professional sports. the knicks head coach said the players weren't sleeping because of it and now carlos santana threw a television because guys playing fortnite in games they were losing and santana said he never saw anything like. >> are you going the eat this french fry >> one thanks for watching "power lu h lunch. >> "closing bell" right now. new worries for boeing a once hot pot stock to report earnings the "closing bell" starts right now. ♪ >> hurry up. sit down welcome to "closing bell." i'm sara eisen here with wilfred frost. tabli taking a look at the markets you almost - >> four second. >> you got it. we'll work on that dow's up 30 points boeing is the biggest drag again

today taking 40 or so points off the dow. session highs up 50 a moment ago. heading into the best first quarter since 1998 today it's energy on top of the market list in terms of sectors. consumer discretionary, financials, industrials all going strong, as well. after a post-ipo surge, shares of tilray have fell and we'll talk to the ceo after announcing results. the market event of the fed meeting not expecting an interest rates move but the next guest said they should be considering a rate cut this year joining the "closing bell" exclusive is former minnesota fed president. nice to see you again. welcome. so, it sounds like you unlike some of your fellow economists are more with the market view on this that the next move is going to be a cut instead of a hike.

why? >> well, thanks for having me on first of all, before i go on to your question, i want to say that i was really sad to hear about the passing of alan krueger earlier today, a great person and a great economist he will be greatly missed. >> yes we agree. >> i don't necessarily anticipate the fed will cut rates but i think they should cut rates. and i think the reason for that is that whereas my baseline outlook is quite positive, i think we'll see growth in 2019 slow growth. but the downside risks are out there. and when you're so close to the effective lower round, you're really want to keep that economy as healthy as possible and you don't want that many medicines to treat the patient getting sick and keep the patient as well as he or she can possibly be and that means i think right now would be an interest rate cut. >> so with that calling for a cut.

is that because it would be wise to have a preeffortive cut or is the data bad enough that the medicine is needed >> it's more i think a preemptive risk management kind of position. it is not that the data looks bad to me. i think my view is very similar to the baseline outlook out there among many forecast earls. it's more that monetary policy is about risk management especially when you're as close to the zero round as you are you want to take out that i think -- have that preemptive cut in order to keep the economy as healthy and strong as you possibly can. >> but for so many years as you know and the fed trying to exit the super easy extraordinary policy of zero interest rates and this massive trillion -- multitrillion dollar bloated balance sheet and finally getting to do that and now the pause to set the fed back. why cut when we're not in

recession or in a recession or anything like that and why not save the ammunition? >> oh, i think the real answer to that question lies in that the policies are only -- should be judged through one lens and that is in terms of have they led to unduly high inflation that's the only lens to judge whether the policy is too easy or not and the answer is, no. i mean, inflation has been running too low for -- you know, there's a little bit above -- we got above 2% maybe in 2011 and by and large since the end of the inflation inflation's running too low and so actually i think the fed has been overly hawkish throughout this time frame. i view myself -- i'm regarded as one of the most dovish commentator out. i've been too hawkish. it's because the economy continued to underperform relative to expectations and as

long as inflation remains below 2% you can and should be providing more accommodation. >> what could change your view on that? if we got a resolution on the c china trade dispute, for example? could you be more bullish and the cut would not be needed? >> for me, the key marker is inflation. it's -- you know, and i notice that markets are predicting that there's no -- essentially no chance of the fed raising rates this year. that i don't agree with. i think there is a chance that we would start to see inflationary pressures build in such a way to become appropriate to raise rates that's not my baseline outlook that's not the risk i worry about. but that's what would make you as a monetary policymaker with sustained movement in core inflation above 2% you should be

raising rates. >> so the preemptive cut isn't likely to be on the agenda this week what do you think is actually going to happen? what will we get from the fed? >> yeah. so, yeah i think the fed when i was there i wasn't sure they were listening. i'm pretty sure they're not listening but no i think that the big question marks out of this meeting, i don't think we see interest rate cut or increase out of the meeting. i think that the fed will again have to be talking about the dot plot it might show a rate hike. as the median outlook for 2019 i think the chairman will be in position to have to explain that and so i think those -- the big questions for the fed really should be about, not cutting -- not raising rates now. not cutting rates now. what do they have to see to be

thinking about raising or cutting rates in the next year or two >> how concerned are you about the developed world economies internationally and the affect that central bank policy linked to the growth outlook having here on the u.s. an the dollar and the bull market here >> you know, i think there's a great -- that's a great point, wilfred. i think the links are very important ones you know, we saw i think there's a lot of room for concern in china, a lot of room for concern in europe and, you know, we are largely -- to a large extent insulated from developments in the fact we're a large economy ourselves and closed to a large extent but there are definitely spillovers of what's going on overseas and, you know, if i were in europe i would be calling for them to be easing policy, as well. so, and of course, we have got the brexit uncertainty and, again, that's another source of

uncertainty for our economy. all these things i think are sources of risk that should make the fed be thinking let's take out some insurance let's cut rates. >> you know, you should really have a conversation with the trump administration because this president has made himself very clear including latly to see easier monetary policy, a weaker dollar, easier interest rates. are you saying that the president has been right >> the president -- i wouldn't necessarily express myself the way he does but i think on the economics the president has been largely correct. i think that the fed because inflation is running as low as it is could and should provide more accommodative policy. it is -- really the fed's goal is 2% inflation. as long as they're falling short of that they should be in a position to provide more accommodation. you know, i think that there's a big difference between the

professor of rochester expressing the views of monetary policy than the president of the united states and i think he's overstepped what i think is an appropriate line. >> thank you for joining us. >> thank you for having me on. let's continue the market discussion joining you now mark lashean and rick santelli. good afternoon to you both mark, what are you looking out for from the fed this week >> wilfred, what was talked about, of course no expectation in terms of a change in interest rates with the balance sheet, if they perhaps seize the de-escalation of bonds by september or so. some speculation surrounds and most important the dot plot and while i don't necessarily expect them to remove the chance that they raise interest rates at least one more time in 2019 it could very well by shifting

lower across the spectrum of dots the expectation that rate hikes won't be perhaps quite as vigorous as what was projected back in december of last year. not just for 2019 but out through 2020 and even 2021 as a consequence that may be a way to allow jay powell in the press conference to talk about the fact they're still data dependent, patient and expect the economy and inflation to evolve in a way to allow them to perhaps consider raising rates >> how's the bond market, rick, set up for the fed meeting >> well, considering that we have mostly been idling with parallel shifts along the curve meaning the movement today and even friday up and down short end is very equivalent and equal to the up and down on the long run. all adjusted for duration. the dollar index actually is within a half a cent of where it was the last time the fed actually had a move on december 19th

listening to the previous guest, ma smart man. central bankers are worried that should things deteriorate after everything they've done, the fingerprints all over everything but maybe that's the problem just consider his word preemptive see, the problem at the end of last year the fed talked a big open minded game but they had a plan, a plan down the road without seeing the data down the road preemptive with the same catch to it is that they're trying to prevent something they think is going to happen. we need central banks to step out of the big box and start playing second fiddle. the job isn't to move markets, the job didn't to move economies. their job is to be an umpire especially at the extremes of economies too hot for the extremes or a system melting down why have we as analysts and investors come to think it normal operating procedures that they need to be pulling the

