tv Power Lunch CNBC April 18, 2019 2:00pm-3:00pm EDT
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for more visit cnbc.com/investinyou we are investors in acorns, we should note. that does it, a long weekend, everybody, but we're not done yet "power lunch" begins right now. >> and i am intimidized. >> good morning. new at 2:00, the mueller report is out the president declares victory, exoneration, but will this fight continue to hang over his administration and maybe even the markets? it's a huge day for ipos several of them of major interest, beginning with pinterest, and shares of zoom are zooming higher. plus kevin o'leary is not happy. mr. wonderful is angry he's going to join us to complain about getting the eighth pick in the stock draft
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sounds like the new york knicks. "power lunch" starts right now ♪ welcome to "power lunch. i'm court anything reagan. two ipos, both popping in their debut. >> hey there, court, a redacted version of the mueller report on interference in the 2016 election has been released to the public and the white house eamon has more. >> reporter: we're learning more and more as we go through this 400-page report by by bit, that the president ordered the firing of rob mueller and it was the white house counsel who doesn't follow that order, saying that
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when the president call mcgann a second time on june 17th he recall he was more direct, call rod, tell mueller has conflicts and can't be special counsel -- because william barr boo, the attorney general, suggested that because the president didn't take any overt action to stop the special counsel's investigation, it would be hard to make the case that he was object instructing justice that you because in the end the special counsel wasn't fired
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now we're learning that the president did order the firing, but don mcgahn did not so it's possibly he protected the president, and set up the situation where the mueller report was unable to come to a conclusion on obstruction of justice. the attorney general is saying as a result of the president's actions here, it's impossible to make the case there was on obstruction of justice. >> as the special counsel said, it was different to figure out what the president's intent was, because the president didn't sit down for an interview, but he did say he found his written answers insufficient i think was the word he used. >> reporter: i think they also said they were inadequate. the president suggesting a number of times in the written answers he didn't remember, didn't real various instances. the special counsel's team wanted to talk to this president, his lawyers did not want them to talk to him, and
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because of that they couldn't get inside the president's head. the special counsel suggesting they were simply out of time and it would be a constitutional battle to fight to force, to attempt to force the president to sit down in person and talk to them. he decided ultimately not to pursue it, not to issue that subpoena for the president's personal testimony that's parts of, it would appear, why this record ended the way it did. >> eamon, thank you. >> you bet a lot of reading for many of us this weekend to do. markets shrugging off the mueller report, but with a pair of high-profile ipos hitting the ticker, there's still plenty to capture the attention of investors. bob pisani is on the floor of the new york stock exchange. >> we're about 10% through the earnings season, believe it or not. he's the keying for the whole earnings season, beats well above typical beats.
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dover bead by 12 speakers, honeywell by, travelers, union pacific. on a typical time poll of the time you'll see about 3% earnings beats, and they're better that are expected, because analysts cut too much in december all of these stocks trading to the up side. the other story today ipos, pinterest, we are talking about 15 to $17. it opens at 2375 you see here trading above that number itself. zoom, even bigger story. just four days ago we were talking 28 to 32 wait -- they price at 36, it opens at 65. that's not a typo, and trading right around where it opened so what's going to be next we don't know, but here's some thoughts april 22nd, iheart media could potentially announce terms
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that's one of the unicorns out there, and potentially next friday, april 26th, uber could potential do that. more likely the following weeks. terms, not going public, but announcing when it might be and a range of pricing a lot of stuff coming down 20 ipos, tyler, in the month of may, at least, maybe as many as 25 >> supply is coming. robert, thank you very much. weekly jobless claims in retail sales painting a rosy picture of the u.s. economic steve leash man iesman is here >> a weak economy that caused so much concern late last year, suddenly not that weak a combination of better trade and retail data has economists marking it up for the forecast, and do it sharply. as tile her was saying, growth at 2.4%, a long way from the 1% forecast as early as march
