposition in new york proving to be too much. this is also a major defeat for governor cuomo and mayor deblasio who had come together to woo amazon to new york offering $3 billion in increptives. responding to the decision cuomo saying the new york state senate should be held accountable for the lost opportunity but politicians on the other side of this who criticized the project said that the incentives offered would far outstrip any economic benefits and calling a victory

representative ocasio-cortez tweeted anything is possible back to you. >> deirdre, thank you for that let's bring in diana olick who's watching the search for a second hq and the impact on the region real estate. how likely is it to affect prices in long island city >> reporter: in an nanosecond, wilf we saw a jump in the 14 weeks since amazon announced to come to long island city. pending sales to buy homes mostly condos jumped 181%. and that is 135 sales compared to just 48 the year before and whether or not it was people who expected to live there, maybe get jobs there, we know there's investors going in there hoping to flip the properties knowing that the prices were going to go up, even some of the newer buildings, the landlords, holding the properties off the market after the announcement expecting to be able to sell them for more in a couple of weeks.

>> there will be any other beneficiaries of this? they'll expand the other sites will they benefit in terms of house prices >> reporter: absolutely. northern virginia in particular. amazon said it was not going to look for another headquarters and you have to believe -- we don't know for sure but expand the footprint originally going to do in northern virginia we had stats from the northern virginia association of realtors and pending sales in december up 74%, people coming in whether or not looking to invest in those homes and flip them or they want to live there, you're going do see that really take another bump up in northern virginia gbj smith, a big office there, a nice bump in the stock today and may be looking to expand the office space than planning. >> interesting thank you. last hour we had congressman greg meeks of new york calling this a sad day for new york. >> i think it's a sad day for new york

you know amazon representing 25,000, mostly paying $150,000 for more, tech industry making new york, you know, diversifying its economy. i wish amazon had stuck it out a little bit longer because in the long term i believe this would have been a good deal for both. >> let's bring in new york state senator michael gianaris who's a critic of the new york plan. thank you for joining us. >> thank you. >> are you celebrating, a victory? >> this is not a celebration, it is about standing up for a community and a state that ended up in a very bad place that we should never have been in offering $3 billion in incentives in a secret agreement only made public after it was signed and then the community saying i have questions, let's discuss this, amazon picked up the ball and left. >> did the community raise the hand most of the polling suggest up to 70% or more of residents were behind the deal, supporting it.

>> citing a poll commissioned and paid for by amazon polls can say whatever you want them to say and often wrong. >> you disagree with representative meeks there saying it was a sad day? >> look. i appreciate that people have differences of opinion on this i represent the community where this was to be located i speak to people on the ground there every day. i have the pulse of that neighborhood like nobody else and growing and already overdeveloping, gentry fying an google is developing - >> not like it's $3 billion richer now incentives to build to create jobs and bring a lot of more of that through tax revenue. >> half a billion of the 3 billion is straight-up cash billions and we are richer because of this today and we can't find - >> you don't think that's a good investment >> i don't think it's a good idea if anywhere in this country

to be throwing subsidies around to companies that don't need it because they're extorting us for their presence there's a reason europe banned subsidies like this. maybe we can start a national conversation of whether this is good anywhere. >> this is a federal system so the rules of the game at the moment are that different states and different cities can offer incentives until you change the rules of the game isn't it better the fight for your local area? you should argue that system shouldn't exist and fight for legislation to change it you have to fight for your own area. >> i'll do that. new york has an outsized voice in this country with the prominence, how big it is, because it's a center of media which is why you're all here and we have the ability to take a stand and start that dialogue and maybe we can bring about federal change ultimately and certainly support but amazon is not bigger than new york and they learned that today. maybe they like to dictate terms to governments and cities and to states but the moment someone said, we don't like what you have done here and have a bigger

conversation they left rather than having that conversation. this says more about them than us. >> when you began speaking out about this or as of yesterday did you think amazon was going do stay here and maybe hash out the differences? >> look. they have been in communication with our senate staff, with our majority leader in the senate and recently as a few days ago indicated they weren't going anywhere and anxious to continue to work through this if a couple of days later they changed their mind. >> according to "the wall street journal" some of it to do with you, the fact you are appointed to this beard to potentially veto the development and not a welcoming sign for them. >> let's be clear about that i don't sit on board the governor could have denied the appointment or make it he didn't take action of it. if he was so concerned and i was the problem he could have denied the appointment days ago. >> i'm interested that amazon not decided to go ahead with one of the other full options that it was looking at at the moment, feels like it's kind of testing the waters, increase the other sites a little bit maybe things are still up for grabs.