levers all the time? >> mark, looking at the u.s. equity markets, energy's the topp topper -- top performing sector today. >> i think energy stocks have quite a bit to catch up to energy stocks have done okay, decently on balance and certainly aren't performing as well as the price of oil west texas is up 28% on a year to date basis. i think there's an opportunity for energy stocks to continue to rally for the reasons of not just global economic activity and still reasonably decent demand on a global basis for energy overall and as well the fact of a valuation basis for a space that i think analysts are still sort of underwhelming of expectations and energy is a pretty fertile sector in which to find good opportunities for further gains. >> what about the overall

market, mark it feels like we are at a cross roads. we have the abysmal for the bulls end of year last year. miserable action 20% off the highs and then this very strong comeback the bears will say it's a classic bear market bounce the bulls will say the market overreacted to bad news and smooth sailing which is it? >> well, i tend to think it's more the former than the latter, sara sentiment driven and drove equity prices in the fourth quarter and contributing to more positive sentiment that's creating a ricochet rebound. i think the market also beginning to sniff out or maybe has to some degree sniffed out conditio winds of better conditions ahead. maybe out of the reports that are now being lapped by better data in january than what we saw in december but also the fact that there's, you know,

tentative and still green chutes from international markets look at europe readings are starting to turn up china's taking no less than 72 measures to try to reflat economic activity and again some data points that suggest perhaps a turn is at hand so nothing necessarily overly convincing but same time that which the market as a discounting mechanism is beginning to bid on obviously we need to see follow through on the data points to confirm if you will the rally of equity prices and means they're suggest to sagging now and again and ultimately unless economic conditions domestically and internationally do roll over because it was a head fake in terms of the recent data points they should hold the ground and we think over the second half continue to advance. >> rick, the final word to you >> you know, if you look at an s&p we have taken out now the tops in october, november,

december, everybody knows they're give or take right around 2800. the point being we could try to think of what the world's going to be like in the future but right now the only reality is price action any floor guy tells you there's no such thing of a triple or quadruple top. markets seem to take them out. the upside looks green we can worry about the fundamentals latter. >> thank you both very much. mark and rick. >> thank you. still to come here on "closing bell," the departments of justice and transportation scrutinizing boeing in two separate probablies in the wake of two deadly crashes by the 737 max 8. we have did details and analysis next. and still ahead, information services buying payment processer world pick for $35 billion. deal of the day. we'll talk to the ceo of fidelity about the deal. you can reach out to the show as always on twitter, facebook or send us an e-mail. dow's up about 30 points

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another strong day in the markets. energy is the topp performer right now. you can see edwards lifesciences off studies of a cardio meeting this weekend up 6.4% advance auto parts, second best performing in the s&p. financials, too, having another good day. shares of boeing trading lower on reports of an inquiry of the development of its 737 max aircrafts while the department of justice has issued a subpoena seeking documents related to the jetliner. cnbc's phil lebeau with more for us >> we're in headline risk. we talked about it this morning. we saw it really yesterday and today earlier in the day and the reason shares of boeing moving lower. a couple of headlines of yesterday putting pressure on the shares the big one out of ethiopian

with the minister of transport saying there are clear similarities after analyzing the black data boxes, clear similarities of the crash in ethiopia and back in october with lion air and you have the department of justice investigating the max development. we know that at least one subpoena has been issued unclear exactly what the department of justice is looking into or who is issued that subpoena they do -- we do know they're trying to secure documents and the department of justice according to "the wall street journal" scrutinizing the relationship of faa and boeing there have been a number of questions about whether or not boeing may have to bring down its production schedule as the 737 maxes are still being built, still being completed and then parked outside the plant in washington or perhaps moving to boeing field or other locations there in the area. this is the monthly production right now at 52 a month. scheduled to go up to 57 sometime later this year

boeing has not changed that guidance by the way. as you take a look at boeing versus airbus over a month, it is not a surprise here that airbus -- i wouldn't say it's a huge gain but moved higher and this is not uncommon we see this whenever there's a major crisis facing one of the major airplane manufacturers, whether it's boeing, airbus, the other one naturally benefits in the eyes of shareholders. >> phil, if there's aspect of the relationship of the faa and boeing to investigate, surely it relates to the fact they were slower to ground the 737 max than other aviation authorities and stands them alone as opposed to the approval for the plane in the first place because many other aviation authorities all over the world also approved the plane. >> well, they approved it after the faa so i don't think that it's the -- how long it took the faa to ground the plane that is getting -- catching the eye of

regulators if you will, wilf i think the question they're probing and it's the inspector general's office at the d.o.t. they're looking at the faa and boeing and this is an established practice for time, the faa doesn't have the resources for certification and check out every single aspect of a new airplane and works with the manufacturer, in this case with boeing, and they say, okay, what will you look at and certify us and show us that it's safe and what will we look at and then deem appropriate, okay, ready for certification? the question out there is whether or not boeing, you know, because it is somewhat in charge of that process perhaps applied pressure to the faa saying, you know what? it's good. this part is good right here we should point out, however, wilf, that boeing it didn't take any shortcuts, didn't cut corners in terms of certifying

the 737 max and met the requirements of the faa. so this is interesting so' what the inspector general's office comes up with if anything. >> but, phil, so the norm then if the faa. >> proved a plane is that aviation authorities around the world just follow suit do they not carry out their own investigations >> well, they do they can in fact, they can require a good example is brazil required that there be modifications for the 737 max in terms of pilot training they felt that with the new mcas system there's not enough diligence sort to speak in terms of explaining we want the pilots who fly this aircraft in brazil to have more training in that regard and carry out their own and make no mistake, the faa has long been and got attention when the rest of the world grounding the 737 max, the faa the lead agency if you will around the world. not the only one but has long been viewed by other aviation

authorities around the world as the lead sort to speak. >> phil lebeau, thank you. let's bring in scott brenner at the faa for some added perspective. how unusual is this? the d.o.t. and the doj having a grand jury issue subpoenas, looking into the development of the plane with the faa have you seen this >> it does happen, usually after a crash or major incident to get folks from outside the agency looking at the practices of the faa and working with manufacturers. it is a unique system where we do have a lot of self-certification done by manufacturers. we see that in the auto industry we see that in the rail. we see that with aviation. and a lot of times folks say, aren't we getting -- aren't the regulators getting too close with the manufacturers but when it comes to aviation, it's clearly a system that's worked where over the past ten years commercial aviation flown