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it's not growth like last year, and current quarter is forecast to come in right about the same. there's more data to come, and some are cautious here retail sales were up 1.6%. we had strength in electronics, internet sales, grocery stores and clothing, and jobless claims falling for 192,000, from what i can tell that's the lowers level sits 1969, there were a lot fewer workers back then. so the fed likely to not hike rates, but those who were cut they would cut rates, they'll be disappointed an economying running at 2.5% doesn't need help from the central bank ownership do quaint at a timive easing again we don't need to do that. >> if i can do back to the retail, clothing up 2%. >> what are you hearing? for folks to know, courtney and i sit relatively close, we have a running thing about what she
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hears from the stories and a lot of times they clash. what are you hearing >> again i think it's conflicting. i think some are strong, some are not. there's still areas of weakness in department stores it's a cool thing that's happening maybe we won't be arguing, because the data will be the same. >> times i -- or as zappa called it, the -- the dow on pace to most its third weekly gain can the dc
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drama derail the rally jim, i'm going to ask a tiler mathisen compound question now rear tracking first quarter gdp. they had this mueller report, which i think we can great is relatively benign. if we have a strong economy and a president doesn't seem to be in any sort of legal jeopardy, what do you think? do you think the markets are happy with trump could he be reelected? is it good for the markets going forward? >> i think on the trump question, the timing of growth and the character of the economy is what's most important to the electric in some sense we may look back and say the slowdown, if there
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was one here, in 2019 might have been great timing for the republican party, in the sense if it slows down and we bring the full policy cavalry, and brought the bond vigilantes, all the officials around the globe as well, and what that probably ends up doing is reviving economic growth, both here and abroad if that's the case going into voting season next year, where the economy is continuing to do not just okay, but accelerate i ing. the strong retail sales
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today, so were those fierce overblown? are we past that is it full steam ahead or are you looking at markets differently? >> i'm actually now getting 2.8%, but i think there's a bit -- that continued of overstate strengths, because we have very good trade data and inventory data for the first quarter, so i think we have a strong first quarter, but the broad picture is correct, the global commit had a -- but the pmi data that came out do conference that we bottomed out. we're doing a bit better, so i think the global economy is doing okay with interest rates so low around the world, you're just not getting paid for taking risk, so where will you take it? lock equities.
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>> the biggest risk now is -- and what about the fed getting reengage reengaged but we hit the pause button, and we'll have to see how much time, to greg's point even though the economic would you flowing -- and brought it to a pause, so we had possible ease now we're just entering a period where we'll have revive and growth without fed tightening. that's pretty good, too. i think the ten-year treasury could go from 2.6, and it wouldn't hurt stocks at some of the point the fed
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will be tightening again, and ultimately the fed overdoes it, but there's another good period where growth accelerates without tightening that i think the market could do well in as well. >> i think the key think is, yes, the fed hit the paw button. i they're done for a year. i think that helps risk assets it's just you have to look at what do people hate here i think people are still very negative i think people are still more cautious about equities, so maybe a bet overweight em. what we have here, we have snnk
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banks that seen -- and so i i think with central banks rates are very low, i think this is the time to take a risk here >> what do you make of larry fisk's comment, there are a lot of nonbelievers out there. you've had money going into the wrong places that money is going to get redeployed, and thus you'll have a market melt-up you buy that >> i think it's possible, scott. i really do. i think there's a lot of people on wall street that think the market will go higher the rest of this year, but there's very few that think it would go a lot higher maybe the surprise is now that it's going to fall or go higher, maybe it blows much higher than it should. they comprise now about 35% of market capitalization down from almost 44% from earlier in the
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recovery, and almost 15 perfect -- in other words, cyclicality is very scarous right now. so to david ace point, make what you could do is take -- including national markets, and if we do hit a period of exuberance, there would be a lot of underweighted portfolios that need to reduce that you are underweights. gentleman, we're going to leave it there thank you for joining us have a nice weekend. new headlines crossing on the economic impact of the nafta update negotiated by the rho trump administration, not passed yet, of course. >> scott, the white house has called this a top priority the u.s. trade representative is breaking what it expects to be the impact on one industry, the auto industry.
