let the free market run things we have cop tap tallist, but have a heart that's why i took the giving pledge basically, i think this left ward leaning stuff, they don't have a clue. mario and i together went to cube they are very hard working or industrious peep doing nicely in miami. you go to cuba and it's changed. they get one quarter of a chicken once a month for their protein rationing. it takes two hours to get to work because they don't have an organized transportation system. it's $3.85 a minute for a cell phone so you can't afford them they don't have newspapers or cell phones. that's socialism versus capitalism >> gentlemen, it's been a pleasure mario, lee, kelly, forgive us. taking 40 seconds of your time the exchange begins now.

>> need it >> thank you, scott and hi, everybody. here is what's ahead markets seem to be calming as the president says we may still get a trade deal within a week we'll have the latest on these headlines and what they mean for investors. plus uber is set to ipo tomorrow just when the markets are suffering their worst week of the year we have a look at what we could see and what it means for some early investors and employees of uber and a tale of two stocks ch l one rallying 22% on earnings today. the other is down 55%. on its results we'll have the names and a breakdown of what happened ahead, but we begin with today's sell off that has since recovered substantially. dom has those numbers. >> substantially is the keyword here because down over 400 points at one stage here, but now we're only off about 150 as you can see here half of 1%, yes, it's down, but it's a half of 1%. nothing to panic about the s&p 500, 2859. that was a key level there the 50-day moving average.

a nearer term trend line they've trade ed below there. the nasdaq trading at or below at one point it's 50-day moving average, it's recovered there. for the last year in the s&p 500, you can see here as we've moved lower, what we're going to keep an eye on is these areas here those were areas of resistance in the prior market. 2815 those levels, so the s&p holding there above it one key group to watch, the semiconductor stocks again lower on the day but well off their lows of the session. only off about 1% or so. remember, just down about 8% from its rehighs then one of f the key stocks to watch today, green in a sea of red. what's happening with tapestry up 10% not the best levels of the session. still though a down trend, but the company known as coach, better than expected earnings. decent sales growth and that's the reason why it's in the green on an otherwise red day. back to you. >> thank you so much welcome to the exchange, everyone

i'm kelly evans and treasuries are also on the move the three-month and ten-year yields inverting on inflation producer prices rose .2% in april leaving price gains of just 2.2%. and our trade deficit with china dropped to a five-year low in march and made a surge in exports although it's unclear that will last and trade with china is where it will begin today. talks with china's top negotiator are scheduled to begin in washington in just a couple of hours. the clock is ticking to get a deal done before midnight. kayla is live in the nation aes capital with the latest. >> kelly, the 11 nt round of talks begins this evening. it's on a collision course with a hike in tariffs. sources say the attendance of the vice premier say china wants to stay at the negotiating b table, but note this time, he doesn't have the power to negotiate. president trump says he'll speak to him himself and he has excellent alternatives

>> i got a beautiful letter from president xi let's work together. see if we can get something done but they renegotiating the deal. i mean they took whether intellectual property theft, many, many parts of the deal and renegotiated it. you can't do that. >> we'll see if this greats a hiccup in negotiations or broader divide that calls them off in a bigger way. steven mnuchin told reporters on monday this china has an opportunity to get talks back on track. we'll see what the tenor is tonight when the two sides meet. >> and kayla, been fascinating watching the dow go from being down 400 points all morning to this big turn around as eamon said earlie tgs not as if the president struck an optimistic tone, it just seem to be a few phrases where he said maybe a deal could still come together or item going to be on the phone with president xi. >> the president usually highlight both options he has.