what would you change in terms of what the offer was that you'd be willing to go as far as and trying to tip it back ward >> amazon never shown an indication to have the dialogue necessary to present a path. they wanted those subsidies and didn't want to talk about what they could do for the community. it is -- >> no subsidies? some subsidies middle ground? >> some were as of right anybody would have had them and anybody to come entitled to them less than half of the 3 billion and never indicated they were willing to have a conversation like that and that was the problem. they were not acting like responsible corporate neighbors. told us they were an anti-union company. came in and said they work with i.c.e. to deport undocumented immigrants of the country. >> they want to pay people an average salary of $150,000 i mean, i get it a lot of companies are anti-union right now but at least amazon led a charge on raising minimum wage and better conditions. >> not on their own volition and

pressure to do that and ultimately did some, some effort in some locations but they testified at the city council a couple weeks ago, asked to be neutral when the employees tried to unionize and said no clearly. >> i guess the biggest question is if the economy goes through a downturn, a recession, what will you tell your constituents you could have had offering at least 25,000 jobs to be created with high paying jobs. you will have to own that. >> everybody wants job creation and growth and done correctly and the right way for the communities. new york city has been on pace for over a decade growing about 90,000 new jobs every single new year and amazon, not instant and about 2,000 years a year over ten to 15 years and 2% of the regular job growth in new york city this is not insignificant but it wasn't earth shattering situation it's presented as. >> you have mentioned which i do not doubt but you know your constituents very well and what they think about this issue. our reporter contessa brewer out

in long island city moments ago and spoke to the individuals who were disappointed saying it would have been great for the area and what is your message to them are they wrong on that view? >> look. i respect people's opinions. i respect congressman meeks' opinion and the governor's opinion and the opinion of the people of the neighborhood who disagree with me i'm happy to talk to them about why i took the position i did and remind them it's a multifaceted situation i don't sit on the board everyone's talking about as we discussed and things that drove this decision on amazon's part and happy -- >> do you want not want to see any tech companies at long island city? >> i never said this. >> if they have tax incentives >> google is here. facebook is growing in new york. these things are already happening. why is amazon so special only coming for $3 billion to come here what is so special they get to take public money to do what the others are doing >> everybody else was offering.

>> doesn't mean we should be wrong, too. >> do the net positives and benefits outweigh the incentives >> i didn't think the positive outweighed the problems in this case. >> state senator, thank you for joining us. >> thank you. >> we appreciate your candor on this day on amazon changing their mind, pulling out of long island city. we have an earnings alert on nvidia josh >> sara, reporting earnings per share of 80 cents versus estimations of 95 cents. in line with preannouncing q4 forecast 2.2 billion. street was at 2.3 billion n. terms of segments, gaming revenue at 954 million data center million. the ceo saying in a statement here, a turbulent close to what had been a great year he says despite the setback the fundamental position in the markets we serve are strong. conference call at 5:30 eastern.

back to you. >> all right josh, thank you. big jump there in nvidia shares up 8%. joining us is reuben roy of mkm partners nvidia with a big slump reporting earnings did it win back credibility in time around? >> hi, thank you for having me it looks like the outlook from the company is a little bit better than i think some of the expectations were indicating after the fairly negative preannouncement we got from the company in late january. the company is talking about fiscal 2020 revenue at this point expected to be flat to down slightly and giving a little bit of a longer term outlook which i think is providing a little bit of a relief rally for the stock given that that indicates that the company has visibility into a nice recovery in the second half to get to those numbers of flat to down slightly for the full

year. >> reuben, crypto is seen as a temporary factor weighing on the sentiment. do you think that can move off as an issue in 2019 and allow them to start to grow back the core businesses again? >> yeah. well, certainly will be focused on those questions on the conference call starting in a little less than an hour here. i think that, again, with the company willing to give us a little bit of a longer term outlook we'll be looking to see what's giving them that type of optimism we are to get to those numbers we need to see a steep recovery in the second half of the year and talking about viinventory that's still in the channel as well as the potential for recovery in the data center which was weighing on the q4 numbers and we expect will be included in the q1 outlook and sounds like the company has some confidence that they're going to see a recovery in both of those important markets looking to the

second half of the year. >> ruben, you characterized it as optimism but we are talking about flat revenues into next year i mean, is this stock priced for something like that? still mid-20s pe multiple on a forward basis. >> yeah. we are neutral rated on the stock here you know we like to see a reacceleration of the markets as you said. flattish revenues with that type of pe multiple it seems like it's reflecting a lot of the optimistic expectations here so we'd like to see a return to the nice year over year growth numbers we were seeing back in fiscal 2019 and the data center and gaming businesses so it's going to take a little bit of time we expect some more color on the areas on the conference call as you said, you know, it takes a little bit of time for the company to grow back into the valuation. >> ruben roy, thank you for joining us.

