we'll see if there are any signs of slowing in it most people don't expect that. in fact, quite the contrary, they think the unemployment rate may go down another tenth of a percent. >> we'll see especially if that richmond -- zbrt restaurant. they won't give you silverware >> by the way, kansas city southern still down almost 2% today. >> thank you so much for watching "power lunch. >> "closing bell" right now. good afternoon to you. welcome to "the closing bell." i'm here at post 8p of the new york stock exchange. that is chevron's post up 2.4%. top of the dow, no less, as oil prices begin to stabilize. we have 59 minutes left o'trade, and we've got everything you need to know as an investor coming up. >> i'm sara eisen. welcome. vettes let's have a look at what's driving the action in today's market reports of the white house potentially delaying those tariffs on mexico that were set to kick in on monday defensive stocks, though, leading the market and investors are awaiting tomorrow's jobs report pl joining us for the hour to break down the market action cnbc

contributor stephanie link from tiaa and nuveen company. first place you're look today is oil. wilford at the chevron post leading us higher. is that done, that wipeout we saw in the sector? >> it was a total wipeout. it was straight line down for like days and days and days. and i think a lot of it is concerns about global growth and obviously the supply numbers and the inventory numbers this week were not good but it does look like we're seeing stabilization and if we see a stabilization in the commodity complex maybe people will start to feel better about global stories, commodity stories. we'll have to see. because right now they're leaning toward the quality in energy, the big ones but we'll have to see. >> when oil prices fall then they rise when oil prices rise >> that's been the whole problem. at one point we had oil prices up 50% from the december lows and the stocks didn't keep up. why it's encouraging today is actually oil's up a little bit but the stocks are up a lot more again, i think people are gravitating toward quality to start. let's see how it all transpires. but i'll take a 4% dividend

yield on chevron and a 4 1/2 on exxon any day. >> lots to talk about today. let's get straight to the reporters with all the stories that we're watching. kayla tausche's in washington with the latest on trade deirdre bosa's watching uber as the stock hovers near its ipo price. julia boorstin covering details on at&t. jane wells has the top three things to watch from beyond meat's first report due after the close today. but kayla, let's start with you. >> wilf, obviously the market is moving on headlines those tariffs might be delayed beyond the proposed monday implementation date. there were just ten days between when the president made a surprise announcement of those tariffs and the date that they were supposed to be effective. and i'm told by sources familiar with this process that in order to put these tariffs in place you need two things. you need a computer program change, customs and border protection, and you also need a legal declaration explaining this policy to be entered into the federal register usually that takes more than ten days' time and we're still awaiting whether in fact that is possible to take place by the monday implementation date or whether

there will be progress made in today's negotiations that will be seen as sufficient by the white house to otherwise delay the implementation of this there are meetings going on in washington day two between the white house and moscow we are awaiting some sort of readout from this meeting today and we'll let you know when we have that. back to you. >> all right, kayla, thank you it's been nearly one month since uber's ipo and after a rough start the stock now trading right around that ipo price. our deirdre bosa's in san francisco with more. >> shares finally cracking that $45 ipo price ceiling after a very rough start as a public company. now, though, uber shares slightly below that level and just about to end its four-day win streak, suggesting that it still has some ways to go to convince investors that it is on the path to at least eventual profitabili profitability. now, the comeback has been helped by a slew of positive analyst reports. on tuesday 25 analysts started coverage of the company. none of them rated uber a sell now, smaller ridesharing rival lyft meanwhile still trading far

below its $72 ipo price. guys >> dee, thank you very much for that now a new entrant could be joining the streaming content battle and it may come with a premium price tag. julia boorstin has the details for us in l.a. julia. >> well, wilf, we expect warner media which is owned by at&t to unveil the details of its new streaming service sometime this fall sources tell us the subscription video app will launch in beta before the end of the year with a full launch next year. the "wall street journal" reporting warner media will package hbo with sin max as well as warner brothers' library of tv shows and movies for $16 to $17 a month saying at&t's also working on an ad-supported version of this service as well as a third option that includes live sports for later next year. now, warner media didn't comment on this report but my sources tell me the details are still in flux back over to you >> julia, thank you very much. now, it's been a volatile week for markets. stocks rallying in the past three days on hopes the fed may be leaning toward cutting interest rates

chief operating officer john waldron appeared on cnbc asia last night and discussed whether the market is right to be pricing in rate cults alreats ay >> the market is pricing in a fairly substantial set of moves by the fed i worry a little bit the market is too optimistic about how much and how soon the fed will move kind of relying on sentiment being the key driver versus data that will be the swing factor in terms of how the markets react to what the fed does >> joining us to discuss, zevon whiting, global chief investment strategist at citi private bank. do you agree with that sentiment? has the market gotten too far ahead of itself? >> look what the federal reserve is aching into account whether there is trade uncertainty. whether there are trade deals. if you fall away from those things, the outlook for how the federal reserve handles this changes. the whole interest rate complex would move on all of this. we would see rates back up now, the federal reserve does not want into advertently

tighten monetary policy by forcing up interest rates but it says it again, that it's going to be lagging and it's going to be responding to trade developments so that's why this whole market situation has become less predictable across asset classes. >> there's also this impression about whether the market even wants a rate cut i mean, is that a good thing it was good a few years ago but at this point in the cycle do you think it will really carry the same kind of juice in the markets and the economy? >> the things that drive the fed to ease monetary policy tend to be things that are negative for the outlook for profits, for the economy. so particularly in the last couple cycles think about all the easing the federal reserve did in 2007 in the early part of 2008 now, again, that can get very, very scary it really depends on the fed's reaction function. if the federal reserve simply wants toa invoiced inadvertent tightening, wants to take out insurance monetary policy easing steps at a time when the economy remains strong i don't think that that's going to instantly cause some kind of trouble

but the bottom line is late cycle tightening and early cycle easing steps are not the good news where the economy ends up heading after the fed eases tends to be where you get returns. >> do you think it really does help the economy if we do get a rate cut >> not necessarily i think that trade and tariffs are far more important obviously you don't want a tight fed and you want them to be as accommodative as possible. and we know that they're trying to get there but if they have to ease three times, guys, this economy is far, far slower and far softer than we all believe it to be or that i believe it to be. so i'm kind of hoping they don't have to do it. maybe once, but i don't think three times. >> i mean, three times with an unemployment rate under 4% makes you also wonder whether they're going to have policy ammunition when we actually do get a recession or some sort of steeper downturn >> so here's the problem manufacturing is definitely slowing. we see it in all of the pmis, isms, factory orders, et cetera.

but the consumer is still pretty-g pretty healthy. and by the way, guys, that's why tomorrow's jobs number is really important. not only was adp disappointing but challenger gray was also disappointing today. so we need a good number we need jobs we need wages to help offset the slowdown in manufacturing. we don't get that, then has when you're talking about more aegz than just once or twice. >> steven, where do you stand on financials in this environment economy could pick up but rates could be lower >> this move down, this flattening of the yield curve is negative for trading financials. now, again, how easily this could change might change that whole picture if the economy is not at a peak. but again, when you think about what is going to happen with fed easing and what is priced into markets, we are either going to have a little fed easing, a lot of fed easing or we're going to have none. and that's going to end up being the outcome of trade policy. when you think about how the fed could fix things in the fourth quarter, they were the source of the problem running tremendous monetary policy uncertainty,

knocking markets down. they are not the source of this uncertainty this time around >> stephanie, have you added to any of your bank hold hags we talked about before? >> i added to citi i trimmed a little bit of b.a.c. because of the yield curve and the implications i don't think numbers have come down enough for some of the regionals, superregionals and also the names like bank of america. i think they've come down for capital markets weakness but not for the yield curve. so i think numbers are at risk on the offset of that and the reason i have citi is because they're less impacted but also in general the ccar number should be more favorable for citi than anybody else >> final word, steen, you're adding to defensive exposure >> so look, i think this -- in a news-driven environment hedging is ideal let's remember back, october of 2008 we had an 11.5% one day rally in markets the market didn't bottom until six months later but as we saw this week, when there's apprehension you can have a terrible impact if you're not invested that's the ideal situation away from that, for those who

can't, we're going o'just take somewhat less risk in portfolios, try to get more safe yield in portfolios. >> steven, thank you very much for joining us steven wieting of citi the only point i'd add going back to the john waldron clip, look at the reaction to the ecb today as well. we did get in absolute terms a very dovish tone but the euro's up >> they're going to have -- >> but the euro has reacted up half a percent as if to say in a relative sense they wanted even more of a dovish tilt and markets -- >> or we're sick of low rates and negative interest rates forever, which is kind of this neverending spiral >> there's a lot of factors there, but i think the reaction to what -- >> it wasn't a celebration >> it was not a celebration. >> shares of beyond meat have had a celebration. up 300% since their may 2nd debut. now the company's gearing up for its first quarterly reports coming after the bell. jane wells has the top three things investors will be watching in this release jane, let's start with number 3. >> we're so excited about this plant-based unicorn.