he talks about the vice premier being a good man as he said last night at his rally in florida but then says i don't have to do this deal, i can walk away he usually talks out of both sides of his mouth on this topic and he did that again today. he talkeded about president xi getting on the phone with him and this beautiful letter he received, but then talked about negatively about what china did in the last week and how they reneged on a deal so itseems he's leaving both opgs squarely op the table >> absolutely. thanks let's drill down on the market rebound first. bob pisani is at the new york stock exchange with the run of things, bob. >> just take a look here again the little circus with trade. s&p rally, 18 points as president trump says he will probably speak to xi by phone. he has a letter from him we're now off the highs, only bouncing another important group, the semis we opened down 4% with the smh

and it's cut losses by 60%, 65 amd, broad com, they're all in the green. what's waying down semis is intel. lowest levels since january. still down 4%. chip maker says it seems earnings and revenues growing in single rates over the next three years. also, you saw industrials like caterpillar. they rallied, but it's a modest bounce the street is having a very tough time gaining the outcome of these trade talks the hope at this point, if there's no trade deal, at least the tariffs will not increase while the negotiations continue and kelly, one trader quipped to me, bob, we're one tweet away from going green that's how sad this whole spectacle has become we really need some certainty. >> a tweet away from going green or being down 1,000 points >> thank you, mr. pisani we'll see you later. now oare investors to quick to think a deal with china could be

done this week joining me now is michael, founder and ceo of destination wealth management. along with cnbc contributor, michelle caruso-cabrera. great to have you u both here. michelle, what was your take away >> i'm surprised the market is very focused on that one line. there was a lot there. he was also hey, you know what, more tariffs, not a problem. everybody said the last tariffs were going to hurt the economy, but look how great i'm look everybody else, i think they help the economy. so bring it on i heard somebody talking out of both sides of his mouth. i don't think you can get any clarity or a hope that a deal is happening this week. >> not only did he talk about tariffs, but also referenced setting into motion the 25% hike on the extra $325. that would be the rest of the

imports from china even the threat of that it seems should send a chill. >> nothing he said today dissuades me that that is the likely outcome unless there's some dramatic breakthrough at this dinner tonight at 5:00. >> yeah and we have just hours, michael, until the tariffs go into place maybe the president could say i'm delay iing them a week or te go into effect, but hey, we've extending these talks. there's many ways we could see progress here. do you think investors are being t t too sanguine what do you think the outcome is going to be? >> i think the chance of something getting done tonight is nonexistent when we went up to the last en, then a deal was made to increase a week, two week, throw weeks later. that's why i think the market

bouncing back, it's not unreasonable i think the market actually going down is more unreason bable and i think this is an opportunity for investors when market participants overreact based on a view that a deal isn't going to get done because i think a deal is going to get done >> i understand the comparison, but we already saw tariffs go up to 10% last september and the president is out there today saying there's no problem. the economy's growing at 3%, so why should i be afraid of extending them to me, it sounds different in terms of his thinking on the impact when he seems to understand the debt ceiling could have negative consequences >> i don't think it's fundamentally different. say the tariffs go to 25%. say they go to 25% for a week. does that really matter? in the end, if the deal happens and they get undone, then the 25% tariffs are just a temporary negotiating tactic again, i just think this is all negotiations

i think china, my travels, china needs get a deal done maybe two weeks, i think that's more real. >> michelle, even if they need a deal, there are some other reading of the tea leaves ch especially in the journal today that kind of point the other way. the fact the top negotiator, the cloedser sto speak, who was sent here in and a good sign that was going to happen was stripped of his special envoy status wasn't given it for this trip. >> that's significant because in china, titles matter and they carry a lot of significance. leading to the conclusion that's going to be unlikely there have been signs that the economy has been improving but i still think they have they have a biggerish with their economy. they try to manage that economy.