>> thank you. >> nvidia jumping 8% after hours. the filing is out of berkshire hathaway. >> that's right. several stocks appear to be moving based on the disclosures. namely sun corp. acquired 10.8 million shares worth about $300 million in the canadian energy company and about 4% higher in the after market as a result oracle, however, a position that they acquired late quarter, they dissolved that 41.4 million share stake. those shares down by about 2% in afterhours trading apple, as well, paired back a stake in apple they did by about 2.9 million shares to hold 250 million shares so still very sizable stake in apple but paired it back a little bit. however, they raised their stake in gm as well as jpmorgan and we'll let you know if we find anything else that's

interesting. back over to you. >> leslie, thank you very much still ahead, a cbs shareholder reacts to company earnings as the stock ticks lower after hours. this is decision tech. it's screening technology that helps you find a stock based on what's trending or an investing goal. it's real-time insights and information, in your own customized view of the market. it's smarter trading technology,

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intuit. proud makers of turbotax, quickbooks and mint. time now for a cnbc news update with sue herera. >> hello, everyone vice president pence refuting former fbi director mccabe says he knew nothing of any discussions that the justice department about removing

president trump from office. this in an interview with nbc's andrea mitchell. >> i have never heard any discussion of the 25th amendment by members of this government and i would never expect to. this president has been delivering for the american people and i'm incredibly proud to serve as his vice president. an attorney for former chicago police officer jason vandyke convicted in the fatal shooting of mcdonald said he was beaten by fellow inmates within hours of his transfer to a federal prison in connecticut. telling vandyke was placed into the general population by prison officials without regard to his safety denver teachers back in school three days after they went on strike this after their union reached a tepttive deal raising the pay as much as 11% and encouraged to return to the classrooms if they felt ready and they did. i'll send it back down to you.

>> thank you. up next, the s&p is up more than 10% over the last 8 weeks why history says theal rly could be about to stall, straight ahead. at&t provides edge-to-edge intelligence, covering virtually every part of your finance business. and so if someone tries to breach your firewall in london & you start to panic... don't. because your cto says we've got allies on the outside... ...& security algorithms on the inside... ...& that way you can focus on expanding into eastern europe... ...& that makes the branch managers happy & yes, that's the branch managers happy. at&t provides edge-to-edge intelligence. it can do so much for your business, the list goes on and on. that's the power of &. & when this happens you'll know how to quickly react...

the s&p 500 is up more than 10% now since its december lows. but could the market be due for a reset? mike santoli over at the telestrator. what do you mean >> well, when the market had an upside sprint, sara, you believely it needs a rest. this is a graph which shows the instances when we have had at least a 10% gain in the s&p 500 over 10 weeks. this is up 19% in from the lows and these shaded areas show the previous times when we have had those sprints. and it didn't always mean that the market was topping in those periods. like, for example, right here, the market didn't top but it eventually came back to that level. right? so even if we did continue higher from here, history suggests that you would have a pullback into the vicinity of

getting into that zone so again, this shows several periods this is only from 2009 and only during this bull market and it's kind of an arbitrary number. 10% in 8 weeks and all it really means is the market doesn't continue going up at this angle and usually without a reset and look at one recent one right here this is 2016 you had one of these and you flattened out for a little while before going higher. not a doomsday call and something -- >> flatten out call. >> expect the market to keep scaling the hills. >> all right, mike. panera cared but maybe not enough customers did why they're closing the great experiment in dining, next ♪

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welcome back here are some of the stories on our "closing bell" radar today did you see this colorado store prime time sports going out of business. this after its owner decided to get rid of all of its nike apparel last fall to protest nike's colin kaepernick ad campaign i guess, though, in the business of selling sports apparel and gear, it's hard to get rid of nike and, you know, stands by the decision and some of the interviews i read said it was about the principle and hurting the bottom line. >> tough business in the first place and then deciding not to carry nike. >> shows the overall didn't really hurt nike so much >> not at all. >> boosted their numbers even in the short term. panera bread closing the

last panera cares location you are a big fan of theirs. >> i was in high school. i continue to like it. i don't eat bread bowls anymore. >> a pay what you can concept that launched in 2010. the company saying in a statement the stores no longer viable they did used to apparently make 80% revenue compared to -- >> shocking. >> traditional stores, incredibly impressive and shows people were very generous or honest. >> nice idea, hard to make it a business practice. >> the theme here is predictable retail failures going into willingness. >> yours is not? >> new zoo finding that the e-sports market to grow 27% with global revenue expected the surpass $1 billion a lot of it like other sports which is media rights urks licensing and sponsorships and i guess a billion dollars sounds big for video games and hasn't been around very long and -- people are spending the times.

>> business? >> i think there's a league. it is kind of a centrally owned leagues. >> you're seeing it go into big sports halls like msg? >> i wonder what they're taking away from. >> it's interesting to keep an eye on that surpassing other milestones. more reaction to cbs earnings, excuse me. one stockholder to share who he thinks cbs will tap as the next ceo. tonight, on "fast money," a technician says the market may be nearing a top and still names rtwoh buying we're back in a couple this is huntsville, alabama. aka, rocket city, usa. this is a very difficult job. failure is not an option.