approximately 100348 flights and 1 fatality the faa's doing something right and we have some questions to have answered. >> when you were at the faa did boeing have undue pressure in what you and your colleagues were doing >> no. i don't think so i think where the faa gets into trouble is when you have long-time federal employees working in the same office with the same counterparts in a company like boeing. and i've come to you a couple of times as if i'm the f 5a and come to you and you're did boeing rep and you've always given me great data and i've never had a problem with you, i may just make some assumptions that everything you've given me is accurate and correct rather than doing the testing myself. so sometimes - >> is that a good idea >> it's -- no. of course it is not. you have an overreliance but it's personal relationships that get the faa and manufacturers into trouble but at the end of the day,

though, you do have a system where you have a manufacturer self certifying and then kind of the faa overlooking what they have presented to you. remember, the 737 has been around a long time and some of the changes that were done to the max were not dramatic they moved the engines forward a little bit and that may cause some probably largest questions as changes the aerodynamics and why did the faa sign off on that without additional pilot training you can also argue the other side is pilot training is, you know, fundamental for anybody who's flying this 737. and one of the things they train for is loss of the trim control. it's one of the five memory sexwes sequences which makes basic 101 training is if you lose an engine, how do you get back to an airport if you lose the trim, how do you

regain control of the aircraft i'm guessing that the faa said we pilots expected to perform the maneuvers regardless of what happens to the trim and get the aircraft safely on the ground. >> scott, going back to your point about the perhaps cozy level of relationship between long-serving employees, do you think -- were you imploying it's possible boeing knowingly provided the wrong information or generous information to counterparts at the faa? >> no. more point is more that there might be -- i don't think boeing would ever -- it is not in their interest to provide a product that is not going to be safe and perform as advertised. the problem is, is the faa as tough as they should be on manufacturers considering sometimes you do get those long-standing relationships between a federal employee and a manufacturer >> scott brenner, thank you.

>> absolutely. lyft is on the road and looking for investors. 'lbrk wn how the roadshow is going coming up on "closing bell. your employees must love you. thank you. ah, you could say that. so how are things with you guys? great. thank you. thank you, sir. lunch next week? terrific. say hi to the team. will do. call my office, i will. -sounds good. alrighty. servicenow. works for you.

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t. rowe price invest with confidence. ♪ welcome back to the "closing bell." we are up about 23 points on the dow. the high of the session up 50. but positive energy leads up 1% real estate and communication services at the bottom. time now for a cnbc news

update with sue herera hi, sue. >> hello, everybody. homeland security chief nielsen describing the situation on the southern border as a near system wide meltdown. she made the remarks during a visit to george washington university. >> the situation at our southern border has gone from a crisis to a national emergency to a near system wide meltdown i say this with the utmost sincerity and urgency. the system is breaking an the communities, law enforcement personnel and the migrants themselves are paying the price. venezuelan opposition leader says the international support for new elections in venezuela is evident he called the meeting between u.s. and russian officials this week to address the crisis in venezuela, quote, really important for the stability of the transition of government. violence broke out at a greek soccer match after fans attacked players on the visiting

team's bench flags burned inside the stadium and fans clashed with police outside the stadium in athens. the match was veally called in favor of the visitors. you are up to date that's the news update, guys see you in an hour back to you. >> sue, thank you very much. marijuana has become a hot investment play. after the bell, a gauge on how the sector is doing when tilray releases the earnings. the ceo will join us after. lyft taking the ipo roadshow to wall street even as a isominent hedge fund manager raes questions about the dual class structure. we have the story next you're searching for something more... ...red-blooded. right this way. you thirst for adrenaline, you hunger for raw power. well, you've come to the right place.

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lyft is taking its ipo pitch to investors in new york today leslie picker has been on the trail with the details hi, leslie. >> reporter: hey, sara lyft is if first of many tech ipos expected to come public this year. investors have been anticipating the flood of i 3pos that will ce in 2019 and game time for lyft and revealed this morning they could sell about $2 billion worth of stock at $18.5 billion

valuation, the midpoint of the range in terms set this morning. now, we are here at jeffries where the founders have been traveling from bank to bank meeting with the underwriter sales team to coach them on how to pitch the deal to investors and starting this afternoon they're having the meetings with investors. now, also in the terms today we learned about the ownership. now, that said logan green owns 29% of the vote. zimmer owns 19.45% of the vote that's because a significant portion of their economic ownership is the class "b" shares and each count for 20 votes. so investors who do buy into this need to be aware that the vote may not count as much as a

single class share company guys >> let's talk more about that, leslie, because earlier management paul singer with the ft warning about the structure you are talking about. he said shareholder accountability is often the best corrective for a company that has lost the way and my experience is especially true in the technology sector where enthusiasm runs highest. the question is these dual class structures worked in the past. in a number of high profile ways but since been some question marks about that autonomy and whether it would have been better to have a more balance on the boards do you think enough investors care about this to make it a difficulty to get the ipo away >> reporter: increasingly, investors have cared we have seen a number of tech ipos that have gone public increasingly have this dual class share structure. they also studies show tend to

underperform those with single class share structures for comparable businesses so investors don't give them the same premium we have seen big long only managers in addition to singer against this structure some of the exchanges have come out against the structure and starting to see more of a pushback and yet the trend in sin come valley to go public with a dual class share structure and one side's not really listening to the other side quite yet that said, uber said it will go public with a single class share structure. >> in defense, i guess, of the companies, leslie, i mean, point to google or facebook which made this work. i guess the argument is that it insulates the company from what? short-term pressure? gives them the ability to think more long term, maybe protects them against activists what are the arguments >> reporter: it's the short-term

protection best defense of activist investors and hostile takeovers and the same investors who have been lamenting there haven't been enough companies out there are the same ones that could benefit by a dual class share structure because it helps expand the window of opportunity for companies to invest in because there's less of a potential for that consolidation or at least unwanted consolidation. so that side of it is also kind of interesting but it is something that investors have increasingly been attuned to because if it has less of a chance of getting taken over in a hostile takeover it would trade at a discount to a company with a chance of getting bought at that takeover premium. >> leslie, thank you very much for that sara, the other point, of course, over the weekend and today confirmation of seeking in terms of valuation i'm interested in this we discussed this before revenue growth 100% year over year and slowing and the loss is

widening and of course on the surface doesn't sound attractive but a price to sales multiple it looks quite cheap. about ten times price to sales multiple facebook when it listed in 2012 it was making a profit we should note which lyft isn't trading at 25 times price to sales. so this is significantly cheaper on that metric and loss making you can point to - >> most of the tech ipos over the last year loss making. >> snap was loss making and the price to sale 60 times on that note, lyft looks cheap and point being on the other point, of course, revenue growth is slowing and the loss widening. >> a whole new business model. >> exactly and anyway, very, very interesting. we'll see how it gets away particularly with uber. a russian businessman claiming the net worth fallen by $7.5 billion since sanctions were imposed on him. he told cnbc about the decision to sue the treasury department we'll discuss that next.