add a little stimulus, take away it's ridiculous. maybe there is a reason why we're hearing these calls for rate cut frs the administration when it's often happened while there's been a trip to china and it appears as perhaps there's not the progress they're looking for maybe they're looking for some off set >> most look at the commentary coming out of the white house about interest rates and the fed and you shouldn't be badgering the central back absolutely accurate. remember the chinese don't have that currency matters maybe sthey see the president ad vice president doing what he's doing and saying they're trying weaken b their currency to hurt us maybe it's a currency drive by the president. we know he would like a weaker

dollar unlike larry kudlow. >> michael, final comment to you. is there anything that would make you a seller or you're convinced that you can be buying equities here. >> i'm convinced, but i would say this if you've got profit, take profit when the market bump bumps. this is a market that's at a high lefl. very close to all time highs i don't think a change to see equities off the table at this point. >> guys, thank you very much michael and michelle here's what else is coming up on the exchange >> ahead the op-ed that's got everyone talking. facebook's cofounder says it's time to break up the company and legislate them what would that look like and mean for shareholders? plus, as uber gets set to go public on friday, we'll look at

why and how the company loses money. and one area of the retail sector to get hit particularly hard if tariffs jump we'll tell you what that is and who's most exposed cc. is the exchange onnb jim, what did you think of my idea to digitize our workflows?

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welcome back uber is set to go public tomorrow, but there's much left for investors to wrap thaer heads around including that the company still burns through billions of dollars. diedra has that story. >> uber is a classic two-sided marketplace. it connects drivers to riders through its app. for each ride, a portion goes to the driver and the rest goes to uber but since it's inception, uber's costs have far outweighed the revenue it brings in there's taxes. payment fees insurance. driver and rider incentives and other operating costs. in 2018, uber actually lost 1$18 billion. in the two years prior, it burn ed through nearly $5 billion uber is also pouring money into expansion across the globe it sold its russia, southeast asia and china businesses to cut costs in regions where they

faced intense competition and it's investing in self-driving cars, trucking, even flying taxis. ultimately, uber wants a piece of every transportation mile traveled globally. what it calls a $5.7 trillion market opportunity >> diedra is here with me now alongside atisch welcome, guys. on their losses, as i heard someone saying earlier, one of the biggest ipos in heres and the company losing the most money. >> that's it it is going to be the number one company with the most losses to go public that we have seen and renaissance capital did a really interesting comparison that lookeded at money losing companies and how they performed since then i think out of ten or 11 or 12, there was only a few that were unsince then so the amount of losses, too, is just so enormous that investors

are having a hard time getting their heads around it. so not only is it losing a up lot of money, but it's growth is slowing, too, so they're paying more for slower growth >> we know the range they're talkinging about is ornlly, 44 to 50. >> we've seen 50 and $70 for uber those guys are going to be under water right out of the gates, but i think uber is pricing itself to be different than lyft and hopefully say we are not the same company we're five times larger, in 56 more countries than lyft is in. by the way on the day of ipo, we're going this way, not this way. let's see how it goes tomorrow >> the interesting thing is, they were kind of leaving money on the table in terms of the

equity raise in order to have this better affect once it trades but they need capital. one of the things is this direction list so they don't have to raise money. i think air bnbs, slack even uber needs this capital. >> yeah, those kane companies are well capitalized it is burning through billions of dollars a year. so that doesn't last very long it's really change and we've been from what we're seeing and hear, it's not certain it's going to be a pop. >> leslie was reporting, a deal that's anything under nine times covered is a cold deal sounds like uber is nowhere close to that even with the pricing where it is right now.

>> this week in particular, you've seen all the trade talks and like add ed a little volatility to it it's the ant don't to a good ipo. we haven't seen any ipo in the last while >> a small start up. >> or zoom to point out that in the private

when you listen to talk about it, there's a lot more going on. depending on some sort of commercially viable. >> if you just take a look at the point at the $47 the three things going for us, the ride sharing market alone e if you take a look at lyft's comparables, around $70 billion. uber eats is about $10 billion that puts you in the game then you have the scale of being in 56 countries with $4.5 trillion. >> that costs a lot of money >> that's right.

>> this is the road show like a small look at what's happening around that board room guy, thank you very, very much coming up, he is one of facebook's cofounders and now he's calling oult out his former colleague b and calling for the company to be slit plit up. plus, there's one area in the t at eecllketh'sspiay vulnerable to a new round of tariffs. we'll tell you what it is. we're back in two. but not when to use it. do i use aflac when the kids get slime in the plumbing? no. that's home owner's insurance. slime in my motorcycle. no. that's motorcycle insurance. slime everywhere? ughhh nooo, there's no insurance for that. do they help when i have bills health insurance doesn't cover? yeah! that's it! aflac! gross guys. get help with expenses health insurance doesn't cover. get to know us at aflac.com tthis is where i trades.