we're hoping to hear more about partnerships, how the current one's working, how much are they improving same-store sales, for fast food pars like carl's jr. or taco bell are there new partnerships on the way and with the partners they have in grocery stores are they making progress in putting these products in the meat department not the vegan department and finally, what's the potential? technomic reports half of all u.s. consumers eat vegetarian or vegan dishes at least once a month. guys >> jane, last time you joined us to talk beyond meat you were actually grilling the burgers. i take it these are photographs behind you you took after you'd finished grilling. >> well, that would assume that i know how to grill a burger in a pretty way no i did -- >> and take a good photo >> yeah. two strikes already. >> jane, thank you we look forward to top things to watch, numbers 2 and 1 still to come after the break tesla getting a big boost today amid reports the company could be on track to hit a new sales record for the quarter. we'll speak with a reporter who broke that story, next plus, education technology

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welcome back we have just over 45 minutes left of trade. up 0.6%. 153 points on the dow. the high of the session was 162. let's send it over to mike santoli for today's market dashboard. mike >> here's what we have coming up first we'll check out the performance of the new kids on the street, get to that in a second, some young stocks. celebrating the gloom after that, a check on sentiment right now as it stands among individual investors trip to the winner's circle after that take a look at some of the all-time highs being set on what had been a pretty quiet day in the market and tortoise overtaking the hare tortoise takes the lead on a longer-term basis in the markets. new kids on the street is a look at the ipo recent ipo performance this is an etf the renaissance etf has a portfolio of recent ipos in the last year and a half year to date basis performing very well. uber is now a part of this one it's almost 5% of the portfolio. lyft is in there as well so we're talking about beyond meat earnings and zoom video all that stuff candidate to enter this one. it looks like a risk on story,

right? over the year-to-date basis six months as well but take a look on a one-year. it's pretty much close to the market broad market i'm using here. the russell 3000 index because it's both large and small stocks obviously renaissance ipo index had a much deeper low in december, as more speculative stocks right now it's neck and neck it's a decent risk appetite gauge. it's gold holding up okay. but we will continue to watch as we get not just those reports from recent ipos but also all the upgrades all the initiations from slack on the way. >> good indicator there if you are buying into those ipos i guess. mike, thank you. stephanie, you have not -- you don't buy into the pipeos, right? but when do they look interesting to you that's some strong outperformance >> yeah. it's great for sentiment, good for confidence, and it's particularly encouraging because guess what else is working defensive stocks, right? and very low vol stocks. it's kind of an interesting situation that you have these ipos doing as well as they have

been >> when should we judge an ipo is it now a success? >> no, it's too early. it's way too early >> so it wasn't a failure then earlier when we were getting quite concerned how much it fell in the first few days? >> uber and lyft, that was really one section and one area within the ipos that was having a struggle i think they came out at a really tough time in general in the marketplace. a lot of questions valuations no profitability so i always like to look at least six months to a year to see how companies can do as a public company and try to be consistent quarter in and quarter out in delivering and messaging. and that's when you get all the funny money out of these stocks kind of thing and you get real investors in, longer-term investors in i'll wait for another -- >> the impact of lock-ups or anything like that >> i think it just takes some time >> back on track at least? >> good sign >> shares of tesla also higher today following a new report from electric that the company is reaching record sales in north north america for the quarter. joining us by phone is the

reporter who broke this story. frederick lambert, editor in chief of electric. tell us about this exclusive leaked information you got from tesla. >> yeah, thanks for having me. the leak comes simply from calls from the executives last niebt, late afternoon where the deliveries right now for all three models tesla is -- and what's their goal for the month of june, which happens to be the end of the quarter, where tesla's always doing a big delivery push, to of course earnings at this time they're going for 33,000 vehicles by the end of the month, and with an option to go like 3,000 more, again, just in north america, which would put them at a record level of sales and deliveries and sales already the highest

with over 60,000 net orders in just the first two months and a few days >> frederic, i guess if they continue to grow, they should hit a record number of deliveries in an absolute term every quarter from now on out. so how are these numbers relative to expectations >> well, the expectation right now if you listen to the pundits, they're quite vocal there was a -- for especially the model 3. it's probably -- as we've seen ourselves -- but there's anticipation of a new -- coming out. and there was a part of that refresh last month but going forward the model 3 was the biggest concern. we're seeing in north america there's no issue whatsoever.

with 3,000 net orders in the quarter, there's no other automakers, not even a tenth of ha phase really in north america. >> fred lambert, thank you for phoning in on your story stephanie, does this put to rest the concerns about demand? >> no. i mean, i think it's -- every other month the story changes with this. i just want consistency. that's really at the end of the day. and if they can deliver that for another couple of quarters i'll feel better. but even then the valuation is crazy. you have management issues not for me >> a lot less consistent >> definitely not. >> we'll see how it comes through when we get the actual numbers in the quarter for tesla. still to come wells fargo could be closer to naming its new ceo according to a news report and the choice may not be the one wall street was looking for. we'll tell you why >> up next, merger no more analysts are weighing in on fiat's decision to scrap its deal plans with renault. how one firm is reacting up next.

you've actually only got three losers, unh, nike and travelers. this continues, the winning streak we've seen in the markets. dow having its best week of the year, up more than 3% for the week this is the third day in a row we've seen gains like this >> all the sectors are now positive we did have three sectors negative at the start of the hour real estate and industrials. >> 36 minutes to go. time for word on the street. evercore isi downgrading fiat and renault to in line firm saying it's disappointed to

see fiat walk away from the proposed merger. evercore had previously upgrade both stocks to outperform one week ago on may 28th on the deal >> goldman sachs reasession airlines, upgrading united to buy, spirit to neutral citing a better risk reward profile for united plus the firm saying spirit airlines revenue growth becoming increasingly volatile. and morgan stanley upgrading amd to equal weight while the firm still sees earnings and valuation concerns morgan stanley says it struggles with catalysts to keep it at underweight. i want to go back to the fiat chrysler one >> super confusing >> always felt there were big hurdles to this. the french government demands proving the insurmountable hurdle just similarly we talked about this before, deutsche bank and commerce bank, when they were trying to merge the german government proved the insurmountable hurdle. you think if they can't get past these cost cutting moves that's when y. you see mario draghi talking about even more aegz in the euro zone, even with record

low interest rates, because they're not making structural choices that need to be made in these big national champions in auto and banks -- >> add the japanese government and nissan into the complicated soup of this deal, stephanie >> i think in europe in general we always seem to think it's cheap, the market itself, because it is trading at a discount to the u.s. it's cheap for a reason. the margins are structurally lower. and while that i say they're so much lower than the u.s., they have much more upside than the u.s., well, they can't exactly to your point. because they can't do all these cost-cutting initiatives they want to do or they should be doing. it's really very challenging there's a reason why europe is always trading at a discount >> at the same time with tariff pressures ratcheting up in china and mexico a huge deal for the sector >> that's right. >> we have 33 minutes left of trade. near session highs the dow hitting 190 points higher moments ago 195 now. up 0.76% the russell, the small caps, still lag. down 0.2%. >> coming up ceo of online

textbook company chegg joining us to discuss a brand new initiative he's putting in place to help his employees pay off student debt >> and we're counting you down to beyond meat's first earnings report with the top three things investors need to watch in that release. number 2 is up next and as we head to break here's what people in new york and l.a. are saying about the fake meat craze. >> i don't really crave the taste of regular meat. and when this came around i just love the way it tastes >> actually i tried a burger that was at one of the burger places up here and i was really impressed. >> i think they're good but in my mind it's hard to conceptualize that it's not meat >> it's actually pretty good i still prefer a burger. >> from what i hear, it doesn't exactly taste like an actual hamburger. i keep getting mixed reviews so i almost want to y trit out of curiosity just to kind of see what the buzz is about