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welcome back a russian businessman is claiming the net worth fallen by some $7.5 billion since u.s. sanctions imposed on him and suing the treasury department to lift the sanctions cnbc's jeff cutmore has more from moscow. hi, jeff. >> reporter: yeah, hi, fiwilf the treasury imposed sanctions on deripaska and ultimately there was a discussion about how to remedy and bring markets stability back to the price and the sanctions were lifted both and oleg deripaska was forced to reduce the stakes in the businesses to under 50% and that is the reason why he says that he has had an 80% hit to his net

wealth and that's why he's launching these sanctions to try to get his name taken off this sanctions list what has been interesting in this exclusive conversation is how he said these powerful sanctions have stopped evening people here in russia doing business with him. let's hear what he had to say. >> i am not just excluded from u.s. financial system. you understand my position i'm also barred from russian financial system in a sense it's the russian government that falls the sanctions. they don't want to risk any big institutions here to be part of the secondary sanction. >> reporter: now, wilfred, this name is one that i think many of our audience will recognize as a name that's come up around the investigation into paul manafort

that's being conducted by robert mueller and a whole issue of whether there was meddling by russians in the 2016 presidential elections oleg deripaska say this is's a witch hunt and that he was not involved and that's why in part he's lanchunched this case becae he believes the treasury overstepped the legal reach. back to you. >> yeah. jeff, i was just wondering if there's anything in your conversation that would move the needle in the mueller investigation in the questions about manafort and ultimately the investigation around the presidential campaign. >> reporter: i asked a number of questions about whether oleg deripaska believed that paul manafort may have been working for the russian sekrcret servic, whether another named russian in the investigation may have been working for the gru.

oleg deripaska said he didn't believe that was the case. i continue to ask him how he was connected with paul manafort and he said i haven't spoken to him or seen him since 2010, 2011 essentially, a round of denials here but i'm sure no doubt that the mueller team will be looking closely at the conversation i had here with oleg deripaska after all, he hasn't spoked to any media for at least two years so perhaps they'll be looking closely at some of the answers he gave just to see whether there may be any hint that is they need to follow. back to you. >> really important interview, jeff, thank you in moscow tonight. we have got 13 minutes to go before the close welcoming at dow session highs right now up about 75 points boeing is still a drag disney, too. that's been the case all day and strength of names like goldman sachs, unh, walmart, energy is

doing well moving the dow higher concerns of privacy and regulations causing a wall street firm to downgrade facebook today we have got the details coming up. shares of deutsch bank and co 34merzbank after confirming they're in talks details when we come back. i have access to the oil markets and gold markets. okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you.

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welcome back individual market movers, deutsch bank confirmed it's exploring talks with commerzbank. it appears that it's a merger that few people actually want to happen there are, of course, competition concerns and the german government looks like it's willing to overlook that aspect also around 30,000 job cuts needed for it to make sense. even if the government will overlook it, will the powerful unions welcome that deal and shareholders concerns not sufficiently transformation and would require a capital injection which with both banks trading below book value is not ideal and when all the self health attempts failed and nobody has a better option on the table it could well happen

the question for the u.s. and global investment banks, would it reenergize deutsch bank probably not immediately k. they cut employees and hire those in new york and hong kong unlikely the stock is up to today and need to put that increase in the stock price in perspective down drastically over any long-term time frame so, good news in the short term market seeing both those stocks rise and over the last couple of weeks whether the stories emerged and it is down a lot and trading cheaply. >> context is key, right both been suffering. the european banking system has taken so much longer to come out of the financial crisis or had the sovereign debt crisis and the issues and so much government control and so much pressure to do something like this right? >> correct an the context is key. they're essentially saying let's apply if it happens, apply the

surgery to the domestic retail bank that doesn't really help the international business and it's not clear that the domestic retail bank with the surgery will be hugely profitable any time soon with the outlook for interest rates so either way this does look like a significant step and self help attempts to turn them around hasn't helped and need to do something and a lot skeptical this is the right move and nothing else worked. >> look at the share price reaction. >> from book and still down -- i mean, last year above 15 at point and trading at 9 deutsch bank and three years ago above 40 so again, you know, look at the price. the big shareholder in deutsch bank don't want it the chinese. the manageth itself, the ceo, doesn't want it. two proponents zebrist with overlooking deutsche bank and

the chairman pushing for it. most other voices seem to come out against it we have the see. clearly the regulatory filing is a step and required by german law to file once discussions are material something we never had before and talks progressed passed past a certain point and see if they go enough to get the deal done. my market mover is marriott. shares trading higher after opening 1,700 hotels in the next 3 years and returning money to shareholders gave a better than expected earnings outlook for 2021. they have an investor landing buildings fighting for a seat on the board saying the company has too many brands in its portfolio. marriott ceo was on "squawk box" this morning here's what he had to say when he was asked if the company has too many brands. >> absolutely not. the philosophy we have been pursuing, primary reason of the starwood deal to say we need

under the loyalty umbrella a breadth of choice and the broader that choice is for the traveling customers the more they're likely to stay with us an competing not against other hotel companies but technology platforms. breadth of choice. >> shares up today down, you know, double digits over the last year or so much more internationally exposed so the global slowdown probably does not help still, continuing to plow forward with the expansion. >> yeah. up a couple of percent today you were next, back with the closing countdown. under five minutes until the bell ♪ it's the first day of school. yeah, he's so nervous. tom is letting him know it will be alright.

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don't get mad. get e*trade, dawg. welcome back to the "closing bell." a couple minutes to left had a pop up 15 minutes ago to hit fresh session lows up about 75 points on the dow and not far from the highs of the day. as we approach the close equals about a third of 1% on the s&p little bit less than that on the percentage terms the russell outperformer today up .75 communication services lower

because facebook is down 3.4% off a downgrade and we'll discuss that in five minute's time oil prices for you very quickly as you can see up nicely today hence energy near the top and the 10-year treasury year to date for you dipping below 2.6% just above that approaching the close. a steepening in the curve today and why banks are doing well bob? >> leadership is still intact. i know the intraday voluntarily dillty isn't much. take a look. we have emerging markets still strong banks, industrials eking out gains. energy stocks. it is the cyclicals doing well and the laggards again were the defensive names. consumer staples health care. utilities. one thing we saw today, didn't have a chance to mention it, sebo is discontinuing the bitcoin and leaving the cme with

bitcoin futures and only one out there. remember, all that attention that got the volumes are not there to make it apparently a -- for them >> thank you very much we are not too far from the highs of the session up 63 points on the dow. that's a quarter of 1% s&p's up a third of a percent. nasdaq up a little less than that that does it for the first hour of the "closing bell." sara, back to you. ♪ welcome to the "closing bell." i'm sara eisen wilfred frost rejoining me in a moment with mike santoli, cnbc senior markets commentator here's the day on wall street. well, we came in today coming off the best week of the s&p 500 of 2019 and the party kept going. the s&p closing up about .4% dow up .25%. no thanks to boeing. the biggest weight

strength in goldman, unh, caterpillar and fueling them energy working russell 2000 outperforming by almost double up about .7% here's the stories on the radar for investors. facebook falling after being downgraded to a hold from buy. boeing shares under pressure on a report that the government is probing its 737 max 8 jets and the safety requirements there. tilray set to report earnings this hour and ceo brendan kennedy will be here to talk about them noining us is nancy tangler. welcome back. >> thank you, sara good to be here. >> mike, another strong day for the markets led by cyclicals >> today it was quietly strong i would say. just kind of keeps churning higher you know, getting to the end of the first quarter, such a strong

