as well. i'll join melissa on "power lunch" to kick things off for the next hour. it begins right now. >> thanks, kelly see you in a moment. i'm melissa lee. new at 2:00, spiking up on the busiest shipping channel and warning from opec. where prices could go from here. sector having the best month in four years trouncing tech will this rally keep going and special series, going to work. a single dad says to stop apologizing for having lives in a viral post he starts "power lunch" right now. let's get a check on the markets at this hour nice gains on wall street. dow up 140 points trying to avoid first three day losing streak and higher right now by 98 points. all three major averages on track for second straight week of gains kelly? >> we begin with oil this hour

two tankers believed to have been attacked in the gulf of oman on the coast of iran. dan joins us from dubai. dan? >> reporter: a full scale investigation under way after this suspected sabotage attack on two tankers in the gulf of oman these pictures, you'll see how severe the damage was. what these pictures show is a tanker with highly flammable products, adrift and ablaze near the strait of hamuz. this first ship is believed to be the japanese kakuka and it was moving methanol from saudi arabia to singapore. all 21 crew skaeed with just minor injuries after they abandoned ship and rescued by a nearby vessel. second was a norwegian owned tear transporting crude products

into asia. whatever happened caused a fire to break out on board. it had to be rescued without injury we still don't know who or what caused such damage and no individual or state actor came forward to claim responsibility but what this does represent is another skirmish in the region, just as tensions between the united states and iran continue to flare, prompts widespread concern about miscalculation this hour, iran has denied any involvement and says the work might be the work of actors and say this attack is very similar to a sabotage attack that occurred on four vessels, two of which belonged to saudi arabia off the coast of the uae just one month ago. at this hour, we also understand that president trump has been briefed on this situation and a full scale investigation involving multiple global agencies is now under way.

this caused the price of crude oil to spike 3% higher in the session earlier, so obviously, a big impact on the commodity as well tensions out here continue to rise back over to you >> dan, thanks the white house weighing in on these oil tanker attacks. secretary of state mike pompeo expected to address the media this hour. eamon javrs from the white house. >> not much here but acknowledging the president was briefed, as you just heard, on the situation. the u.s. navy has been responding to the situation. sarah sanders saying that the u.s. government stands ready to provide additional assistance as needed we are getting a little bit more information from u.s. central command. the military command, which operates in that region saying that the navy's uss bainbridge was the vessel that provided immediate assistance to the kokuka courageous, that was stricken here. 21 mariners, they say, from the kokuka courageous are currently aboard the uss brainbridge,

having been rescued and providing support in the region according to the u.s. central command. that's about all we know as of right now, kelly we do understand that the secretary of state mike pompeo going to be giving remarks here in about the next half an hour or so. i am told by an official here at the white house that he may be offering a little bit more detail an what exactly the administration knows at this point about this apparent attack and what the administration's reaction to it will be so stand by for those comments meanwhile, anothersmaller business puzzle we're trying to solve here at the white house, kelly, is that tim cook was here the president announced that earlier today in an unrelated event that apple's ceo had been on campus here at the white house. we're trying to find out what exactly he was doing here and what he talked to the president about. when we get that, we'll bring it as soon as we can. >> tariffs, something else, eamon, thanks. suspected tanker attacks not the only oil headline today.

output falling to 5 year loes and weaker demand ahead. crude oil tanked 18% in the past 2 months so let's break it down bob mcnally and managing director at rbc capital markets. great to have you both on a day like today i want to start off with you can you put this move into context? right now seeing wti and brent up about 2.4%. we're at 5 month lows yesterday. it doesn't really seem like a huge move in response to what's gone on. >> yeah, you know, today's attacks on the tankers distracted the market from the bubonic plague it's been looking at demand, destruction, economic slow growth. we had eia report earlier this week and opec reported they will report tomorrow. probably going to revise growth down as well you know, growth and oil demand hit the skids in the first quarter but going to be fine, later in the year, it's going to come back. the series of trade wars and

macroeconomic problems combined with some patchy data we get in april and may, it's hitting the skid focused on this demand downturn and what it can do to oil prices and suddenly out of the blue, the geopolitical risk to the other side. >> how do you deconstruct in what's gone on in terms of who swrou would have the motivation for the attack >> abe is trying to get the off ramp and the japanese tanker struck my view, we're likely to see escalation over the summer more incidents like this from the iranian government standpoint, the us sanctions are designed to call their economy to collapse and to elicit regime change we say we don't want a war but actors in iran, the revolutionary guard but are willing to push the region to the brink of one in order to get the united states and our regional allies to reconsider the current course of action