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dow up almost 200 points, 3/4 of 1%. all seshlths are higher in the s&p 500. we've been building gains throughout the day, wilfred. key moment was when there was word that the trump administration may delay those mexican tariffs that were set to kick in on monday if no deal is reached with the mexicans. we know they're talking now,

either way delay positive for the market. oil's popping 2% that's helpful especially to those beaten down energy stocks. >> the dow's up 3.7% for the week as a whole. the russell only up 2% or so oil prices higher today but still negative for the week. >> best week for stocks. it's turning into of the year. >> we got those headlines from bloomberg. u.s. weighing a delay in mexican tariffs as time for a deal runs short. don't have more information than that we got a lot of mixed signals on mexico but look at some of the stocks that moved immediately. obviously look at auto stocks, general motors is your obvious one here that stock rallied as well not tied to mexican tariffs, apple, all the tech stocks, just goes o'show you how quickly things will move even if hard to

clearly place a relationship am jumped on that. intel. all the tech names moved to the highs of the day oil stocks have had a good week. chevron's had a very good week chevron started out the week 114 or so. you can see it's also moved up in the middle of the day, sitting near the highs it's had a great week overall. the other names moved up as well the s&p 500 folks, we have moved 80 points since tuesday. that's quite a move. almost 700 points in the dow back to you. >> all right, bob, thank you time to get a cnbc news update with skew herera >> hello, sara hello, everyone. here's what's happening at this hour vice president pence paying a visit to the national d-day memorial in bedford, virginia where he addressed a crowd of world war ii veterans. >> on this 75th anniversary of d-day on behalf of a grateful nation to those brave veterans

gathered here who fought so long ago and to all those looking on from glory we say one more time, thank you for your service a judge has reduced bail for a florida ex-deputy charged with 11 criminal counts for failing to confront the gunman in the parkland school massacre judge elizabeth scherer set bond at $11,500 for scott peterson down from the initial amount of $102,000 and peterson then posted bond. firefighters using a cherry picker to rescue passengers after a commuter train derailed in chicago three cars of a southbound train got off the tracks some of the passengers were put on stretchers and then taken for medical treatment. we hope they are okay. that is the news update this hour, guys i will send it back downtown to you. >> we do indeed, sue thank you very much. we'll see you next hour. meantime let's send it to mike santoli for miz second market

dashboard. mike >> we are celebrating the gloom. that's what the market is effectively doing today and this week what i mean by that is if you look at the sentiment backdrop it was actually very depressed coming into this week. that may decline in the markets and all the trade headlines and everything has really weighed on investors' mood. what are we looking at here? blue line just the s&p 500 since the year 2000. pretty long-term chart this up and down, fever chart here is the amount of bulls minus bears in the weekly american institute of individual investors chart. retail investors every week, every thursday we get these numbers right here you see a lot more bears than bulls. that's what it means to be down on this negative side. that was december. obviously near a major market low. you can point to these other moments when it happened near a pretty good trading low. i'll tell you a time when it didn't work very well, right here during the huge bear market and financial crisis in '08 and '09. that was basically justified, all that negative sentiment. but otherwise, it tends to be a pretty decent signal that you're

in the vicinity of a low and of course we're up off the lows maybe this rally is a manifestation. maybe it carries higher. but this shows you that i think the psychology is ripe for upside surprise. that maybe is what we're seeing in the markets over the past three days, guys >> gotten so bad it could be good we're gearing up for earnings from beyond meat after the bell. let's get back to jane wells for the number 2 thing to watch in this report. jane >> yes, we switched from burgers to sausage even in the company shows people are going into fast food chains and ordering these meatless burgers, is it a one-off are they measuring repeat customers? the products currently carry a premium to real meat at carl's jr. i paid $3 more for a beyond meat burger than a regular meat burger. this is something, a real challenge for the company, and beyond meat ceo ethan brown told me last week he vows to have at least one product cheaper than a comparable meat product in five years. guys, it's a matter of ramping up his supply chain. >> okay, jane. thank you very much. we look forward to number one

thing to watch still to come. meantime, we have 25 minutes left of trade and we're right at session highs. the dow now 231. it's taken another leg up. 0.9% higher for the dow. the big caps lead the charge the russell still just in the red. but definitely gang momentum >> it's been a theme all week into the close it's very different from -- >> having a positive effect for once not typical. shares of wells fargo have fallen 5% since late march when interim ceo alan parker took the helm and now the board is repoedrtly considering keeping him on full-time we'll have those details next. what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those.

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reports that the administration will delay the mexican tariffs from going into effect on monday oil saying a late session rally energy now the best performing group on the s&p and we are awaiting tomorrow's jobs report. the estimates are still looking pretty strong especially for that unemployment rate even with mixed signs like adp going in. >> let's talk about wells fargo. reuters reporting last night

that the company was considering apointing interim ceo allen parker the bank's former general counsel as full-time ceo if this took place it would certainly be a surprise for the market one of the reasons that wells fargo opted to appoint an interim ceo rather than go directly from tim stone to the next one what's to ensure they open up the process to a broad range of candidates i've spoken to a few analysts today and the feeling is that if allen parker were the number one choice to begin with they would have appointed him immediately and confirming him with this delay would be less of a vote of confidence and perhaps suggest other candidates were not forthcoming. last week in fact jamie dimon criticized wells fargo's selection process. >> i think tim stone was doing a good job i think it's not responsible for a company, just my own view, to have a ceo leave with no plan in place. i don't personally understand ha and i'd be surprised if regulators wanted that to happen because it's irresponsible

how can a regulator be pushing something irresponsible? i don't know if it was a board-level decision i don't know if they felt pressure frafrom whatever. but it's not the way to run the railroad >> at that time when dimon said, that guys, last week i was thinking that's a little unfair because the whole point was they're opening it up to try to encourage applicants of course if they confirmed allen parker maybe the criticism is more fair do analysts expect prices to drop no but maybe not get a big jump if they appointed a transformational new ceo >> i just want to get a ceo in there and get the story back on track. he this is a very big cost-cutting story as you know it's an efficiency ratio improvement story. we have no idea how this interim ceo really is doing. he's only been on a call once. not very transparent so just want someone in there to figure out the strategy and to execute on that strategy the stock does nothing until we get ha kithat kind of informatin >> is isn't there a reputation problem? don't they need someone in there -- there was talk they

needed a female ceo to try to improve the culture and the morale and the reputation. >> i think the key everyone's saying he's an outsider. he only came on board six months ago. he also as general counsel is seen as key to getting the fed asset cap lifted he ticks those two boxes but is that the right choice long term and could that have been still down as an interim because he's got a legal background >> i just want to hit another banking story before we run out of time. cnbc.com out with an exclusive story about some comments from goldman sachs ceo david solomon at a company event this week solomon talking about its personal banking and loans business k5u8d marcus saying "if we were out in silicon valley and made 20% of the progress we've made we would have gotten a lot more credit and people would be throwing money at us to own a piece of this business but nestled inside little old goldman sachs we're just going to have to prove it over time. you can read more about the story, it's a good one, cnbc.com >> i though. kudos to -- kudos to hugh