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based on conversations with auto executives ustr says the new deal would result in significant increases in hiring, and output to new investment in the u.s., $23 billion in new purchasing of parts, and 76,000 new u.s. jobs. companies are expecting about a third of those will be on the assembly line and the rest from various suppliers, but it comes in advance of a full independent report on the deal's economic impact that's expected to be released a senior ustr official says the office does not know what the trade findings will be, and there was no mention in a briefing of the potential impact on auto tariffs. guys >> kayla, thank you very much. whether we return, if you thought the release of the mueller report was the end of the fight over the special counsel's investigation, do not hold your breath we will tell you what could be next, what other investigations could be in the pipeline and
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what it means for the president's agenda. plus two major tech ipos hit the ticker today they are both up wouldn't you like to have some zoom we'll tell you how they're trading and what that means for the wave of other startups stay with "power lunch." when you rent from national... it's kind of like playing your own version of best ball. because here, you can choose any car in the aisle, even if it's a better car class than the one you reserved. so no matter what, you're guaranteed to have a perfect drive. [laughter] (vo) go national. go like a pro. see what i did there?
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welcome back to"power lunch. the mueller report is out, but is it over and done with i think we all know the answer to that. where do washington and wall street go from here? let's bring in former federal prosecutor, now a partner at dickinson wright, james frankel, and ben white, and tony fratto, founder, also a cnbc contributor. gentlemen, welcome we are a business network. i'm going to try to make it a business and political agenda discussion i don't think we'll get to the bottom of what is in this incredible report. it's a rich read but let me start with you, jacob. the key to this report is in the back half, volume 2, where the discussion of obstruction of justice becomes very dense would you, as a prosecutor, having satisfied if you were not
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able to interview the focus of that obstruction inquiry, you were only allowed to supply written questions, and you were not allowed as part of your inquiry to include in those questions anything having to do with obstruction of justice? >> i would have found such limitation rather objectionable, no question about that, but ultimately we have to look at the unique nature of this process all together there is a clearly, as we know, you know, a accomplice cal overtone to everything that's done ultimately there's only so much that the special are special counsel can do, particularly if he's trying to get out a final report he did the right thing and followed a traditional model, which is get all the information on paper, get it before the political body, let congress make the discussion. ultimately what i have read into this is where bob mueller was not prepared or not able to make
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the prosecutorial decision, there's still that lat of clarity into the interpretation of the phrase high crimes and misdemeanors, basically punting to congress to make the political decision how to go forward. >> that's where i think a lot of us feel it goes ultimately, is that it was a punt to congress i think also mr. mueller felt that his hands were tied, far more than we were led to believe, by a department of justice ruling, indicating that a sitting president cannot be tried. ben, is the trump agenda basically now dead in the water? because i -- i frankly can't imagine the democrats are going to let him get much done. >> no, they're not i don't think it's dead in the water. a lot of his agenda is trade related and u.n. lat ray
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unilateral is. what mueller has done is handed a bunch of information to congress they're not going to work with trump on significant legislation. >> tony, is there a chance that the president loses any support among his republican -- maybe not the bates and the hard-core constituents, but others on capitol hill who may look at this report and see things that are damning within it? >> it is an ugly report. if it at all times short of any criminal activity, and that's at least what the special counsel determination that he could make, there's a lot of things in there that are property pretty to read and are pretty damning for the white house and activities of the president himself. does that move republicans, either the base or members yow know that there's anything new in here that could impact which way they're going to go?
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trump is incredibly popular in the republican party we didn't see him increase his popularity when the barr summary came out i don't think we'll see him decrease hi popularity with this report. >> has the barb lowered? you said earlier barr did the kind of job a really good spokesman for the president would do how does he -- >> it was unusual, as a former spokesman for the white house, with the white house speaking for presidents, it's a kind of jump you might expect a good press secretary to give a cleaner presentation, and i don't think he did himself favors, but he did do a favor for the guy in the round office watching it and i think paying close attention. >> jacob, we spoke about this with ben, but what do you think about how this impacts the trump agenda, now that that is at least out there, it's not over
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with, we have established, but at least out there what does it mean for the trump agenda economically? >> i think back to, you know, to a conversation back in june of 217, when we were watching the senate hearings, the market was hitting all-time highing during that hearings at the senate. i think there's always a recognition that once the bad information hits the market, it then actually gets assimilated into the market, and ultimately then, the agenda will push forward however the economic will allow it to do so, to all the points we've got discussion here the fact that there really is little new information, you know, that's come out, though it's a very ugly report for the president. the fact remains the markets are going to have the ability to respond. ben maid the point about the unilateral nature of the trade agenda i don't think much will change
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in the market, even if congress were to consider impeachment proceedings. >> yeah, i think the point on that is even if the house were to get to impeachment procedures, no -- there's not enough in here to change republicans' minds in the senate, he would not exonerated in the senate like bill clinton was in 1998. >> thank you, guise. master chef on bobby flay meets noah and mr. wonderful and tim seymour will square off. another down day for the sector, falling for the third straight day. is that sector ready to perk up ytsoon we'll debate, coming up. stay with power.