so as long as this regime is in place, we're likely to have more of these incidents and just yesterday, we had a saudi airport struck by a missile from yemen. and so we've had a worrying set of events that the market largely ignored because of trade war concerns but if we get a rollover of the opec agreement as we expect, you know, in a couple of weeks time, geopolitics remains a big story for the market and fighting a trade war and this is not going to go away. >> bob, as she said, the iranian guard could push the region to the brink of war something i could see you agree with and their calculus as well, the u.s. doesn't want a military conflict so what? we will ultimately give ground and give them waivers on exporting oil? i don't understand why that would be a logical outcome and if not, what does it mean for the price of oil, again, very muted right now. >> sure. i think we can look to history as haleema mentioned, the

japanese prime minister was in town japan knows about being pushed into a corner by the united states president franklin del nor roosevelt put maximum economic but japan rolled the dice. they didn't think they could beat the united states but calculated through a limited war, they would put a hurt on the united states and bet we won't pay the cost to come back and solve it militarily and wouldn't negotiate one could argue that the iranian rigc are making the same kind of bet. they know they can't beat the united states but forced to either capitulate effectively. secretary pompeo's 12 demands he delivered last year tantamount to regime change read those demands or put a limited war on the united states and dare a president trump who shows no sign of wanting to lead this country into a war in the middle east, much less deal with higher oil prices, bet he will not pay the price and come back militarily so japan made that gamble and lost maybe iran's making that gamble

today. >> so in terms of the push/pull on prices, bob mentioned that elephant in the room so to speak in terms of draining demand and then you have this geopolitical tension here so what's the end effect in your view >> i mean, i think what we want to watch is look at the g-20 if we get any signs of any type of, you know, better look in terms of the trade war issue, i think geopolitics will become a bigger story in the market as long as we have trade war concerns, i think that's going to weigh on prices but if we get some type of sign that we could get some potential resolution, i mean, these are the type of stories that could bring brent back, definitely into the 70s but into the 80s if we get an off ramp on the trade war. these are very, very serious political and military escalations in the middle east >> so ironically, a deescalation of the trade war would push prices up a lot more than the fact you're making analogies to world war ii right now. >> i've been counting barrels

for 28 years i served in the white house when we invaded iraq. i can't remember a time there was so much near term two-way risk in oil prices you could make an argument for $15 higher >> how to trade that then? >> very difficult to trade probably just do something else for a while. volatility >> all right >> honest answer i love it. >> we'll leave it there. bob mcnally, thank you stocks rallying following news of the tanker attacks dom chu tracking that. dom? >> the near term trend or longer term has been to the downside for oil despite that move today and just to put it in context, the levels we're at right now still below the highs that we saw yesterday. so even over the last couple of days, net lower than we're open yesterday especially for benchmark indices. the ripple effects in the stock market, playing out here in trading, beyond just the commodities. the energy sector overall has been moving that way, but check

out these stocks energy over the course of the past month to date period down halliburton down chevron holding up relatively well in this kind of environment, so as we talk about the type of stocks there a smaller mid cap u.s. shale oil producer chevron obviously large enough, integrated on the oil services side and has been as of late and we are still down 31%, kelly and melissa, from the highs we saw in october and down about 21% from just the highs we saw in april. back to you. >> thanks. coming up, the dow turning higher and trying to avoid its first three session losing streak in three months we'll keep an eye on that. the market about 81 points right now and the s&p 500, just a couple percents from the all-time high. we'll look at that and whether the rally is back on he went viral with employees telling them not to apologize for having lives he jnsoi us to explain his thinking when "power lunch" continues.

my degree from snhu has helped me tremendously. the flexible class schedules allowed me to go to work full time, run my catering business and be a mom and parent. when i reached this accomplishment, it was like, it's here, it's happening, it's now. we at southern new hampshire university are the ones who succeed. we are the ones who break through.