quarter. i think people feel underinvested when the market ticks higher yes, driven by cyclicals and point out that you had amazon, apple, microsoft all up more than 1% today and still is this kind of buy the familiar favorites just to get equity exposure because nothing else in the macro background changed and the market volatility seems benign at least for the moment and to me it's more low yields, you know, driving in a slow way people to kind of raise equity equity exposures and not keying off that incoming macro data. >> overall the pace now we have seen of the rebound since the lows, not quite as fast as the fall but nonetheless impressive. >> it is about as fast as it gets on the upside yes about more than 20% climb in 3 months, less than 3 months is extraordinary and because it's an equal and opposite effect of the extraordinary decline and a matter of how people feel like

they have been left behind now i think we are in the psychology of it and getting into the fed meeting we have kind of ignored all these logical places to stop and pull back. >> a lot of talk today about the technical levels surpassing the 2800 nancy, we made up the ground of the end of the last year back to october levels at this point, are you a buyer or seller? >> so we're still as i have said many times on your show, we are still finding attractive places to buy but we are lightening up in some of our health care holdings and in technology just because the stocks have appreciated so dramatically. a few months ago we were listening to people saying technology would never work again and we went in and accumulated and brought broadcom and added to apple an some other holdings in the semi space and cisco and a good discussion but now we're overweighted in the

group significantly and trimming back and then our health care stocks have become some of them overvalued, not all, obviously it's been a tough time for health care in the first quarter and we were trimming in the fourth quarter and trimmed at the beginning of this quarter. >> mike, the other sector that's done well today is the banks. >> yes. >> despite broadly yields being lower and i guess pretty cheap and finding impetus. >> contained i would say that i think the deutsche bank/commerzbank thing helps. you saw citi, for example, a leader capital markets oriented firms that it just seems like, fine, one fewer thing to worry about coming the banks and the yields sticky at the levels and the yield curve has not gotten much flatter and it doesn't seem as if the yields want to go lower from here and by the way the 30-year yield around 30% and not

telling a scary story as much as the yields where they are. >> a bullish factor. >> yes unless they're responding to an emergency that's right, yes. >> speeging of the fed, former fed president appeared here on the show last hour explained the logic of the call for a fed rate cut. listen. >> it's more i think a preemptive risk management kind of position. it is not that the data looks bad to me. i think my view on the data is very similar to the baseline outlook out there among many forkers. it's more that monetary policy is really about risk management and especially when you're as close to the zero round as you are, you want to take out that i think -- have that preemptive cut to keep the economy as healthy and strong as you possibly can >> that's getting a lot of attention, mike, because, you know, he was on the fed not too long ago prominent economist. not like an investor calling for

the fed to cut interest rates. is there a case there? >> i think there's -- well, look, we know where he's coming from and he would prefer the fed err on the side of stimulateling, getting inflation higher, not sort of being come place ent of that target and understandable on that level but i do wonder if the market as a whole would welcome the circumstances under which the fed would go there and my guess is, no, not from these levels. >> likely to do the preemptive cut he is looking for and therefore -- >> more responsive to a deterioration in the numbers, yes. >> nancy, on that note, is the fed not the key macro issue anymore for markets since we have already had the pivot and unlikely to get that preemptive cut? >> wilf, i think investors are thinking that the issue is contained and it is not the driver at the margin as it was in the fourth quarter. i think they think the fed has it pretty right and that we are

more likely to see maybe one more hike than a cut this year but largely i think investors are still focused on china for lack of any other catalyst we are about to enter earnings season and then change investors' attention but at the moment i'm not as concerned about the fed certainly as i was in october and i think i'm pretty rep representative of the crowd. >> china trade deal resolution >> the trade deal is telegraphed ad nauseam i think what investors are waiting the see, what i'm waiting to see is will the stimulus that the chinese leadership has put in place, you know, dozens and dozens of easing moves, whether it's through fiscal monitory or the easing and provide the driver of global growth. we think yes the jury's out. >> okay. let's move on and talk about facebook which fell today after

getting a downgrade to hold at needum with three reasons including the anticipated negative financial impact of pivot to privacy and the images uploaded that are difficult to block and which hurt facebook's brand. we should also note that it reached close to their price target, as well. mike, it's been a bad couple of weeks particularly the last sort of ten days or so and clearly there's still more downside in this stock price at the moment 3% move when it was a downgrade to hold rather than anything more drastic. >> it is interesting because the downgrade is actually very abstract and big picture not just reach the target and take it down. >> also reasons of the last year and a half. >> the issues out there. their kind of wrap a theoretical package around it saying, look, we think the network effects of facebook to a half trillion market value working in reverse

and sort of a longer term -- i guess, lower return outlook for the company. i mean, wouldn't argue with it i think the stock's in a no man's land right? way below the highs of last e year the great opportunities at cheaper lecavalie cheaper levels right here i think that it's right now a completely swinging with sentiment. interesting alphabet about flat today in a rising tape and one hand you a say, yes, the concerns stubborn. we don't know where the valuations settle out. and then doesn't stop the nasdaq going up a third of a percent based on the other stocks. >> do you bite on the names wechb the regulatory risks rising here? >> i think some of that is priced in. i mean, we were as you said, sara, talking about this a year and a half ago lightning up on the names and not original and maybe not as many people

lightened up as we did and then an opportunity to go back in i own google i own facebook i own less facebook than i owned a year ago because when it popped we used that as an opportunity to trim. i probably still own too much. given sort of an uncertain environment. but, you know, good things end up happening to the shares of bad companies and writing off apple a few months ago i think the company will figure it out i'm concerned of leadership and governance of facebook. >> all right we have results of tilray. >> it is a top line beat for tilray revenues coming in at 15.5 million versus estimates of 14.15 million. that's up 110% from last year. keep in mind that the estimates are comprised of five analysts here bottom line the eps is a loss of 33 cents gap it's unclear what that reference

point is as far as estimates and don't have an apples to apples comparison and kilos sold, reporting 2,053 kgs sold that's a nearly threefold increase year over year and what's really notable about these earnings, first one that includes canadian legalization so it's interesting to hear on the call more about their access to canadian retail stores and spree of acquisitions including manitoba harvest and an efforts into the u.s. and the partnership with anheuser busch. back to you. >> i mean, strikes me going through the numbers that it's all so new right? it is hard to sort of figure out like i ckilo grams. >> exactly. >> how are investors and wall street actually valuing these companies? >> well, that's the big question oi ju

i just talked to an investor in this space and talking about a lot of question about the valuation of these companies, particularly tilray and they're saying that investors are sort of watching and waiting the see if these high valuations will bear out >> yeah. >> thank you very much you don't like, sara, reporting in kilos than pounds >> no. i think they're all sort of -- >> no, no. i get it. >> the fact of an almost $7 billion company and talking about revenues in the -- less than 20 million a quarter. >> future projected -- yes by the way, breaking down the results and speak with ceo brendan kennedy. i mean, it's headline driven that's - >> completely. what do you think the ultimate size of the market's going to be how widely distributed and legal for the different purposes who has the inside track to provide it >> but the real headline momentum has been maybe not gone forever and -- the stock with an extraordinary run and back from

some of those highs and we'll get a -- >> nancy, where are you on cannabis do you have a view >> not going to say on the air it's a joke. i'm kidding. >> you are not into the stocks >> no. listen i'm sure that -- i know people made a ton of money but for me it is like bitcoin i need some history to your point. i need something to value the company on whether it's -- if it's not earnings, revenues and you can't do that with these stocks at this point so they're trading on emotion and opportunity. and that works for some people it just doesn't work for me. >> let's talk about boeing because i know you own shares of that, nancy. under pressure again today after saying that the department of transportation and justice department scrutinizing the certification 737 process. talk us through how you're thinking about the valuation given the wild card tragic factors. >> very sad.