summons. i he'll don't disagree with what david solomon's saying i'm just surprised he said it and is surprised by the outcome. if they were a startup we low the last decade they would have got a huge valuation he's sort of right about that. but they're not a startup. this is a tiny portion of their total revenue. sovg the share price still reacts more to the rest than this small part. and in fact you could even argue whilst they're rolling it out and it's taking up a lot of investment and it's fractionally lowering their margins i don't disagree with him. if they were a start upit would have got a big valuation but they're not. so i don't see why he's surprised. >> he's great. >> fantastic >> this turnaround story's going to take long time. to your point 1% of total revenues if that and now they're taking on consumer credit potentially. you pick a time in terms of where we are in the cycle but i don't think we're early in the cycle has for sure and so there's that and then of course look, this restructuring is just going to take a lot of time they actually postponed their

guidance they postponed their analyst day. there's a lot of reasons why this stock has underperformed and it's not because people have underappreciated -- >> we don't know -- the only thing i'd just say and this doesn't directly relate to what david solomon was saying but if they were a startup i don't think marcus would have done so well one of the key aspects it has is that it is a new online lending platform that gives some scope to offer a little bit higher percentage deposit rates because they've got low costs but they've got the back asking brand name of being goldman sachs that's being fully regulate sod people trust it so they're attracting a lot of deposits which are big one-time deposits people depositing $100,000 there, $500,000 there, which is boosting the deposits because people trust it more than they trust newlender.com or newsavingsgavrng again a dichotomy there about but you can't get both sides of that >> financials had a good week. up more than 4%. >> and stephanie topped up citigroup which is up 4% well played stephanie.

we have 15 minutes left before the close. here's where we stand. we're up 210 points on the dow that buying into the close has continued. 0.8% on the dow. up next we'll have your last chance trade >> and later shares of chegg are up nearly 700% over the past three years. i had i the s i think the s&p's up about 35% over the same period the company'ces o's new plan to help his employees fight student loan crisis. we'll be right back. smart fridgeshould ber is unnecessarily complicated. but you're not mad, because you have e*trade which isn't complicated. their tools make trading quicker and simpler. so you can take on the markets with confidence. don't get mad. get e*trade and start trading today. the ♪exus es...

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last chance trade. stephanie, are you watching something for sara today >> yes, just for sara. under armour a thing or two about this one. i have owned this for over a year, but i do think that the momentum in the turnaround is starting to show in the results in a good way. and i think there's more to go north america is starting to see a recovery new brands, d aechlt c momentum, less off price exposure. on the margin side they're still very depressed both gross margeins and operating margins very depressed. operating margins are low single digits compared to 15% at nike i'm not saying they're going back to nike's levels but i think they can get o'mid single, upper single digit and that gives them earnings

price of a dollar. and this whole new management team has done -- >> they're focused on earnings power they're focused on operating, focused on operating margins. i just wonder if the market has already sniffed it out even if it's in the early stages this is a stock that's up 46%. so far this year at a time of a lot of retail pain >> 20% short interest. so still a lot of people that don't believe. and i do think that people don't appreciate the supply chain efficiencies and what that really will do to the margin story. if you could get a little bit of top line ane a little bit better on the margin side, you've grota lot of operating leverage. still a lot of doubters. about 50% on the sell side 50% -- >> but you haven't seen the top line growth. and i'm thinking you're going to get it >> let's see if steph wins the finals we're just about -- not steph link she's already won. we're just about a few minutes away from beyond meat earnings jane wells has the number one hing to watch in beyond meat's release. jane, drum roll. >> i know. i can't tell you how excited i

am with the anticipation well, of course the number one thing is when is this company going to be profitable wall street estimates the company will continue to lose money at least through next year but those losses are supposed to narrow as sales rise but what is the path to profitability and how quickly for a company expected to sell around $205 million worth of product this year but has a $6 million market cap "barron's" says beyond meat has to perform like google did for ten years after its ipo to merit that valuation that was then. this is now. we will get -- we don't know when it will be the first time they reported earnings. so we don't know exactly when it's going to be but we do know they will have a conference call at the bottom of the hour. >> jane, great stuff that was just the preview. i can't wait for the delivery of the actual numbers when they come jane wells for us there. we've got some more trade details coming out kayla tausche's got that for us. hey, kayla >> hey, wilfred. with the markets hanging on every piece of news around this u.s.-mexico negotiation we want

to play some remarks that the mexican ambassador to the u.s. just made to some reporters including our cnbc intern gracie kref as she was leaving the white house you just a few minutes ago. take a listen. it was a very good discussion, a very good debate, and we explained to them all the enforcement measures that mexico is taking to address the challenge of migration >> she says the two sides are discussing all of the legal aspects of this potential cooperation. we'll bring you a little more detail as soon as we have it that's the latest for now. >> all right, kayla, thank you the dow's up 222 points. we're covering all of the angles here of the market in our closing countdown next >> and after the bell we'll break down beyond meat's earnings report with tillman fertitta t rheestaurant owner. will join us at post 9 to discuss if fake meat is just a fad.

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market all year long. now we've had a pretty strong week, best of the year do you trust the rally >> nice to see you guys. thanks for having me you know, no, i don't. i think this rally is somewhat reminiscent of some of the bounces we saw in 2018 in particular there was a bounce in october which really ended up being something of a rotation rally which is i think to some extent what we're seeing in this one as well. if you look today we're really seeing a rotation into defensives we're seeing underperformance in many of the cyclicals, the transports consumer discretionary, the banks are underperforming relative to the defensive names, especially consumer staples. i don't really trust this rally. i in fact expect rallies like this to occur even within the context of a more bearish view >> peter, is that why the russell's underperforming, and is it a buying opportunity for the russell? >> i don't had i it's a buying opportunity for the russell. i had i it's a little best a tell that the russell's weak

the russell's impacted to some extent, which is what i mentioned. it has about an 18% exposure to regional financials. but again, i think that's telling. if the economy's going to do well, and frankly if the markets more broadly are going to do well, regional financials also need to do well, which of course is difficult when the three-month to ten-year curve is 25 basis points inverted which is to me quite a bad sign. >> if you look at peter what's gotten the market excited this week, maybe it's just an oversell bounce but there's also some drivers federal reserve, key members including jay powell have started talking more about flexibility around flins trance the tariff impacts suggesting it could cut rates. you have a potential delay here on the mexican tariffs you have maybe some signs that xi and trump are going to talk at g20 if all that goes right, do you change your vie? >> there are some attributions that could be made here. i could go through a scenario where in fact the fed puts a 25

basis point cut in president trump's pocket into the g20 meeting. i don't think that's going to happen that would seem fairly transparent to me as an interdependent fed and executive branch which is i don't think the message the fed wants to send to the markets. so i don't think that's going to happen i think as i've been writing and talking a little bit about on this show the fed's going to remain reactive. unemployment is quite low at 3.6% pmis are still generally in expansionary territory and i don't think the fed's going to act pre-emptively here just yet despite the fact that clearly central banks are talking about armowniously risks to the down side i think it's a bit early and i think the market might be expecting too much out of this june 20th meeting. or 19th meeting. >> thanks for joining us we'll see you soon let's send it to mike santoli for his third market dashboard >> we're calling it's winner's circle i'm going to get to the all-time highs, picks up where peter left

up about all-time leadership look at breadth. in the middle of the day even with the indexes a bit higher was negative but it's turned somewhat positive actually, decidedly positive that doesn't always happen when you get an intraday rally. so clearly some buy programs swemt across the new york stock exchange breadth on the nasdaq not as strong but there are about 200 new 52-week highs on the nyse. that's a relatively strong number watch for that to see if it picks up or stays at these levels to maybe confirm that the rally is not just a bounce i would like to look at some of the all-time highs today, and it really does look like kind of an all weather, almost recession type portfolio right? coca-cola, dollar general, mcdonald's msci's part of this financial exchange, very steady business visa they're basically not relying on the overall economy obviously they didn't go down as much in the pullback but this still is the character of this market we'll have to see what the jobs number and maybe if the fed does something if that changes and the cyclicals get morar of a bid. let's get to bertha. >> add pepsi and starbucks to that group as well