but we all know we're paying too much for it. enter xfinity mobile. america's best lte, with the most wifi hotspots combined for the first time. when you're near an xfinity hotspot you're connected to wifi, saving on data. when you're not, you pay for data one gig at a time. use a little, pay a little. use a lot, just switch to unlimited. it's a new kind of network. call, visit or go to xfinitymobile.com. welcome back stocks push higher this hour the dow trying to avoid the first three-day losing streak in more than three months, all major averages having a great start to june. they're up about 5%. trade is still causing tensions. plus new data casting more doubt about the strength of the economy and that fed rate meeting. let's bring in david katz, chief investment officer with asset

advisers he said don't chase the rallies with new money and steven portfolio manager. welcome to you both. just begin with you and, you know, again we're just coming out of a discussion about military tensions possibly between the u.s. and iran, the oil market shaking that off even where would you be positioned right now? >> set your asset allocation with stocks and bonds. we said we wouldn't chase the rally. so you had a 5% up market. we wouldn't make a decision now. stocks doing great, let me jump in we'd rather be buying the dips a particularly miserable may consider understand the news is pretty bad when you're doing that. >> you say, put people to work when you do that >> these are levels to buy into?

>> 5% up >> david, i'm sorry. let me jump in for a second. we have mike pompeo, secretary of state speaking right now. >> attacks that occurred in the gulf of oman today this assessment based on intelligence, the weapons used, the level of expertise needed to execute the operation. recent similar iranian attacks on shipping and the fact that no proxy group operating in the area has been resourced on proficiency to react with a high degree of sophistication this is only the latest in a series of attacks instigated by t 40 years of unprovoked aggression against freedom loving nations on april 22nd, iran promised the world it would interrupt the flow of oil through the strait of haarmuse and now working to execute on that promise.

in early may, the covert deployment capable of launching missiles on may 12, attacked four commercial ships near the strait on may 14, iran backed surrogates by armed drones struck two oil pipelines in the saudi arabia on may 19th, iraq landed near the u.s. embassy in baghdad. may 31st, a car bomb in afghanistan, killed four afghan civilians and wounded bystanders yesterday, iranian surrogates fired a missile striking the arrivals terminal of an international airport injuring 26 people. taken as a whole, these unprovoked attacks present a clear threat to international peace and security, a blatant assault on the freedom of navigation, and an unacceptable campaign of escalating tension by iran. prime minister abe made a trip,

a historic trip to iran to ask the regime to enter into talks iran's supreme leader rejected the diplomacy by saying he has no response to president trump and will not answer. the supreme leader's government insulted japan by attacking the japanese oil tanker just outside of iranian waters. threatening the lives of the entire crew, creating a maritime emergency. iran's foreign minister today responded to these attacks he said sardonically, quote, suspicious doesn't seem to tr s describe what likely transpired this morning, end quote. former minister zarif may think this is funny but no one else in the world does iran is lashing out because the regime wants our successful maximum pressure campaign lifted no economic sanctions tigentitls

them to engage in nuclear blackmail. the international community condemns iran's assault on the freedom of navigation and the targeting of innocent civilians. today, i've instructed our u.n. ambassador jonathan cohen to raise the attacks in the security council meeting later this afternoon our policy remains economic and diplomatic effort to bring iraq back to the negotiating table to encourage a comprehensive deal to address the broad range of threats that today, apparent for all the world to see, to peace and security iran should meet diplomacy, not with terror, bloodshed and extortion. the united states will defend its forces, interests and stand with our partners and allies to safeguard global commerce and regional stability all provided by the provocative

acts to join us in that endeavor thank you. >> secretary of state mike pompeo speaking at the state department, didn't take any questions, as you just saw there but the most a important part of what he said, iran is responsible for the tanker attacks in the oman gulf this morning and melissa laid out a number of attacks that he said have been responsible going back to april 22nd when the country first said it would interrupt the flow of oil. >> he said iran wants the maximum pressure campaign that the u.s. is put on it lifted but the international community stands behind the u.s. in condemning these attacks let's get to eamon javrz at the white house for more on this >> reporter: what you heard there from secretary of state mike pompeo was a measured response by the united states to these attacks, attributing it to iran, yes, but also saying that the u.s. response here is going to be economic and diplomatic. so ratcheting down the military tensions in the region and some of the fear, speaking to,