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welcome back let's look at the biggest decliners. shares of etsy are lower that's a decline of about 11%. occidental petroleum is falling as chevron says it will walk away from the battle to buy anna darko. that clears the path and beyond meat is down about 4%, but still up about 170% since its public debut last thursday the second down day for the stock. now to sue for a cnbc news upda update. the trump administration says the u.s. has seized a north korean cargo ship that u.s. officials say was used to transport coal in violation of sanctions. it was detained by indonesia last month and is currently

approaching u.s. territorial waters nancy pelosi says the country is in a constitutional crisis saying she agrees with jerry nadler, who first made the assessment on wednesday. >> the president is almost self-impeaching because he is every day demonstrating more obstruction of justice and disrespect for congress' legitimate role to subpoena. >> and kevin durainjured his ca last night h he began limping after the third quarter and was taken out of the game. he has been ruled out for game six as he awaits the results of his mri. we wish him the best kelly, back to you >> i don't think he should come to the knicks.

thanks very much about 30 minutes to go until "power lunch." i'm joined by tyler mathisen for a special appearance at the morning star conference in chicago. good to see you. >> great to see you. welcome to chicago, everybody. where we're at the morning star annual investment conference where the individuals who run a lot of your money, i don't mean your, kelly, but everybody's, are here to hear from some of the top portfolio managers we'll also reveal in the next hour the winners of the morning star investing excellence awards a new set that morning star came up with and what a day to be here the world is heating up. it's obvious with tensions now with north korea iran and obviously the trade talks, so we'll talk to two of the winners with morning star top of the hour and get their take on trade. what to do in volatility and opportunity all that and more.

top of the hour. see you then >> thank you tyler mathisen here is still ahead on the exchange >> coming up, one stock is up 160% this year with no signs of stopping. plus, one company has seen its market cap cut in half in just one day. and will the latest round of tariffs force big retailers to pruconeso oves when it com t odti that and more ahead on the exchange

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it's time for rapid fire here are leslie picker, dominic chu and contessa brewer. i want to talk about stamps.com. we haven't seen a stock story like this in a long time it's down 50% for the second time this year this after slashing earnings forecast for 2019, they made a 35% cut from the bottom end of the previous guidance citing circumstances between its partner companies and the u.s. postal service they lost their exclusivity last

quarter. >> that's what's called being levered to one business. stamps.com was a huge deal back when the internet was really getting going and the mail order thing was really taking off, but the evolution of just the postal service and it's issues with stachs d.com, the changing landscape just didn't lend itself >> this is a multibillion dollar company. we are down to the hurricaneshu millions >> i'm curious if that brings activists table. the last time they had one was 201. a single class share structure not classified board this could be a situation where an activist comes in and says we need to diversify the business model. maybe sell it. try and recon figure some things

>> if that hasn't happened yet, i think that's the most interesting part that no one seems to be b in there first loss of 50%. much to get to today let's talk roku. shares of the company are jumping. this is the flip side story today. roku just posted a big revenue beat says optimistic about the rise of disney plus saying quote, when they win, we win in terms of economics, roku is now up 165% this year >> their earnings report came in and all the metrics these analysts were doubtful about and were looking for were far surpassed. it's interesti ining when you h the ceo say in the first quarter all of televisions cold in the united states, one in three runs with this operating system it's surpassed samsung for the first time this shows you speaking of evolving with the times, they went from having the over to top receiver that people could get and get access to these apps to having it installed in your

smart tv now that i've covered their earnings, my big question was why would you need this. you get a smart tv, you get all the apps now you know how that happens, that roku was thinking ahead and they're looking at these streaming services as a welcome addition >> they're platform agnostic you don't need a netflix, netflix has no conflict with roku these other platforms don't because they stream through these particular systems so the whole pie grows if everybody gets in there, everybody's piece of the goes along with it. >> their top performing apps are not ad sharing apps or they're not ad supported at all and they wonderf how do you jump into ge a piece of that action >> i'm just surprised because their competition is what's the google one called. the plug in. >> google play >> play or plus.