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what do advisors look for in an etf? i tell clients, etfs can follow an index, but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. when yowhat do you see?itical issues facing our world, we see a billion more people breathing free.
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we see access to fresh food being the global norm, not the exception. we see homes staying cooler, without the planet getting warmer. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved. internet that puts alright boys, time to eat. that handles anything. [ crowd cheering ] that protects what's important. and reaches everywhere. this is beyond wifi. this is xfi. welcome back to "power lunch. i'm mike santoli health care getting a scare, down 5% since monday, turns the etf any nivar for the year craig jansen of piper jaffray a.
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and mike tepper are your trading team today craig, this has been a sector that's gone from firsto to worst. obviously falling apart. is this a longer lasting, structural change for this group? >> mike, no question the health care sector has caught a cold. the relative performance versus the s&p has been very painful the last 30 days when he break down the chart here, you can see an uptrend violation, the divergence, it looks like the next support comes in at 85 we're not buying at this point in time. we're going to wait for the shakeout where does that leave you? >> quite frankly, this is all political, 100% a response to
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the possibility of medicare for all becoming a reality, which would crush the sector bernie sander is gaining team, going from a 12% to 25% chance of securing the democratic nomination, and these stocks have felt the burn whether he secures it or not, i don't think medicare for all happens, so i think there's a huge opportunity in the short run i think there's political headwinds, but as a long-term investor i think you have an opportunity to get in as a good price pout. courtney, i will hand it back to you. thank you, ahead on "power lunch", ipo watch, zoom and pinterest scoring today. the key details you need to know, plus the $3 million hyper car that sold out in just five days we're just a week away from the
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2019 stock draft it has already begun, or shall we say whining mr. wonderful joins us, with the list of many grievances. "power lunch" will be right back >> announcer: now the latest from trading nation and a word from our sponsor when the economy is expanding, industrial and technology stocks have historically outperformed the broader market however when the economy is contracting, more defensive sectors such as utilities and staples, tend to outperform. measure up?
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they were able to restore my good name. if you're under attack, i recommend calling reputation defender. and consider joining their groundbreaking campaign to give every american the right to remove old, inaccurate search results by going to righttobeforgotten.org. vo: if you have search results that are wrong or unfair, call reputation defender at 1-877-492-6705. i'm contessa brewer, here is your update this hour. president trump announced he's having a good day. while he attended a wounded warrior event at the white house. this as the mueller report was being released. >> i'm having a good day, too. it was called no collusion, no obstruction. it should never happen to another president again. new york police say they have formally charged mark
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lamprelio with trespassing he brought two gas cans of gas, lighter fluid to st. patrick's cathedral. james holzhauer, his strategy starts at the bottom of the board, he accrues lots of money and then bets huge amounts, often saying all in, and just rakes in the dough. i'm going to try to figure out a way -- he's a professional gambler, scott, so i'm going to find on way to apply it. >> they call that strtejery, i thought. pinterest rising 28% right now take a look at zoom. higher by -- about $63 a share,
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that's up 75% from its initial pricing, with us now is leslie picker good to have you all here. leslie, the price is right, it appears, for both of these. >> price is right for nvestors that's certainly true. the price may be less right for the companies raising money, given today's after-mark performance. i guess if you're an investor that's putting your money into these companies, looking to do future ipos, this is the after-market performance you want to see, but if you're a company that needed that capital to grow further in the future, you may have liked a bit more cash in the coffer. >> no doubt about that dee, pin tresemme be the more household name, if you will, but zoom, boy, what a great day for those shares, up 75%, as we said, for a company that actually is profitable >> yeah, scott, that's a very
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good point i notice pen tres doesn't want to be called a social network, but you know what's not? cloud enterprise software. it's remarkable what it's done in this very crowded field this is a rare breed of unicorn. not only is it growing faster than pinterest, uber and lyft, but as you want, it's profitable nearly $8 million of profit on about 350 million of revenue, which is actually half that of pinterest last year, yet look at the valuations here. today's price action puts zoom at about 16 billion market cap that's even higher than pinterest. >> you know, julia, when you look at what's happened with zoom, you can say, as leslie did, that maybe some money was left on the table, but certainly the people who own that stock have to feel pretty good, because the stock is now 76%
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higher than it was just five hours ago. >> and who knows where it's going to be in six months. >> yes there are absolutely lock-up provisions, tyler. it's worth noting there was this debate about whether or not it would end up being worth in the public markets more or less than the most recent private market valuation. the start of trading was clear that investors do see it being worth more than the last private market valuation, there is a sense of the value in going public there so we'll see how that impacts the valuation of ipos going forward. it's growing the revenue significantly, and making it's profits smaller every quarter one of those is internal nard pa expanse.