bleakly, the fear in the region there could be a miscommunication to touch off a shooting war between the united states and iran in the area. while speaking there, we had a tweet from the president of the united states addressing this issue. the president saying while i very much appreciate japanese prime minister abe going to iran to meet with him, i feel it's soo so too soon to think about making a deal they're not ready and neither are we the president walking back from negotiating posture, suggesting now it's too soon to make a deal with the iranians in the wake of this attribution that indicates that the negotiations, any kind of negotiations between the united states and iran are back a few pegs down the list here. in terms of what's likely to happen in the coming months. we'll wait and see if the iranians have a response they've been talking to the media throughout this whole news cycle. we expect they might have something to say as well. >> as you mentioned, he talked

about economic and diplomatic response to this but the case he laid out, the international community should not let iran behave this way and stand for this violence. even if he didn't say anything on that front, he's building a case for something, it sounds like >> reporter: he said the united states will defend its forces in the region, the interests and stand by its allies. that is a warning, militarily, to iran, any attack would be met with a response but clearly, this is a diplomat engaging in a diplomatic response to this situation, so that tells you what plane the united states is operating on for now but here at the white house, often all options are on the table if the situation changes, the response could change. >> eamon, thank you, eamon javers at the white house and we did see a spike in crude on secretary pompeo's remarks wti go high up as 3% and show brent, show the reaction there as well. also slightly higher but still

fairly muted considering the low levels that the oil market was at yesterday five month lows to be exact. we will veucmo o"per lunch" after this. you can get your student loans right

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four minutes ago until the oil close. lots of action in that market today. let's get to dom chu for the details. >> we're talking about oil actually losing some more steam heading into this close for the oil markets. wti $52.45 up and 4 plus percent on the session wti, brent crude futures, and also only up by 2.5% getting back a will tlot of theb the geopolitical tensions of what happened in the sea of oman off the coast of iran with the two attacked tankers as we talk about the demand forecast, it cut the oil growth demand forecast. we'll be looking tomorrow for numbers from the international energy agency with regard to their forecast so all in all, the medium and long-term trend is still downward for oil prices and well off the session highs today as we approach the close i'll send it back to you guys.

>> bob mcnally, the rapid and energy group your response, your thoughts about what we just heard from the secretary of state who said iran was responsible for today's attacks in the gulf of oman. >> it's significant. relatively quickly and i think with this shows that we are in a hybrid sort of a negotiation, bring some and president trump is saying conciliatory things and on the one hand, we're talking diplomacy and i believe the secretary, the response today would be diplomatic and economic on the other hand, there are these military provocations and incidents. i think people overlook just how desperate the iranian regime is becoming, how bad that economy is it's going to shrink 5% to 7% this year according to the imf inflation is 100%. the polls are awful. i think people maybe misunderstood how desperate the iranians are to get relief from the sanctions pressure

>> so who has the leverage here? i imagine the u.s. has tremendous leverage because this shows how desperate iran actually is. what's the twist of the night here >> you mentioned the right word. leverage iran was enriching uranium every single day with pubush now what they do enrich and conduct illegal activities which it's doing in the nuclear program and then remind president trump and the west that it can threaten and do what any would detest and hate, drive the pump price up. that is what iran doing now. they're reminding us and president trump that they have some leverage. they're trying to get more leverage in this negotiation but i think in the negotiation phase at this point. >> the oil market is not giving them that much leverage today. i mean, the idea that you now had six tankers shot in next to the strait of hormuz and the oil

prices down from the recent highs tells you what, there's no chance or it wouldn't be a big deal for escalation? >> that's it and the bubonic plague of demand that's an overriding concern if you look at 2009, how quickly demand collapsed from 143 to $33 in six months. that was a great recession doesn't have to be that bad but with the history of the oil market, if demand is starting to recede and it will go down before the data catch up to it the oil price will collapse. i think that fear is even more powerful than smoldering tankers in the gulf today. >> the last question i asked you before, how would you trade this sounds like more risk to the downside than there is to the upside at this point in your view. >> i think that's right. the risk is skewed down for crude oil prices and i would make a shopping list i think the risk is down and the rallies we see iran confrontations should be fading. depends on osaka and the u.s.

china trade deal but i think this risk is probably skewed down for oil prices. >> bob, thanks very much. >> you're very welcome. ahead on "power lunch," a one on one conversation with cory booker where. the democratic presidential candidate stands on trade. we'll find out plus financial advice for the class of 2019. crucial money tips for the recent grads out there "power lunch" going to work. we are speaking with one employer who's telling employees to stop apologizing for having personal lives all this when "power lunch" returns.