yeah sure i will do, wilf. look we have owned the stock for three years and taken more than a double in the shares even if you look back when we were investing new money in december we were buying it below $300 a share and without any specific bad news. now it's trading in the high 300 range and surely off from the highs but on our valuation work the stock is pretty expensive. close to the sell range on a relative price to sales ratio basis and according to relative dividend yield and we have actually been holding. i don't want to get in front of this because i don't think all the news is out. i do think long term the shares will recover and outperform the market but in the near term there's too much uncertainty, too much social media activity that i think drives a lot of the decisions. i think the justice department coming in is actually good news and what we do know, those of us doing this as long as i have is that this has happened to the

company many times before. i just ran across a william f. buckley jr. editorial on the stock in 1971 when the end of boeing was being predicted so, you know, i think they'll do the right thing and recover but at the moment there's too many moving parts >> mike, your take already declined significantly. >> only after last week 10% on the week. >> i was going to say -- >> how much bad news is in there? >> it's more contained it's unclear this is going to hang around for an issue now multiple investigations along the different fronts if they really do undermine the process of which the model introduced, not great. they're halting deliveries for a while and i think at this point okay it's about where the market tolerates the valuation and did get to a point of a very high valuation for a big industrial

stock even though there were good reasons for it. >> nancy, thank you for joining us today. >> thank you good to see you all. >> great to see you, as always. tilrays shares higher. the ceo joins us to discuss the results before speaking to annual itselves on the conference call. that's coming up. >> only kilos and grams. >> yep. president trump taking on gm over the closing of a plant in ohio i'm excited about this we'll talk to the mayor of lordstown, ohio, no respond to the president's tweets later on "closing bell. -i call it my comfortable future plan.

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shares of marijuana company tilray trading higher right now. up almost 5% after just reporting a revenue beat for the fourth quarter joining us to talk about the results, brendan kennedy, ceo of tilray welcome back nice to see you. >> thank you for having me, sara we couldn't be more preleased wt the results. >> tell us about it in some detail it looks like the revenue growth better than expected and losses are widening what's happening inside the business >> yeah. sure revenue jumped 110% for the year and 200% for q4 compared to last

year we now have seven facilities processing and manufacturing up and online across canada and europe and it just takes a while for a net new facility to turn on essentially so we build them, we start planting plants in them and takes six months from flipping the switch until it product is coming out and takes a while for the revenue to catch up. >> on that point, brendan, do you feel like you're still in a bit of a sort of land grab phase in the industry and, therefore, will you be happy if you're still loss making for how much longer >> yeah. we finished the year with about 500 million in cash on hand and we'll continue to invest it and deploy it. right now canada's certainly important. but when we look globally the united states and europe are orders of magnitude more important, larger. and so we're looking to

aggressively deploy capital in the u.s. and europe. >> in light of that, brendan, i was going to say the market views your company, your stock, as a way of expressing a view on broader legalization for recreational use and the rest of it how in that context, though, do you plan right now to compete? what i mean by that is do investors get simply kind of a call option on the fact that this is a big legal market some day or is there something that's proprietary that's branded that they can hang their hats on? >> well, i think this is a global growth opportunity. there aren't a lot of industries where that is happening right now. we expect that growth to continue whether we look globally, we're seeing country after country legalize medical cannabis and

additional countries and stand alone the u.s. cbd student a massive opportunity when we look at it. obviously with the passage of the farm bill. we have the largest hemp food bill and thinking about retailers like albertson's and amazon and costco looking for cbd products of tn shelves they go with the brand they know and the supply they trust like manitoba harvest part of the thinking behind that acquisition and use that supply chain in the u.s. to bring cbd products, hemp derived products to u.s. >> what about your partnership with anheuser busch? how's that going when can we see cannabis infused drinks on the market >> so, i think we'll see them first sometime in canada sometime in october. it's looking like. around october of this year.

we'll see products come to mark market right now that relationship, that partnership with abi is focused on formulations for time to peak effect and flavor, form factors and that's progressing well we also announced last year agreement with the novartis global agreement and expect to deploy medical products into about half a dozen new countries this year. an then also, authentic brands group. we look to bring cbd products to market under brands such as nine west in the u.s. before year end. >> brendan, you mentioned some of the geographic expansions what is your expectation five years from now on what which will be your biggest marks and gauge the percentage break down you expect that to be. >> that's the most difficult

question you can ask when's knowable is there's a global growth opportunity. today we started with 41 countries. i think we'll finish 2019 with about somewhere around 50 countries. next year 60 countries and so there's a global growth trajectory we know about and we can forecast that. there's also a global growth opportunity around hemp derived cbd products 50 countries legalized that and we can map that out including the united states. deploy capital and invest accordingly. what is unknown and the big unknown is sort of a third opportunity which is adult use markets in countries around the world. today it's canada and uruguay. i expect three or four countries to legalize cannabis use in the next 18 months and that's a harder opportunity to predict. if five years from now we get to somewhere around 20 countries that have legalized adult use i

think that will be the biggest opportunity. but it is a bit unknown. even cbd in the united states projected to grow to 22 $billion opportunity and we know that's happening and why we are deploying capital strategically and aggressively to capitalize on the opportunity. >> talking about the opportunities and scenarios, brendan. why have you been selling so much stock do you have any clarity of why you pulled millions out of the stock? >> oh, i'm -- i'm significant owner of stock in tilray and both directly in tilray and private equity firm i started about nine years ago and i believe in the long term global opportunity and that's -- that's why i started the company. that's why i'm in this >> but why have you been

selling? >> it's -- it's a very small portion of my ownership. mostly to ensure some diversification and to handle taxes. >> all right got it thank you for coming on. >> thank you thanks for having me. >> brendan kennedy. up next, we will break down the charts to see whether this year's market rally can last despite disappointing corporate profit forecast. later, deepak chopra is here to explain why he's launching a first-ever podcast series and help us meditate. >> something we desperately need so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills.