and the best performer among chips, the best performer in the nasdaq 100, morgan stanley kind of throwing in the towel saying this stock just keeps going up they set a price target a new one with the upgrade of around $28. well above that. that is hoping to move chips chips having a great week along with apple that's moving us higher. as a lot of folks worried less this week about the china trade and a bit more about regulatory trading. you see that with facebook despite today's increase till being down on the week finally i also wanted to take a look at the cloud players that competition is getting fierce with goo with google today buying an enterprise cloud company over to bob. >> and bertha, that midday comment, u.s. weighing delaying mexican tariffs. that moved the market even higher we saw automobile stocks move. ford, for example. general motors all moved up on that particular news then we had some other stocks that were moving

oil stocks have had a great week chevron finally bounced. 114 just a week ago. up $623 in the last few days. landstar came out talking about a challenging pricing environment for truck services there's the bell for today the dow jones industrial average ending the day up 180 points with a big mid-day rally there goes the bell. welcome to cl"closing bell." i'm sara eisen >> i'm wilfred frost mike an solei, cnbc markets commentator. the dow up 187 points. we did cross 200 for the final hour of trade, certainly positive 0.7% in percentage terms for the dow. 0.6 and 0.5 respectively the russell did lag a little bit. there was a defensive tilt in

the sector performance with the likes of energy materials at the top largely because of oil price gains. >> three industry groups that sat out of this rally that i noticed today, air freight, airlines, and automobiles. the transports dow transports had a down day almost to the tune of 1% bob pisani just mentioning this. if you're looking for some signs of caution in what has otherwise been a strong week in a broad-based rally again today, that's one place people are -- >> trade hasn't gotten worse this week but the fed expectations have been toward a rate cut that's pointed out by the fact the dollar is actually down 0.7% this week. on expectations you might get a rate rate cut. >> let's hope for a cut, hope for a delay, let's hope for a deal we'll see wa happens >> that little bit of hope up 3.6% on the dow >> up much more on the markets in just a moment plus we are waiting for beyond meat and zoom video. both releasing herr first quarterly reports since going

public both having monster performance since their ipos jim bianco, president of bianco research stephanie link still with us, heaved global equities and research at nuveen, a tiaa company. stocks got a boost this afternoon on reports the white house may delay tariffs on mexican imports. mike, you thought something like this might happen when we discussed tariffs last week. here's what you said >> i do think it's also important to keep in mind that the big rallies happen when something we feared a lot doesn't occur. so if you come out next week and say oh, we're going o'defrt mexico tariffs because he had vowed they're going to doing at the border i think we have the makings of an oversold bounce >> we give you credit. >> was that you starting to argue that i'm kidding. i appreciate that. the bigger point was the market was prime for just less bad news to allow a rally to happen

of course we got a head start on this for two days because we were so beaten down in terms of sentiment, in terms of technicals and that has happened right now. where we basically recouped about half of the peak to trough losses it was a start >> i guess the other thing you'd say is the confirmation or the increasingly positive term was the last day or two whereas the moves to the up side started before that because of the fed expectations >> largely for the fed expectations and also just somewhat quiet on the trade front. i had i really we came into this week needing incrementally bad news to really send the market much lower in a hurry. and so all we're doing is rebuilding the risk appetite some of today's rally was you don't want to go short into that >> a lot of people are talking about an article up on the "wall street journal" front page fed debate about whether to cut rates as soon as june. do you buy it or is there too much excitement around this rate

cut? >> i do buy it whether june is going to be the rate cut, i don't think june will be but july could definitely be. i think what the signal there is that the fed will drop the word patience and hail set the stage for a cut at herr next meeting but althere is a fed cut coming. you want bad news, let them call off this rate cut everybody is expecting. >> stephanie, we talked about a couple of your picks in the last hour but two we haven't done that you've been adding to this week walmart and verizon quite a defensive tone to what you've added to. markets have gained this week but you're not adding a lot of risk >> i think in this environment you have to have a bar del strategy because you just don't know the day-to-day changes are remarkable the raengz why some of these multinational defensive names rallied is because of the dollar that's very good pour coke, for

png. and mcdonald's and american express. so i think there's that theme along with just this overall defensive no one really wants o'take that risk some of these industrials are so cheap. some of these energy stocks are so cheap you saw what energy did today. it doesn't take much that's why i think you have to have a bar xwbell until you hav more certainty >> we've had mixed signals on the employment front some of the inside ism surveys have looked strong on employment then we got the challenger numbers and the adp private sector numbers both pretty weak. so what are your expectations? and what's the market going to do >> the jobs numbers have been all over the board the adp number yesterday was a stunner, very, very weak if we get a weak number kind of like the adp number was yesterday, then i think a rate cut is back on the table i mean back on the table in a big way. if we get a strong number, it

could almost be a negative for this market because it could maybe make the case that that rate cut is going to get pushed off. do not underestimate the power of central bank stimulus, and the market wants it in a bad way but if it doesn't get ti think it's going to have a real problem on its hands >> mike, bond market yields still pretty low is that ahead of the jobs number >> hair definithey're definitelw i just don't know if we're going o'see the macro picture erode a little bit more. obviously europe did what europe did today and nothing is going to change along that front the market is still set up as jim was saying to essentially pull forward a rate cut and almost wish for that what's interesting is if tomorrow's number is somewhere in the zone of consensus and it's not so weak that all of a sudden the fed is going to feel catalyzed to move but it's not so strong that we're going to be able o' -- what numbers are we going to get in the next two weeks before the june meeting?

really nothing that would be decisive unless the market does something dramatic >> i mentioned transports sat out the rally. wholesale sat out the rally. alphabet, facebook some of these names. actually communications services the only sector in the s&p that's actually down for the week and they didn't get much much a bid today what does that tell you? >> they were clouded it was totally clouded within tech people were hiding in software and they were hiding in fang. and they seem to forget there's this regulatory issue overhang until this week. that's going o'take a while to play out by the way, i think it's going to be years until we hear about the regulatory implications. that doesn't matter because these stocks are crowded they are not exactly cheap cheap enough for value managers to come in just yet because you've got this overhang there's too many other names especially the semiconductor stocks which have gotten pummeled so there's real value elsewhere. >> stephanie, you had to -- i'll interrupt my own question

because we have beyond meat's results out. let's head to jane wells >> interesting numbers here. their very first numbers net revenues were $40.2 million. that's an increase of 215% versus the quarter a year ago. net loss with $6.6 million versus 5.7 million a year ago so their net loss grew on a gaap basis. on an ebidta basis, though, if you go by, that their net loss dropped by a half. they had a net loss this previous quarter 2.1 million versus 4.3 million a year ago. they are projecting total sales this year of $210 million which is slightly higher sxebta break even by the end of the year. i saw one other number in here that jumped out. gross profit for the quarter was 10.8 million or almost 27% as a percentage of revenues and that is compared to 2.1 million a year ago their gross profit ip 400% from

a year ago we'll listen ought call at the bottom of the hour and see what more we can bring you. >> thank you, jane some of these revenue jumps are pretty stunning. fresh platform revenues up 300%. a lot more than the frozen platform without discounts of 98 1/2% that's 200% revenue growth for the quart. >> boost bid i don't know how many analysts and portfolio managers who had to buy it to see how it was and wrote a report about it since the ipo. this stock's not going to trade on whether they go cash flow positive by the end of this year it's how big the sales are going to get because it trades at such a huge multiple. 30 times expected multiples for this year. >> sales of only $40 million >> let's bring in kate cox from new food economy for her reaction to the report kate, i guess the numbers apaired to be good enough not to derail the very constant momentum the stock has had >> i didn't think we expected it