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welcome back i'm sue herera here's your cnbc news update at this hour. cuba gooding jr. turned himself in to the new york police department after a woman accused him of groping her at a rooftop bar in manhattan over the weekend. there's no evidence the ebola virus spread in uganda after two families visited the democratic republic of congo w.h.o. officials are going to assess the latest outbreak. india scorched by one of the longest heat waves in decades with temperatures high as 123 degrees. the high temperatures are responsible for at least 36

deaths since they first started in may six men suspected, i should say, to be involved in a plot to kill former red sox player david ortiz have been apprehended by authorities. the group offered almost $8,000 part of a coordinated hit. ortiz is back in boston recovering from surgery. you are up to date that's the news update this hour back to you. >> bizarre wow. sue, thanks very much. many of the 2020 presidential candidates have been critical of president trump's trade war with china in a new speak easy with john harwood, new jersey senator cory booker explains how he would handle trade tensions. >> so i want to be known as a pro fair trade democrat. not trade in the way that's going to put american workers in the cross hairs. we've done trade -- >> you think president obama put them in the cross hairs? >> i think the global trade agreements we've been in, we did not have a plan for factory

workers in the midwest, for small businesses in new jersey we did not account for how globalism was going to severely hurt people in america >> you think tpp was bad >> i'm telling you, what was bad is we did not have a comprehensive plan what i'm saying to you is, switzerland has a program that if you lose your job, say, you know, globalism kills a company. you go right into apprenticeship and trains you for modern jobs that's a message very different than we've been doing. >> if you say you can't take on china alone, you need to do it with allies, you've got to pick an approach. isn't picking an approach meaning tpp? that was the approach. you had 12 other countries. >> i'm not going to submit that binary analysis because you're not talking about someone who hasn't made tough choices about how to attract business. we did things in newark that

took a city in 60 years of financial decline and turned it around you're talking to a guy who knows how to turn around an economy. not just any but one of the toughest places in the country >> just to clarify at this point, are you saying you want a tpp but a better one than they negotiated or you don't want >> i'm saying that i would, if we're going to win in asia, we need to bring together the allies that we have there and do a deal that works for us, to counter and check a china in a subsequent way not what tpp was there are real problems with tpp i had and i'm telling you, that's what the binary choices given as a country and it's a lose/lose choice what i'm saying to you is workers need to be at the center environmental issues and the time of climate change need to be at the center of these negotiations and they're not >> what you see in that clip, kelly, triangulation between president trump and president obama but you also see the talent and the passion that cory

booker has this is a former stanford football player, scholar, mayor of new jersey, not as anti-business as other democrats in this race and he's trying to break through. >> john, thanks. appreciate it. john harwood for the extended interview, listen to the speakeasy podcast. rick santelli is tracking at the cme. rick >> it is crazy down here you look at intraday of two year note yields. they've just been dropping like a rock as a matter of fact, at 182, if they close here, a current sicyl low and the other end, intraday of 30 year bonds, heavy at 259 but low cycle at 253 a bit aways from that and a 30 year bond auction that kept $78 billion in supply today and $16 million 30 year bonds, pretty good auction solid to cover indirects and

direct pricing was a little tough at 2.607 but all in all, a "b" minus and it's made a lot of volatility you can see it in the yield curve there. tens, minus twos back in november playing around more and not because long end yields are going up but short end yields are dropping faster. kelly, back to you >> thank you, rick coming up, how to fix financial education in america can't get any worse. the boss who wants his employees to leave early and not tell why. ♪ ♪♪ ♪♪

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welcome back the class of 2019, prepares to enter the working world. there's a lot to keep in mind when it comes to managing money. tips for recent grads and a new op-ed arguing financial education does work. here now is part of our partnership with acorns, saving and investing app. bil billy hencely. he's also member of the cnbc

wellness counsel financial education is pretty bad. people coming out with not a lot of great education what are you saying to grads going into the workforce >> first of all, you've got to advocate for yourself. be proactive there's a lot of noise out there. but look for high quality good quality information. >> what does that mean fake news? >> there's a lot of good high quality information out there, like non-profits or even some good classroom courses you can take as an adult, outside of the classroom. >> isn't the problem that kids these days simply aren't interested in this stuff they don't really understand the impact for instance, when you join your first job and that company, you've got to make a lot of financial decisions right off the bat. when you're in the hr office, you haven't gotten your cubicle yet. >> that's part of the reason i was inspired to go into this field. the big stack of hr information you get. what do you do with this