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we're seeing the potential to make it easier to buy things to connect consumers with the perform of the independence-to-end shopping experience it's worth noting that pinterest does not take a cut of the e-commerce that goes through the platform, but it wants e-commerce to be successful. >> i great, julia, that is an interesting thing we need to watch, how retailers beginning to embrace it. we have to leave it here today, ladies thank you both for joining us. over to the bond market. rick santelli tracking the action at the cme. >> hi, what a wild day and if
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you look at a month to date of ten-year yields, we certainly have covered a lot of ground. you have to appreciate that it just cleared the zone we're about a quarter of a percent away once you take that out tyler, back to you. >> mr. santelli, thank you very much there's a shiny new automobile on display. robert frank and a special guest are at the show to show you. robert >> tile her, we are this the one and only tracy morgan to tell you about the fastest new car. >> i call it eye candy this is my car tang a look.
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nasdaq. rewrite tomorrow. hey! you still thinking about opening your own shop? every day. i think there are some ways to help keep you on track. and closer to home. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do. you know there's excitement
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around a new car when it sports a multimillion dollar price tag, but still sells out in less than a week robert frank is at the new york auto show with more. >> reporter: this is the fastest production car in existence. it goes 300 miles an hour, costs $3 million, the best part is that it sold out in just five days it's made by koenigsegg. if you don't know the name, you're probably not alone. it's one of the ultra--exclusive brands in the car world known only to the super-rich most of the customers are young entrepreneurs, obvious in tech they probably won't drive it 300 miles an hour, but they like the status of knowing that they can. >> knowing that your car is the fasters in the world and if you put it in the hands of a professional driver on a safe
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place, that it can do that, that it can break those records and make history, that's a cool thing. >> reporter: very cool thing the other cool things is the name jesko is named after the founder's father who put his entire savings, when it was about to go under. hopefully he can pay his dad back. >> robert. thank you, sweet ride. expensive ride. >> but if the traffic is stuff on the cross-bronx, you're not going fast. >> you're sitting pretty, aren't you? >> you're looking good, styling. >> smokies will be chasing you quick, no matter where you drive it. the draft order is set, the stock list is finalized. we are in final countdown for the "power lunch" stock draft. still ahead. tim seymour has the first pick
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a rae peat won't come easy for nick valerie will the wall street mentalist tame mr. wonderful and can the mavens deliver it's a super sized stock draft well, you just heard it there. we're one week away from the biggest stock draft ever forget the nfl nor get about kyler murray, okay, folks. the draft order has been set we picked it yesterday tim seymour gets the number one pick things did not turn out so well for our first -- our champion before last, pick number eight as a matter of fact, kevin was so furious he called our producer geno late last night and left a not-safe-for-work
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message voicing his grievances, threatening legal action against our draft commissioners. he even talked about collusion kevin o'leary, tim seymour, welcome. >> disappointing. >> you suspect a deep state conspiracyist here, kevin? >> i don't know if it's the chinese or the russians but something is wrong in the state of denmark here, and i will tell you why. you talk about any leg, you remember i won this thing two drafts ago i crushed the competition. >> yesterday's news. keep going. >> doesn't matter. now that i came in below tim seymour, i should obviously in any league get the first pick. but the commissioner sent my this notice last night, i called mueller's office immediately demanding full transparency. we need an investigation there's collusion. there's some kind of a problem here and we have to air this it's strong, absolutely strong i am not the kind of guy who likes to but i'm ready to
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litigate. >> kevin, you finish ed fifth last year, not in last place. >> out of how many though? >> out of eighth. >> you might as well have been in last. >> it felt like last to mr. wonderful. a lot of people are talking, tim, you have an affinity for cannabis stocks. >> i do. although we have to be careful about the influence we're under for this draft in fact, i think based upon the move and the highs these stocks are on, that may not be my strategy in 2019, tyler. >> we have a list of 60 stocks including tilray, cannabis company. you can buy bitcoin if you want or oil kevin, it says in my notes you and fell kbroeter bethenny frankel may team up somehow and collude? >> i don't know what will happen it will be a nasty smackdown next thursday when it happens. i have not decided my strategy