to get zrald but i do think there's still an awful lot we don't know and this level of excitement may not be sustainable based on whether the company can produce and increase its production capacity to be competitive. >> so it's production capacity that's the question mark, not demand >> for me it's production capacity what can i say i don't trust the consumer all the time consumer behavior's incredibly unpredictable. we do know there's a lot of enthusiasm for plant-based foods. for me, though, this is an established company. they've been producing for a decade but they've been producing in a 30,000-square-foot facility. and if we're really talking about expansion into europe, expansion into fast food, for instance, they're going to have to up exponentially. can they do it maybe. >> what seems to be driving the growth now is all of these new deals with the restaurant and the quick service. is everyone getting into this right now and is that going to be something that's sustainable? >> you know, everyone -- let's

put it this way. we've got mcdonald's saying they're thinking about adding a plant-based burger to their offerings. we have burger king committed to beyond meat's rival impossible foods which produces a slightly different product and saying they'll be in 7200 stores by the end of the year. it's hard to know. this is a fresh product. it's one of the greatest sort of supply chain hang-ups of this particular offering, which is that working with fast food you're looking at a paradigm of frozen products. so we don't really know. we don't know what it will look like to roll this out to 10,000 burger kings or mcdonald's >> is there a lost competition coming and following on that thooet he theme does going public early change the underlying prospects for their business, kind of squeeze out any other potential competitors coming in? >> i don't think so. i think even as recently as last week they were still kind of a big fish in a small pond they didn't have formidable

competition from global food companies. and that changed just this week when nestle announced it was also going to launch its own plant-based offering called the awesome burger nestle's the largest food company in the world, and tyson food's the largest meat processor in the country sold at 6 1/2% shares slightly before the ipo so it could work on developing its own products it's about to get incredibly competitive in a way it hasn't been >> how does restaurant economics work here? because it seems to me burgers can be a very high margin product. whether it's fast food or not. can it fit into those pricing schemes and menus? >> i think that's a good question it's been a question at retail as well. a two-pack at beyond burgers at this point at whole foods is retailing for something like $6 or $7. that's a big leap even though it's been in the meat case as far as restaurants go they're

going to have to price it higher and it's hard to tell whether the consumers will go for that >> you mentioned some of the other companies rolling out their own rival products you think they'll do that rather than look at beyond meat and say we might as well just buy them >> i do think they're going to retain control in part because some of them are vertically integrated and they can, they own the whole supply chain. the other reason is we have lab-grown meat ahead and while that's in incredibly early stage they may want to get into that and get a piece of that. >> stephanie, i'll give you the last word and a few more stats from this release. this is what's been so dazzling for investors. 500% growth in their restaurant and food service business, in their retail business like a whole foods up 110% growth you're not seeing these numbers anywhere >> you're not. and the nielsen data did show us about the retail figures so we were expecting triple-digit growth there anyway nonetheless, it's extremely impressive gross profit number. beat the high end of what they said i always like it when a company

gets it. and had company at least with the ipo and it was so hot and they actually beat and slightly raised and it's a good story it's expensive so it's -- >> how do we know whether it's a fad or it's here to stay >> i think it's here to stay we've had veggie burgers for 20, 30 years silicon salvalley got intereste. we see a glut of start-ups it isn't going anywhere. there's a deep interest in plant-based foods. >> kate cox, thanks very much for joining us great conversation beyond meat trading wp after its first quarterly earnings report as a public company. stephanie link and jim bianco, thank you very much for joining us also. stim ahead on "closing bell" we have much more reaction to ynd meat we speak to landry's ceo >> plus not all ipos this year have been as squufls as beyond meat up next we get the reaction from the ipo market when we get joined by an early investor in

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two big earnings movers at this hour. shares of beyond meat moving higher after its first report since going public up now 9 1/2%. net revenues up 215% topping estimates. also shares of docusign sinking down 16% after hours seema mody for more on that one. >> here's the story with docusign beat on earnings 7 cents adjusted versus the estimate of 5 cents. revenue topping expectations at $214 million the company also raising its second quarter revenue guidance. full year revenue guidance also looks good yet the stock is down17% % investors expecting a bigger beat company shares were up 30% this year going into today's report and it is down about 16% in after hours trade. wilf, back to you. >> seema, thank you very much for that one as we get earnings reports from

various ipos this afternoon let's bring in jih achlth n bows little co-funding manager at bracket capital to talk more about these companies. thanks very much for joining us, jihan. let's talk about beyond meat do you think there's growing to be multiple winners in that space or is beyond meat's early advantage one they're going to be able to capitalize on >> i think this is be one of the clearest macro thematics we're based in los angeles we've been ground zero for this plant-based revolution there's a huge addressable market here. beyond meat is obviously the first ipo but there are some very strong private competitors some of which we're invested in and we look for this to be a sustainable trend for years to come >> it's one of the winners, jihan but how do you think the overall ipo environment so far this year is going to impact what you do and how long companies stay private and whether they ziegd public? >> sure, the backdrop here is

companies are staying private for much longer. companies like amazon went public after three years lyft and uber being the most extreme example going public tens of billions in val waix a lot of the value creation's being captured in private markets now. it's why people like mieflz and other funds are focustion more of their time and resources on time to capture price performance in the late stages but going still private. >> you were invested in lyft from the private market stage. do you think only one of those two companies is going to win out or is it possible they both will >> i think there's room for both and more when you think of the international competitors. i think companies like uber and lyft are the marketplace businesses that have these powerful network effects the private markets have given them the opportunity to grow for a decade each. less focus on profitability with the idea that if you can get to

scale you'll have monopolistic pricing power. now that they're public the bottom line comes more into focus. that transition's natural. i don't think anybody should be surpris surprised. certainly the management staff is aware at both companies we were predicting a period of digestion when they transferred their focus from growth profitability. >> you're also in byrd, the scooter company, which wilfred and i tried out once airbnb, coin base. these are all private companies. in the interest of time which one are you most kited about and why? >> i probably shouldn't comment. i would say we're very excited about the digital currency sector so coin base and companies like that certainly everything scooters have incredible product market fit. a lot of challenges but these are very early companies with exceptional growth rates we're very excited about both. we plan to keep committing capital broadly to both seshlths >> are you still a part-time

artist great article. i saw you were doing it when you were at goldman. jihan bowes-little maybe rap. maybe not hip-hop. >> we have earnings on nissazoom video. >> zoom video continues to impress public markets, continues to be profitable shares up nearly 8 1/2%. net income coming in at 2.2 versus a 1.3 loss a year ago. revenue 122 million sxds that is better than the $112 million anticipated. second quarter full-year revenue guidance coming in above estimates. basically as we go through these numbers it looks like the company is attracting bigger customers that are spending more that is certainly good news to

investors' ears which is why you're seeing this big pop keep in mind that shares have already more than doubled from their ipo price. making this one of the most highly valued tech stocks on a price to sales ratio just continues to keep climbing. and investors are really looking for it to justify that valuation. analysts looking for evidence their offerings can stay competitive to competitors we'll be listening to that on the call we'll bring you back anything else but this company keeps going from strength to strength back to you >> deirdre, thank you. this is the afternoon of 100 percent plus revenue growth. >> in a way they are the counter to the ubers and the lyfts that have been around for a long time and arguably went too late the companies are not brand new but they are earlier stage in terms of financial growth. but this stock ran up to 90. pullback to 75 in two weeks. now it seems like it's picking back up again. >> you can see what david solomon was saying about markets

earlier. doesn't change what we said about it >> but still is he seeing that kind of growth, 100% revenue growth >> just marcus big-time >> still ahead bond prices now outperforming the s&p 500 over the past year. up next we'll look at what history has to say about what that means for the market. plus the ceo of chegg on his compy'new itans iniative to fight college debt and help his employees. we're back in a couple of minutes.

welcome back let's have a look.

we finish the day on wall street higher across the board for the big cap indices at least 0.7 gains for the dow up 181 points. we were up about 200 points about half an hour from the close but still a possession s&p, nasdaq over half a percent the russell continues its lag down 0.2% today. >> let's send it back to mike for the final dashboard of the day. >> we're saying tortoise take the lead the stock versus bond race we talk about a lot there's been this furious rally in treasury bonds and compressionry yields for the past year the ag is the total bond market aggregate index etf. this is essentially all u.s. bonds of every type government, corporate, mortgages that's the blue line and you see this nice steady increase the total return here is over 7% which is very unusual i think for one-year window when you started out with yields very low. in other words, it wasn't mostly coming from the yields the prices have done well.