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cbs out with earnings this afternoon. the stock is down almost 3% after hours. joining us with some reaction and analysis, larry haverty. were you disappointed? >> i think the results are pretty good given that cbs is playing a difficult hand and playing it well. the difficult hand is there's a lot of content being produced, especially the serialized version, which competes with their showtime networks. the second thing is that google, facebook and amazon are devouring advertising dollars. so the rest of the ad market is growing 0 to 1%. cbs' ad volumes were up pretty well the creative business was pretty good there was good flow-through of cash flow. the financial leverage is well controlled the valuation is not cheap, but i think what's going to happen probably in four to six months

is people are going to start looking ahead and cbs is really in the cat bird's position in the collecting political dollars arena. the political dollars will flow almost always largely to the number one rated entity in the broadcasting business. and cbs has got the number one network, they have got a very good o & o stations, they're well located in areas that are likely to be highly contentious, and that revenue is probably 70%, 80%, 90% incremental profit so the cash flow is going build up if people are a little worried about the short term, i think the stock could go down a little bit. it's off slightly after the -- after the report but the political thing is kind of the 300-pound gorilla. >> what's your views on full-time ceo position

>> i'm hoping that tom staggs takes the position but i think somebody who is highly qualified is going to end up there i think that will be a positive catalyst for the stock i'm very, very confident in the people who are making the decision they're really serious people. they're co-investors with the public shareholders. and i think everybody's interest is getting these assets continuing to perform of t and i think you have to give a good report to the current management there is nothing at all wrong that i can see in the current business the key thing in this competitive industry, as you guys all know, is that you have to keep your share up. if your share goes down, they take off your head and the share performance of the cbs entities is really quite good. >> those challenges you mentioned before, though, right,

all the content spend elsewhere and all the domination, that's the picture for the foreseeable future so job one put it together with viacom and compete from there? >> i think the entity is subscale in the current media environment. and i think inevitably it will be combined with viacom and that may be -- will wind up in a different pasture. but meanwhile the strategy is to navigate in there, not throw a tremendous amount of dollars into things that are not proven. the key thing on cbs is it has proven horses in the race. billions is a terrific show. ray dunavan is a terrific show so i'm not worried that the cash flow will get destroyed because of tremendous cost overruns.

the company especially under redstone has been a very, very strategic buyer of its stock the share count has gone down a large amount over a number of years. shareholder value over the long run has been -- they bought a few shares last year if the stock would go down a significant amounting at this level of interest rates, you get somebody like tom skaggs, that will be a lot of fun. >> larry, thanks very much. up next, lloyd blankfein just weighing in on amazon's veo cancel its new york city plans on twitter, of course. we'll share that,next. move to the enterprise-grade cloud that's built to handle all your apps. ♪ ♪ the ibm cloud. the cloud for smarter business.

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at&t is america's best wireless network, according to america's biggest test. now with 5g e. more for your thing. that's our thing. welcome back lloyd blankfein weighing in on amazon's move to baabandon the e york city headquarters this move was both anti-progress, brackets negative for development and tech jobs and anti-democratic. polls show 70% of new yorkers were in favor. victory lap for them, not for new york city. clearly mr. blankfein is being more unrestrained since he's

left david solomon commented on yesterday in particular. straight out on that comment. >> of course would change nobody's opinion if you agree with loloyd, you're on that side if you're opposed, the fact that lloyd blankfein comes in against it just reinforces your view. >> senator sanders was quick to jump on him on his buyback comment. >> i think this is splitting democrats, both cuomo and de blasio de blasio who usually calls himself a progressive democrat, both fought hard to bring amazon to this city. >> we'll see mike, quickly, final thought on the markets? we did clearly well off the lows of the day the last 15, 20 minutes did see a bit of selling. >> a little bit of maybe fatigue or just a flattening out of the market everyone is going to look at this chart and say, wow, that should pull back

that we lack identifiable catalyst except perhaps a china deal i don't know that we're looking for anything in particular right now except for the market's behavior itself. >> and economic data. >> yes, we'll get more of that too, but slowy >> okay. that does it for "closing bell." thanks for watching. >> "fast money" begins right now. "fast money" starts right now. live from the nasdaq market site overlooking new york city's times square, i'm melissa lee. tonight we are all after the after-hours action we'll bring you the latest from the conference calls as they get under way. plus, the big, long, legendary investor, danny moses, calling cannabis the investment opportunity of a lifetime. he will be here to tell us why. later, chasing the highs one top technician doubling down on two names that are soaring this year. we will tell you what they are. first, we start with amazon, and not because of the