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yet but i know there's something wrong here i want to tell you something else i have a big beef with, i'm a dividend investor. i'm about return of capital. i don't get my dividends included i want to short tilray, i kmtca do that! i want the chairman to listen to my grievances or mueller's going to be all over them >> if it's snowy, windy, raining day in the meadowlands, you have to play in the conditions out there. i would stop whining and bring your a-game. teaming up with the other team sounds like a sign of weakness bottom line is this is a unique set of conditions for the stock draft. it's a limited horizon if anything, it's an option and not worryabout dividends. >> tim, you get three picks. you have to hold these from april 25th until january 31. you don't know what's going to be available when it comes up is, like another draft can you give us any insight into what stocks you will pick
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without giving too much away you don't know if they will be available when it's your turns anyway >> mum's the word, but i do have number one pick, this could be my aundray bruce tim couch moment maybe i will trade back with keven on the number five pick. who knows? but my tactic is find deep value or names that have some kind of dislocation. i would like an event-driven story for a 12-month draft especially something i think has been trading out of the money. >> kevin, given your lack of success -- sorry -- with blue apron a year ago, would you still consider picking one of the newer stage public companies like a pinterest or zoom or lyft >> first of all, i'm not taking the blame of blue apron. i'm many blaming jim cramer who said -- >> don't throw cramer under the bus! >> cramer wiped me out
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i'm going back to my roots my biggest concern is best picks will be at the bottom of the list, we know that's an outrage, but i will figure out how to crawl back from the basement here and crush seymour, crush him, for this impetulance. that's what is going to happen. >> i will tell you, we have a period for the stock to go through the discussion of the transition we know it's not going to happen overnight but i think there's been a case you can see something is happening. >> but that's the time of a rerating story that is at least opportunistic in this environment. >> exactly. >> you know, so much of this is about timing because two years ago when, kevin, you won, one of the stocks that weighed down charles' way was amd he was in last place that year the next year, the third pick of nick lowery's choices was amd, and that was the stock that made him the winner last year
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so the last shall be first sometimes. >> larry put it right through the uprights on that i will say the same thing the year before, valent was the worst stock in the market for the proceeding year and number one performer for me i think you have to find opportunities where companies are at some inflection point either in their revenue model or balance sheet cleanup, those are the things that will move the most. >> kevin, last word to you, you make your commissioner to the appeal here with >> i'm going to bring my best game, obviously. this has become very important to all of us who knew the league would become so important but i'm not planning on losing ever sin so you might as well just permanently print my name and that trophy. i'm coming in to get it. you will not even touch that, seymour. >> this is very personal very personal. >> next thursday 2:00 on "power lunch," we're going to have fun all year watching the big smackdown. >> thank you, gentlemen. sticarndor "eck ou fchk, please," next on "power lunch.
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months later you take a look and they're way down from where they debuted. zoom is profitable, unlike many of these marquee name that's have gone public pinterest has a roadmap to get there. >> it's a lot still to watch with these guys. quickly, i bring up if you haven't watched ten days stram, james has almost $700,000. it's incredible! >> have a "power lunch." >> have a great weekend, everybody. "closing bell" starts now. it is the final hour of trade. pinterest and zoom soaring on their first day of trading will these guys hold their gains beyond game one? >> and new details from the mueller report but how this news could impact the trump administration's economic agenda >> today is a key deadline in the sec versus elon musk case. we'll have all of the details for you. "closing bell" starts right now.
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