that's putting it well ahead of the s&p 500. the s&p 500 total return is a bit less than 4% on a year look back basis what it does tell su stocks have gotten maybe a little bit behind bonds and bonds have gotten a little bit stressed if we're still in a bull market you don't normally see a one-year -- this is arguing in favor of those perhaps who say stocks have some catch-up to do but it does tell what you kind of environment we're in. we had this kind of head fake higher in yields, massive rush lower and it also does tell you bonds have been doing their job. >> with the bond proxies would the s&p 500 have outperformed growth in that year? >> i think as a group they probably would have outperformed certainly the s&p and probably been very much on par or better than the aggregate, yes. what of course you get from bonds is no drawdowns. here's what you had to live with to get your 4% total return in stocks whereas bonds is smooth

even when bonds don't do well they really don't get you in toof too much trouble on the down side >> thanks very much. i love that reference. the hare and the tortoise. great parable. slow and steady wins the race. >> tortoise and the hare >> what did i say? >> the hare and the tortoise i thought it was different in the uk >> i just said it. slow and steady wins the race. that's the lesson to take way. time for a cnbc news update. sue herera >> hello, wiflt. here's what's happening at this hour china's foreign ministry says it opposes the recent u.s. arms sales to taiwan after taipei confirmed it has asked to purchase more than 100 tanks along with air defense and anti-tank missiles china considers the self-governing taiwan 35r9 of its territory. new york city police commissioner james o'neil has apologized for the 1969 police raid at the stonewall inn which catalyzed the 340d erin lgbt rights movement. the apologies comes just weeks

ahead of the 50th anniversary of that raid. >> the actions taken by the nypd were wrong plain and simple the actions were discriminatory and oppressive, and for that i apologize. the nba says mark stevens has been banned from attending nba games. this after he reached over and shoved toronto's kyle lowry after he crashed lu the front row cha row chasing down a ball in last night's raptors-warriors playoff game stevens is a mrntd owner of the warriors he was ejected from the game you are up to date that's the news update, guys i will send it back downtown to you. >> that's a weird one. sue, thanks. clothing company guess just announcing results seema mody watching that name for us as well >> can you guess what they reported just kidding here we go it's a wider loss than anticipated on its bottom line 25 cents revenue is in line but it did increase revenue by

3% in u.s. dollars 8% in constant currency. notable strength in the americas and europe partially offset by weakness in asia the stock hit a 52-week low going into today's report. you can see the stock is up about 4% but it hasn't been a great performer is this year down about 30% guys, back to you. >> seema, thanks very much guess down 30% for the year. still to come beyond meat shares surging after hours we'll get reaction to those numbers when we speak to restaurant and casino owner tillman fertita >> and later we will head live to mexico for an up close look at how president trump's tariff threat could actually spark real trouble for bmw and its brand new assembly plant south of the border -driverless cars... -all ground personnel...

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welcome back big movers in the after hours session on earnings. beyond meat pushing higher after revenue topped estimates up some 120%. restaurant and food service sales up 500% over last year

docusign down 16%. and zoom video jumping after its sxrechb guidance came in above expectations. up 12 1/2% >> total u.s. student loan debt now totaling $1.5 trillion education company chegg is now trying to do something about it. chegg announcing today it will help pay off its employees' student loans. entry level through management level employees will receive $5,000 annually. and director and vice president level employees are el vibl for up to $3,000 annually. chegg's ceo joins us to talk more about this new program. welcome. tell us a little more about how this came together and what you're doing >> i feel like i should have given them beyond meat instead >> chegg hasn't done too poorly. >> we've done all right. the fact is there's 44 million americans with $1.5 trillion in december 40% of people are behind on student debt

you can't declare it as bankruptcy you can't actually refinance it if you have a government loan. so we've got a mess and it's probably the biggest economic crisis facing this country but we don't deal enough with it and the reality is we wanted to find ways that we thought other companies might be able to do something like it as well. so we want it to be replicatable, repeatable, scalable, sustainable. so what we did was we took an equity pool that we already had so we didn't have to expand, it we didn't have to dilute our shareholders, and this gives our employees who do not get a chance to earn as much because they're more junior a chance to benefit in the participation of the growth of the company they're helping to create. but most importantly we want to be able to eliminate their student loans. and we really chose to announce it not to get visibility for it for ourselves but rather because we wanted to make it clear that corporations need to play a role here they should play a role here we're the beneficiaries of those

people that have gotten an education. doesn't matter if it's four-year or two-year or even if they completed it if they borrowed money and they're creating value for us we want to help them. and only 4% of companies actually have a benefit program at all that relates to student loan >> i wonder if you were inspired at all by robert smith and the morehouse college gift that he suppliesed the student population with, announcing he was going to wipe clean their debt also whether it's really something realistic for business to do. you are an education company it sort of fits. >> well, it fits our mission but i do think -- first of all, i was inspired that he did it, but it didn't inspire our plan we actually started putting this together at the end of last year, and we've only chosen now to be able to announce it. so no, this is something that we've had in the works for a long time. we were trying to find an innovative way to be able to do this, to make it something that we not only pay off this year but we continue to pay it until that loan is done and it continues to be available for new employees that we hire so we wanted it to be something

that could be sustainable whereas mr. smith's, which is incredibly generous, takes care of one class so in this case it's not -- we didn't do it just because we're an education company but because we deal with more students than anybody in the u.s. we have a better understanding of the realities, that 36% of college students say they go hungry, that 40% of them don't pay their loans, that 30% of them are working 40 hours a week or more while they're going to school full-time. i mean, we've got a situation that everybody, government, corporations, students, colleges, all need to participate. so from our perspective we wanted to see if we could set an example and create a dialogue. but one of the big important things here is we're really calling on the government to be able to affect this kind of behavior through the tax system. so many people may or may not know that you're able to give $5,130 a year for continuing education, which we of course

do why can't we use that to also pay off student loans? that's tax-deductible. why should students be paying tax at all in the fact is they go, they borrow money from other american citizens, then they have to pay high interest rates, which we want them to get rid of ought at least cut then they have to pay tax. then they have to pay it off we're taking our most vulnerable, least financially stable and we're creating a burden on them that is unsustainable. >> what about the colleges, though your offer, $5,000 per employee per year very, very generous but so expensive is education here in america it doesn't wipe it out very quickly you're an education company. you look at the costs every day. how much are the colleges squeezing too much profit out of the experience of giving an education? >> well, our company was actually founded on the basis of the cost of education is way too high we couldn't affect tuition when we started but we could affect the cost of textbooks so we invented the textbook rental

business which has now literally revolutionized the industry and brought down the cost of textbooks from $200 on average to $30 our students asked us to do more and what we realized was colleges, whether they consider themselves not for profit or for profit, they're all businesses they all have a top line they all have a bottom line. we do believe that college is way too expensive. we do believe if corporations get involved and they build programs where they can say we're only going to pay off certain schools or certain degrees because these are the ones that we value then schools will either change their curriculum and if corporations can only pay off so much then colleges are eventually going to have to change their prices. we think this is the beginning of that dialogue or adding to that dialogue. >> finally, dan, we've been showing your stock price, your stock chart the whole time that you're speaking. up a nice 700% in three years. how did you turn a sleepy old textbook company into a technology juggernaut, and can investors continue to expect

those kind of gains? >> well, i can't speak to the future stock price, but i can say is that if we -- we have a view that you bet on the inevitable and the inevitable is more people are going to have to learn more things more often they're going to have to do it online that because of the diversity of this country, which is a real benefit to this country, that people are going to learn different ways at different times, they're going to have different skill sets coming up so the kinds of things that chegg does is support you in whatever system you're in. so if you need to learn math or writing or write a resume or get a job or get homework help or prepare for a test there is no support system anymore in any of our institutions over 70% of the people go to state schools. millions of students go to two-year colleges. there's no support mechanism for them chegg is only really just getting started. so if you believe that people are going to be learning more, learning more online, need better products, high quality, high integrity, need it on demand, then chegg is going to

probably be a logical bet for you. >> it's an interesting move you announced today. dan rosensweig, thanks for joining us >> thank you so much for having me we want to start this dialogue >> see if other businesses follow bmw meantime looking to expand production in north america has a new plant in mexico opening up but now the luxury automaker finds itself in the middle of president trump's tariff war we'll have a live report from mexico on that next. and the fake meat craze veorping the land and sweeping insts. we'll discuss, coming up uh-oh, looks like someone's