>> they've got goog t olgoogle, amazon fire stick. even the x1 type of box. >> apple tv. >> maybe same kind ofd thing. now you're seeing an youp grid people aren't getting tvs frequently they're in a significant stage of growth splb interesting to see a few years down the line. >> i use the smart tv and route u it through my x box 1. so i use my game console >> just like my brother. x box guys the reason the ipo is -- "the new york times" highlights how many of them, this is great, are fleeing high income tax states like california and headed to texas and florida to basically retire >> it's my goal. serious. i've set up my wife and i have set up a financial plan that's

in effect right now to try to get us to retirement in florida. >> by what age >> my daughter's 2 as you know right now. so i will be b working quite a bit before i pay for all of her college tuition and everything else, but if i to do it, i want to go to some place where my retirement money can go further and that's going to be like the carolinas or florida or arizona. >> it's not just the millennials. if you look at place like reno, nevada, where it's a no income state, but you have big tech companies like tesla and google and amazon moving into northern nevada, the land is still relatively to san francisco and the bay area cheap so you can have these millennials retire and still go on to have another career in a place that's much more cost effective for them to have this glam lifestyle but still be involved in some ways in what they know and love >> austin b, texas came up a

bunch in the story which isn't as cheap as it was a decade ago. >> it's a cool city. >> you're not forgoing any of the culture, the foody atmosphere that you would get in san francisco. you've got pretty good weather and it can be hot in the summer, but it's hot any way i want to dom chu like, the plan >> there will be golf involved >> up next, edge well personal care is acquiring shaving start up, harry's. this is a 1$1.4 million edgewell is a a maker of chicago. they say this will help them increase their global reach and create new ways of marketing customers. the market is expected to reach more than $78 billion. did you see the shares today >> they're tanking huge price tag it's a big price tag >> most of it is in cash, most

in stock the harry's people, people own just one tenth, but care is a xhodtized business remember, unileaver bought dollar shave consumer products is all about scaling. >> these are subscription mod s models, aren't they? >> one of the reasons why they needed to do this is because beards are still so prominent and it's one of the reasons you saw razors dropping 5% in sales year over year last year harry's has done a good job of branching out and capturing the grooming part of it more than just the shaving part of it. and so they offer these -- >> i don't use them. i'm not familiar with them >> they are a to go for for the lumber sexuals >> that's a term >> i learned it in doing the

research >> we were talking about sub self-incrimination services. how we reach subscription overload the average american now pays $237 a month for these services. some in the article that really cracked me up. like a fax service paid for years and could have bought five fax machines >> i had eye surgery about two and a half years ago and during that time, i couldn't watch tv i had to stay at home. so i downloaded an app for onloin books called audible. i got a subscription the it's $15 a month i didn't realize until a year later that i was still paying that 15, like things you do after surgery, right i was still paying the $15 and i had all these credits for books. which is awesome, but there's

only so many books >> are you still subscribing >> so now i am >> because the creditcredits >> contessa's a bookworm >> i subscribed since 2000 and i'm chomping at the bit to get my book credit >> i should give you some of credits. >> meanwhile, the learning to read app i signed up for my children >> when do they learn to read at 4? >> if they were following in my footsteps, yes >> it's just the gym, i will say this, if you're looking for a way to cap those thing, put all the recurring chashlgs on one card then you track them all the tie. that's what i did on mine. >> dom has a lot of life hacks i want to hear more about them >> guys, thank you all we're going to go and look back through our own credit cards now. one of facebook's cofounders is calling for the break up of the ia a febk ia gntndacoo

is pushing back. what should be done to curb their reach and mark zuckerberg's if anything that's next. ♪