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more for your thing. that's our thing. 2019 is kicked off with a notable amount of weaker guidance from companies yet stocks have held up better than xeb expected so how long can that rally hold up? how much more bad guidance news can we take? >> that's exactly the question, sara are we now at a point where the market is essentially forecasting that that guidance will get better? this is a chart of blackrock the oeng line is global earnings revision ratio and comparing the number of upward earnings revisions and plunged since the beginning of last year been accelerated here and not shown signs of turning up. yet the stock market has gone higher and remains not too far from the highs and that's a big gap on the chart look at that saying, wow, the

stock market must be ignoring bad news the market in the past has sometimes led the ratio. in a smaller way here in 2016. it did that and then here in 2017 it advanced of the tax cut taking effect and did start to rise, the stock market did, while the earnings revision ratio remained weak and doesn't capture the revisions downward and how many down versus how many up. for the u.s. anyway it looks like a flattish first half for earnings and then a rebound in the second half and certainly something worth watching asking the question, guys, just how much longer can we float on low yields and a patient fed >> ignore the mag if i tuesday of the orange line >> yes, exactly. says how much the magnitude and the direction and the trend, yes. >> thank you very much. time now for a cnbc news update with sue herera. >> hello, everybody. officials say a large fire at a

petro chemical terminal near houston will likely burn for another two days starting on sunday the owner says there have been no reported injuries. >> although the risk of explosion is minimal we continue to take precautions to reduce this possibility pumping operations to reduce the amount of combustible material in the tank containing naptharing on. the president of mo zack beak says more than 1,000 people may have been killed by a cyclone in the southern region of the country last week saying two nearby rivers rose and swept away villages. the red cross said the scale of destruction is massive. russian president vladimir putin marking the fifth anniversary of russia's annexation of crimea from ukraine. he attended the launch of new

power plants part of the moscow efforts to upgrade the region's infrastructure you are up to date that's the news update back to you. >> thank you very much up next, we'll talk to fidelity national information ceo gary norcross. and you may be shocked to find out just how much money americans with expected to bet on this year's march madness basketball tournament. we'll share the details with you coming up. chasing after short-term returns? instead if getting caught up with the crowd, the investment managers at pgim take a long term view. uncovering opportunities for alpha across public and private markets, while anticipating unforeseen risk, has powered our rise to a top ten global asset manager. partner with pgim. the global investment management businesses of

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welcome back fintech group announced today it will buy worldpay for $35 billion in the largest deal ever for the payments industry. joining us now exclusive is gary norcross, ceo of fis gary, good afternoon to you. thank you for joining us. >> good afternoon to you i'm glad to be here. >> what is the rationale for this deal? is it scale or adding specific expertise? >> well, it's a little bit of both as you think about it, the market's moving very, very fast.

and scale is going to matter an we have got two very good companies coming together here we're going to be able to accelerate our growth as a company so it's a pivot to growth for us on a combined basis. we'll do 12 billion in revenue and producing 5 billion of ebitda and the real story here is how we reach end to end from the payments ecosystem back into the funding source and really not only power our financial institutions with new ways to drive their revenue but increase the reach of world pay through the e-commerce assets so it's a really interesting combination of two great companies with nonoverlapping solutions coming together to drive the market forward. >> in terms of that need for scale, who do you see most recently as your biggest rivals? big banks now investing a huge amount into technology themselves and also fellow

fintech payment companies which has grown a lot. which is posing a bigger threat to yousome. >> well, i don't know that any one competitor's posing the biggest threat but i think you are exactly right. everybody is bringing scale to this market to financial services and it's going to require scale of like an fis to comb pepete ad help our clients to compete in the future, whether theis paypal or the large financial institutions, there's people investing in the space and dealing with a lot of modernization and a lot of innovation going on in the industry today so driving the necessary capital infusion and scale necessarily to allow the customers to compete is very important but it's a very competitive space so we'll see competition coming from the large scale providers, also see competition coming from new disrupters entering the space so we're looking forward to combining the two companies

and really forming the future of finance and commerce. >> some folks on wall street, gary, think that you have a heavy lift because you're not just sbintegrating worldpay but there's a combination in january of 2018. synergy's coming in much less than expected so are you merging three companies here >> no. we're really not you know, it is an interesting point. obviously as you can imagine is i have actually known charles and the team for the better part of a decade. we have worked together very closely over time. you have got in order for these things to come together you have to find good culture alignment and good value creation and frarng frankly timing's key and we watch closely as worldpay and vantiv came together and we went through due diligence and looked at the plan and wrapping up and

rolling out their new platform in the uk and europe midsummer moving into the new data center well on path and started that migration. you look at what they've done in the u.s., they're well down the path and close to completion there. so we feel very good that actually the world pay vantiv integration is materially behind them and an opportunity for two companies to come together and continue to increase that value. because we have got complimentary solutions and not a lot of overlap it is not a heavy lift for fis and worldpay to come together as i said, really a pivot more towards organic growth and we're excited about that so we focused on 400 million of expense cost and focused on the 500 million of revenue synergies to generate over the next three years. so if you look over that three-year period, we'll be producing about 700 million of ebitda to the bottom line,

accelerating the growth rate 6% organic day one moving up the curve to 6 to 7 and then 3 years to 8%, 9% organic growth. >> just quickly, both yourself and worldpay spun out of banks particularly the uk side and worldpay mandated be i the government that rbs to sell it, do you think the likes of rbs and the uk government ruing the day they sold these fintech companies? >> that's hard to judge. i think when you look the industry's moving rapidly. a lot of technology companies have come out of banks historically and done very well. you know we think this combination's going to really be a great differentiator for shareholders, our clients. and so, for our employees so i think, you know, i think these combinations make sense and i don't think people look back on

where the original assets started. >> gary, thanks for joining us. >> thank you i appreciate you letting me join you this afternoon. >> worldpay a cincinnati, ohio, company. roots all the way back to fifth third. i know the -- england connection, as well. >> other way around. fis is worldplay from - >> born out of the fifth third. >> vantiv. anyway. >> there's a history on cincinnati.com up next, details on a study of gender discrimination and the field of economics

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get e*trade and start trading today. welcome back here's some stories on the "closing bell" radar today new study by the american economic association revealed statistics on gender discrimination and sexual assault of female economists poll found that 2% of the more than 9,000 respondents say they were assaulted and nearly 70% said they believed the work wasn't taken as seriously as male colleagues and 42% of female economists said they overheard inappropriate or sexual remarks i guess we shouldn't be surprised but the assault numbers is a little bit startling. >> totally. >> a lot of female economists don't get published an and the same profile - >> that's a couple hundred people. >> pretty bad.

i would also just add that obviously on a sort of unrelated but related note, so many companies are thinking about this and become really a daily topic. goldman sachs actually just sent out an internal memo today saying new goals hiring. he says that they want to now see 50% women, 11%, black professionals, 14% hispanic. and they are thinking about hiring and beefing up the pipeline to make these places more female friendly and more female friendly environments now the economics profession needs to listen up. >> i agree a long full announcement today that went out internally. i've got a story, a report of the american gaming association. predicting 47 million people will bet a total of $8.5 billion during the ncaa's march madness, about 1 in 5 american adults the u.s. supreme court legalized sport betting in may 2018.

of course, still legalized in certain states the numbers very interesting in terms of dollar terms. the 1 in 5 of population and not many states legalized it intrigues me most. >> this is not $50 in the office pool for the brackets or is it just actually betting on the games? >> betting on did games. according to -- well, that's a good question. >> either way, a couple hundred dollars per person sounds high to me. >> 20% of the population willing to do this and therefore the prospect of growth in this industry as to more places legalizing it is enormous if these predictions -- >> there's no money involved just pride. >> never come close. >> i always come very close. i'm just a such expert at sports. >> somebody helps you? >> no. i have a knack i think i won db what was that a knockout in the -- >> yeah. >> a knockout in the football. >> you have a knack. >> yeah. i get these things. >> putt it to the test >> natural to me.