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she told me her husband was the collateral damage in a whole conspiracy to avoid a merger between nissan and renault listen >> we know it's a conspiracy nissan did not want this merger. a few people within nissan decided to get rid of my husband, that that was the easiest way not to do the merger but it didn't have to be -- there was maybe a more civilized way of doing it. >> and now that you see the proposed f ed fiat-renault merg? >> now it's clear how nissan doesn't want to be involved and

they want nothing to do with it. i think with time we will see more clarity on this story and people now realize this was a xrconspiracy against my husba. >> new wrinkle today the fact the new renault-fiat deal is off. i haven't spoken to her. they don't have a story on this. we'll see if there's any evidence when his trial does begin in the coming months >> still doesn't change the fact that nissan could have gone through more simple ways, if that was the motivation, to stop a renault-nissan alliance. >> the japanese government >> either way it doesn't change what was an incredibly powerful must watch interview on -- >> the tangled web of nissan, renault -- >> the innuendo and everything absolutely >> new information just coming in on the mexico trade talks sue herera has 9 details fthe d us >> there was a bloomberg

headline saying the u.s. was weighing delaying the mexico tariffs because the time frame was getting shorter and shorter. the white house has responded to that and sarah sanders says "our position has not changed we are still moving forward with tariffs at this time." that's according to sarah sanders. that's basically the story at this point sara, i'll send it back to you >> looks like after hours futures market not moving much sue, thank you and the threat of those tariffs on mexico is becoming a major concern for automakers cnn's phil lebeau is in mexico where bmw has opened a new plant. phil >> that news sue just reported from the white house that is not good news for bmw. not good news for any automakers who have operations down in mexico this says it all the auto industry is now firmly embedded in mexico exporting vehicles to the united states. it hit 2.6 million last year it's going to move a little higher this year for bmw opening this plant down

here allows them to three series, the flagship sedan for the company, up to the united states as opposed to importing them from germany. now, when we talked with the head board member who was here at the grand opening today, he said look, we haven't decided to change our production plans yet, we want to see what happens. so for bmw and its investors it's wait and see time to see how they're going to react to these tariffs when they go into effect >> phil, thanks so much for that bm wrchlt shares closing down 1% today. beyond meat shares surging after hours. anne wd xte'll discuss its market potential with landry ceo tilman fertitta. and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life.

welcome back beyond meat stocks posting in

the first quarterly results. landry's ceo with the upcoming book " shut up and listen," tillman fertitta. >> my good friend the ceo of jefferies, he and his wife had a great event at the spring studios last night for the environment, the wolf conservatory center and me and martha rich, his wife have been telling him for years you have to worry about other things than just making money, rich, jefferies, and it was a great, vent and martha and i finally got him to realize there's more to life than making money. >> kudos to that and congratulations. >> he did a great job and he emceed the whole thing he supports it well. >> and not totally unlinked to the environment is the fake meat

craze. are you going to stock it across your restaurants even if they're steakhouses or do you think they're overhyped? >> as we know we overhype everything and where is it a couple of years from now it's like the blue apron craze we'll never go out to dinner again and we'll have it shipped to our house, and everybody realizes, oh, my god, i have to fix it and then i have to clean up it was the same thing. i can tell you this, the world is moving this way and if you do not change you get run over, and i would not be surprised if 80, 90 years from now the amount of animal protein that goes into our body is very little. we seem to be making an adjustment with the millennials and what they expect and how they want to eat think about going to the grocery store and the products you buy that are so different. we cannot keep up -- as a matter of fact, we're having to use different suppliers because these two companies really

impossible and beyond meat can't keep up with it right now, but remember, these are little companies. we think about that this was a company that was 18 million in sales or 16 and then 32 and then 88 and this year they're hoping to do 200 million and their market cap went up because they reported 40 million in revenue and a billion dollars while we're basically sitting here how many years will it take to grow into that >> so you don't like the stock, but it sounds like you would consider this whole plant-based meat thing >> 100%. >> astros, martins just from the state. i don't either, but i think it's going to be a part of our menu in the future to come, and i think i know what the fads are and what aren't, but i would not be surprised that now that they've perfected the hamburger patty that you're going to be sitting there with the fake bone or a t-bone or something you can see it coming.

it's just the way the world wants to eat today so much more healthier >> are you seeing any -- what is the response to the general area of alternative proteins and meat-like products what i mean by that is do you detect lower enthusiasm for steaks at steakhouses or not yet? >> not yet i have astros martins, the strip house just right here in new york there's nothing like steaks. everybody loves a good steak and everybody loves a steakhouse i think this is going to be a big addition to the menu, though, in the years to come, and i also have bills burger and we sell a lot of these and bill's burger right here in new york and so it's a changing world and you better change with it >> are you still looking at caesar's >> it's a on.

>> -- you knew we were going to ask. >> it's changed the casino industry where you put so much debt on these properties it's not really debt, but it's leased debt and it makes it very interesting, but y i am still looking at it. >> for a potential deal? >> yes >> i wanted to ask an nba question there are reports that you are willing to trade almost your entire roster except james harden to compete with the warriors next year is that true >> we competed this year, they won four and we won two. >> to take them on and beat them >> the warriors are unbelievable you have to give toronto credit. it's unfortunate the incident last night with the fan. it's -- it's -- it's just crazy, but that's what happens when the fans sit right there next to the players. i'm a deal guy and my general manager is a deal guy and you

know, all goes and every year to compete with a championship and if we can do anything to improve our roster, that's what we're going to do. >> sadly we're out of time and we could have gone for a long time thank you very much for joining us >> thanks, guys. >> up next, wel 'ltell you what to expect from tomorrow's jobs to expect from tomorrow's jobs report (henry) i thought it was unfair. when-- when you hear those words that you get diagnosed with cancer. (osamah) successfully treating it still rpatient imaginghe mosttl and convert it into 3-dimensional holographic renderings, we could enable surgeons to dissect around the cancer so we can precisely remove it. when we first started, we felt like this might just not be possible because computing power just wasn't there,

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welcome back the may jobs report will take center stage on wall street tomorrow steve liesman has a look at what to expect. steve? >> wall street will be looking at the may's jobs report tomorrow for the confirmation or contradiction about weakness in the economy. economists are looking for 180,000 jobs to be created and a 3.6% unemployment unchanged and the weak adp report that showed 27,000 jobs created in the private sector and the question is whether or not that shows up in the government's may's jobs report. >> thank you very much that will be a crucial focus. >> yeah. what's the key win for the market >> it will swing the debate. i really doepts know if the market craves a good number that confirms the economy's resilient or basically puts the fed right on the track to an unease. >> well, what's been good for

the market before is a good number and a soft wage number. >> that is true, although we're talking about a risk management insurance cut and not so much a let's try to foster inflation type thing >> do you have a number? >> think the market thinks it might want a weaker number, but i'm not sure it will play that way. >> we'll hear on how sarah huckabee sanders comments on trade. that does it for "closing bell". >> fast money starts right now live from the nasdaq marketsite overlooking new york city's times square your traders are pete najarian, guy adami. one top technician says one of these names is a screaming buy plus one of wall street's biggest bulls is turning bearish. he will be here to explain what has him running scared and we start out with the market rally and the dow jumping 200 points as trade talks continue ahead of monday's deadline. the dow is up more than 900

points for its best weak