♪♪ ♪♪ ♪♪

it's time to break up facebook that's what the company's cofounder is calling for in a sering "new york times" op-ed. he said mark zuckerberg may never have a boss, but he needs to have a check on his power the american government he says needs to do two things break up facebook's monopoly and regulate the company to make it more accountable to the american people what would that look like in practice joining me now is tony rahm, "washington post's" tech policy reporter and jimmy, a cnbc contributor and analyst at the american intersurprise institute. j jimmy, did anything new jump out or is it just who it's coming from >> i think it's the latter other that be a nr few an b eck dotes about the early days of facebook, there's not a lot new in this that you haven't seen

activists mostly on o the left talking about in recent years. the company is too big they should have never been allowed to purchase those. they don't care about privacy and need more competition. all these are well tried arguments, but the fact that it's chris hughes b has been a man bites dog eququality, but e the founder thinks this is a troubleded company so i think where sort of the vibe comes from. >> and tony, we had senator blumenthal on earlier who was echoing this saying people need more criminal and knowledge about their data and if they break up facebook, it would great jobs and competition and so forth are there arguments to be made for breaking it up in terms of antitrust? >> one thing the to say facebook

is too big and another to battle them out in a curt of law where facebook would fight tooth and nail to stop this from happening. i think ta case might be tough at least in the eyes of trust e perts. there are two parts. the first is this case that facebook needs to be more than just one company the second is this call for a leg ration targeting privacy >> jimmy, what would be some methods to address these harms and who should be the one addressing them? in other words, are consumering asking for this or do they enjoy using the service? are investors rebelling against mark zuckerberg's control or not because the shares are close to an all time mi if we look to the people who should be most affected by the ills that are being described, they don't seem that up in arms about it >> no. people still like facebook

there was a recent study saying you have to pay the average facebook user a thousand bucks to give it up for a year so that's sort the problem with the antitrust case ch there's still performance consumer benefit and it would make any kind of antitrust case against facebook very, very difficult and you have to ask the second question what harm are you trying to fix? because if it's a content harm, you better control it. moderating content at scale is a problem for facebook instagram and what's app, also for twitter. all social media not a facebook only issue! sure and it would be true even if those were individual platforms. tony, is this come frg a company like snap chat, i think it would be more powerful a smaller competitor or twitter who says we could be in the marketplace because facebook is anticompetitive. and we're not hearing that

>> yeah, it might be more powerful for them. but it's not just chris hughes who's making the case for an antitrust case against b facebook it's democrats and republicans who serve in congress. is this company too big? should we do something to reign in facebook and we've starteded to see this congress about privacy and holding facebook accountable for the harmful contest posted online. it might be be to hear this from corporate come pet the tors, but it's pretty widespread >> thanks. good to see you. as the average age of marriage climbs, more millennial women are freezing their egg, but the cost might surprise you. companies are working to change that we're going to look at how the business of egg freezing is evolving, next stocks making a huge midday

reversal dow is down 450 at session lows. down 142 that's a a half percent decline. we'll be right back.

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as millennials get married later and wait longer to have kids, egg-freezing companies are creating specific spaces to target young women seema mody has a look at how the business models are changing and the money at stake >> they're understanding how to market and talk to millennials, and treating something that maybe was once faux pas or not the forefront, not with levity but a little bit of zhuszh. >> reporter: more than 10,000 women froze their eggs in 2017 and projected to grow annually over the next two years. >> it's billions of dollars. the egg-freezing market is larger. >> reporter: on average, women spent $15,000 to $20,000 for a cycle and opt for two cycles kind bodies' investment, one year costs $6,000 and up to $5,000 for medication and blood work and $600 a year for

additional storage it also offers zero percent loans and monthly repayment plans. cost is a huge issue for clients and only 30 of the fortune 500 companies cover egg-freezing, according to fertility iq. private equity backed is targeting millennials with a boutique clinic with video streaming services, juice bar and easy financing options opportunity here, pouring $102 million into fertility start-ups this year, fast outpacing funding in 2018 and the upstarts have a limited track record for success. >> it's easy to freeze eggs but it's harder to make embryos and get someone pregnant >> seema mody joining me now that's no food truck behind you.