>> i'm talking about facebook's effort to invest and promote local news and thwarted by the lack of local media outlets to feed the service, called today in it was launched four months ago. facebook found that 40% of americans live in places where there's not enough local news to support the service. over past 15 years, 1, 800 newspapers closed and closed the areas news deserts it's obviously people seized upon the irony here because facebook, of course, as a service had a role in the demise of local news? although i would say craigslist initially kind of did the real fatal blow because basically -- classified ads and kept them afloat. >> the internet. >> hard to know what the business model might be. >> amazing the amount of decline. the mayor of lordstown, ohio, reacts tpridt o esen trump's tweets over the closure of the auto plant in his town.

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- [spokesman] custom ink has hundreds of products for your business and free shipping. upload your logo or start your design today president trump taking on general motors saying he's not happy with ceo mary barra's decision to close the plant. he followed up today with this tweet. general motors and the uaw are going to start talks in september/october. why wait, start them now i want jobs to stay in the usa and want lordstown, ohio, in one of the best economies of our history opened or sold to a company who will open it up fast the mayor of lordstown, joins us on the phone thanks for phoning in. mr. mayor. tell us about lordstown, ohio, and how important the gm plant is >> well, gm has been here for about 53 years and after 42 years ago, gm has been one of our pain stays

provides -- one time had 12,000 jobs and down to 4500, down to 3,000, down to 14,050 or 1450. it's devastating it's going across the whole valley, not just lordstown, a key employer for many years. >> mr. mayor, who do you plame for this, as you say, devastating news for your town >> i blame the economy i mean, people aren't buying small cars this is probably the best, the chevy cruze is probably the best product they've put in the lordstown facility, quality, good money but with the cheap gas price, people are going to suvs, crossovers and pickup trucks and this wasn't what is selling and ford and fiat chrysler and all the other companies, they're being hit the same way so i'd have to say it's probably the low gas prices and a product that people don't care to buy.

>> mr. mayor, you mentioned such a long history with gm and the industry has had many shutdowns, have there been efforts on your part to kind of diversify the economy and has there been progress along those fronts? >> i was first mayor in 1992 we've tried to diversify the economy. one time we got about 85% of our budget from general motors now it's down to about 40% we have a mcdonald's, chipotle distributorship and natural gas powered electric generation plant. we have a aluminum bill let company and a company that processes steel coils and have tri tried to diversify but hate to lose someone that contributes 45% of your budget when things were going well, we did stuff our debt services account so we have no unencumbered debt and blessed

there and will be okay to the end of the year but like to get resolve between general motors and the uaw sooner than later. >> what's the political vibe there? i mean clearly ohio is such a key state. big win for president trump in the last election. i assume he's counting on it again, one reason he's getting involved here. what is the climb like are they supportive or welcoming of the president's move to intervene here >> i still say, you know, ohio did go toward trump. i would say they're still backing him. it's still -- i hate to say it's early in the situation, because it started out in november, but i think that they're waiting to see what happens and if the president can go jump-start the talks between gm and the international uaw, more power to him because, you know, we heard it won't happen till fall, summer or early fall and if we -- we want to get some resolve. we either -- we'd love to have gm back. our number one goal.

if we don't get them back we'd like to repurpose that plant because it still is a great facility and they have maintained it. >> mayor arno hill, thanks for joining us on the phone today. from lordstown, toyota. up next, author deepak chopra is here to talk about his new podcast series and how we can define, harness and elevate our minds. planning as early as possible. we all need to plan, for 18 years or more, of retirement. i don't have a whole lot saved up, but i'm working on it now. i will do whatever i need to do. plan your financial life with prudential. bring your challenges. plants capture co2. what if other kinds of plants captured it too? if these industrial plants had technology

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deepak chopra launching his first podcast today called infinite potential it's a weekly 12-part conversation series and takes a look at, quote, what makes us conscious beings and why it matters that we are. he joins us now. >> thank you >> why not a podcast listed now? >> the world is divided and in conflict and idiotic in many ways it's time to start a new conversation with being who have creative solutions for just about everything >> as you know, we are a business network i read recently that you'd said the best way for a company to succeed is actually to directly just take care of their employees. expand on that. >> if your employees are

faithful then your customers are happy. if your customers are happy then your investors are happy so it's a full loop. of all the people in an ecosystem of business, the employees are most important and as you know, we launched here a few months ago just cap, one of the ones looking at this. >> do you have any examples? >> right now according to what we've looked at intel, google, these are some of the companies that are heading -- >> you know, the concept of mindfulness, the practice has become a business issue. companies, i feel, you go to conferences and there's always something about the benefits of it is your podcast meant to sort of seize upon that and sort of broadcast -- >> you know, the podcast is also conversations with cost mol gists, with scientists, with business people like russell brand with neuroscientist,

sanjay gupta and the brain's connection to intuition, imagination, so it's more than just mindfulness. >> i wanted to get your thoughts on social media in particular because there's so much backlash ultimately is social media healthy for us what do you think? >> social media is not going to be stopped technology is irreversible so we have to decide how we use it if you go on the internet and look at social media, you have everything over there from the divine to the diabolical so technology is neutral. it's up to us how we use it. >> how necessary is the message that you're delivering to get out there at the moment because it feels like people are aware of wellness, there is a lot of yoga and meditation that takes place relative to a decade ago >> it is the case but what is happening right now is we have validation by looking at neu neuroplasticity, inflammation in the body, what happens to genes, we have studies that show that

even within a week, people have remarkable changes in their gene expressions, all the genes that cause self-regulation, healing, go up. >> what's the minimum amount of time i need to meditate? >> 15 minutes. >> very good >> not 15 minutes at the moment of the show. thank you so much. >> thank you >> that does it for "closing bell." >> "fast money" begins right now. >> that's very true. "fast money" does start now live from the nasdaq marketsite, overlooking new york's times square i'm joe kernen. tim seymour, brian kelly, steve grasso, guy adami, tonight, one of the top strategy ifs saying that new highs are coming and he says if this price target is wrong it's because stocks go even higher than what we're talking about and he'll explain what has him so bullish. lyft is the first of big tech companies gearing up for