>> reporter: the goal here to provide blood tests for women interested in egg freezing and if they are a good candidate for this treatment and the process. >> $30,000 to $40,000 for two cycles and you're talking about thousands of dollars a year on storage. if companies cover it, will that drive the cost up further? >> reporter: well, from what we understand from fertility iq, 30 of the fortune 500 companies currently cover egg-freezing interestingly enough, the number of big tech companies like facebook, uber, alphabet among others do cover a couple of cycles of egg-freezing but clearly, there needs to be more employers that look to this process and we spoke to a lot of women here who say this will likely be a big decision factor in finding new opportunities and they would likely pick a job or a company that covers egg-freezing over one that doesn't. >> that kind of cost, i can certainly understand seema, thanks very much. seema mody restoration hardwares

reversing course after falling 2% in the session after president trump sounded a little more optimistic about striking a trade deal with china. we're going to look at why the home fniinurshgs industry stands to get hit hard by a trade war next feel that? that's the beat of global markets, the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow. your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity.

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as we wait to see if the trade war will escalate at midnight tonight, one section of the retail market is especially nervous. it's home furnishings which sourced the majority of their materials from china they could be hit first and hardest by tariff hikes. joining me now is anthony at luke capital markets anthony, welcome. >> thanks for having me. >> you covered companies like bed, bath and beyond, williams sonoma let's take williams snonoma as a example. dealing with a 10% tariff. how successfully and what would a 25% tariff mean to them? >> so they have been dealing with the 10% tariff. it really hasn't moved the needle that much for them in terms of their financial results. i think because they knew it was coming, they were able to accelerate some of their purchases. a 25% tariff would be a bigger deal for them. now, i will say that they have done a pretty good job of moving, sourcing to other

countries, renegotiating with their suppliers, and so they have fully mitigated the impact of the 25% tariff is in their guidance for 2019. >> those shares still down 17% since september 2018 when the 10% tariffs went into place. is that just a coincidence or tell us that it's not so much a trading activity today where we would see the impact, it's over the long-term, especially if you're concerned, as i think you are, about their profit margins? >> that is very true there's no question that higher tariffs are a bad thing for the williams sonomas of the girl it wei of the world online only players like wayfair, and in some ways, an unlevel playing field because they're not looking for profits from a williams sonoma or an rh >> how might amazon be affected?

i know it's a tricky one. >> i think in the case of amazon, it's relative price. if your competitors are raising them as well and i think that to some extent, just as long as everyone's raising prices, it wouldn't necessarily disproportionately impact amazon. >> bed, bath and beyond, i'm surprised shares were higher earlier today. they've had their own challenges anyone in your coverage universe especially vulnerable to these tariffs because of that relative weakness they might have >> i think a lot has to do with how much you're sourcing from china. rh, 20% comes from china and then 15% i think one thing worth noting is a lot of these companies have been shifting or sourcing out of china and actually started before these tariff concerns chinese labor continued to increase and so they're not as

reliant on china as they were a few years ago. >> all right, see what happens at midnight, anthony thanks very much for joining me. >> thanks for having me. >> anthony from loop capital that does it for "the exchange." thank you for joining me today i'll join melissa and tyler from "power lunch" which begins right now. >> thank you, kelly. see you in just a moment i'm melissa lee with tyler mathisen who's in chicago today. new at 2:00, president trump says he has an excellent alternative to a china deal. both sides set to meet in just a few hours from now will we get a deal it may not be the bobbi kristina time to go public but uber looks to be going ahead anyway ipo priced after the bell today. what is that stake amid this market volatility? facebook firing back after cofounder calls for breaking up the social media giant we'll debate that. "power lunch" starts right now