if we can help people understand what to do, how do you maximize, that's a regret i have, not taking the first to compound that money and look at that. we want to help people get that. >> i remember the one thing my dad told me dwroeigrowing up, hs the financial planner. >> you had a leg up. >> i did put that money in the 401k get the corporate match. would that be the number one piece of advice for this class we're talking about as far as you're concerned or other things you think are more important >> there's another one that's essential. be ready for a setback it will happen to you. just get ready the hot water heater going to explode. you're going to have a flat tire be ready for that. every single deductible you have from your car in your home, at least have enough. >> i take your point but it's overwhelming. >> there's a lot of information

out there but if you start early and start to understand these concepts and you demystify the topic for people, start explaining what these words mean and developmentally appropriate point and age, that helps people get a good foundation so that they can seek out high quality information. >> even starting small a lot of people saving for these different things and barely enough money to eat at this point or put a roof over my head. >> that's right. that's how we grew up in eastern kentucky where i'm from. putting food on the table. but if you can help people start to overcome and start to understand how do you prepare, how do you plan for that we think it's a great win and we want to help people be empowered with information, so that they can make the choices for right for them not the choices i think is right for me but the choices they think is right for them. >> shouldn't there be some kind of course or kind of mini course at the high school level that goes over the basic kind of concepts compounding of interest, explain what 401k is or to get access to something like that if you don't

have a big corporate employer, do we need something like that to be rolled out >> absolutely. and the younger, the better. but essentially, for high school students because when you get out with the first job, you want to be ready but having high quality financial education in the classroom from an objective point of view is essential because high quality financial education has shown to improve college borrowing. it's shown to house people with lower credit card balances as they graduate. it's proven. it's there so let's use it. >> great advice, billy, thank you. >> thanks very much. if you want to read his op head we mentioned at the top of this, go to cnbc.com/investinyou cnbc is investors in acorns. >> up, the tasting menu. the next big social media network. meatless chicken nuggets ♪

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welcome back the "power lunch. a taste of the other stories fortnite bringing battle royale

to social media. house party while details are scarce on how to integrate the platform, it is clear this is an attempt to attract some more teenage users because, of course, their core audience, the people who play fortnite, they spend a lot of time on this already. >> this is totally fascinating you have to wonder, this was sometimes one of those things you said, okay, what if any possible start-ups to make an dent on snapchat, for example, it was house party so now it's going to fortnite. that's a pretty interesting parent company if you're snapchat, do you feel better or worse about the competition? >> i feel mortified. i feel very scared if i'm snapchat or twitter, netflix specifically cited fortnite as a competitor for eyeball time that's only going to increase here. >> agree. >> house party with it. >> this is very clever tyson wants to play chicken with beyond meat. the company announcing new plant-based nuggets. i think pea based.

unlike beyond or impossible burgers, part meat and part plant. down earlier today but now in the green and we'll have the tyson cfo on "power lunch" next week to discuss. >> the chicken is all fake, excuse me. >> the regular regular hick chi? >> the nuggets >> pea protein is what they're made of. but the burgers is sort of an interesting concept. less cholesterol and that stuff. >> it's unclear to me what people want. do they want just the plant-based burger do they want something healthy i guess they're saying there's going to be something for everyone >> every time the u.s. women's soccer team took a shot on goal and scored at the world cup patrons of one bar took a shot of their own american social in miami offered customers a good deal. free shots for every u.s. goal they scored 13 i hope no one actually took full advantage of that offer because that would be terrible >> who's in this bar taking shots when they score?

clearly -- are you following these games? >> no. >> yeah. but maybe we're not the -- >> we're definitely not the audience for soccer or the bar another day another hot ipo. shares of fiverr soaring what will tomorrow bring chewy.com. leslie picker's here with the details. hey, les >> early accounts indicate there's greater than expected investor demand for chewy. they boosted their price range by 12% yesterday at the height of its new range chewy would raise 117 million sxds petsmart would raise another $756 million that's because petsmart bought chewy two years ago for $3.5 billion and now is turning around and ipoing it for more than twice that valuation. now, petsmart will still maintain control over chewy with 70% stock ownership after the offering and thanks to a dual class share structure it will continue to maintain voting control even if chewy sells more stock to the

public in the future the pet industry has been growing rapidly and chewy has benefited from that trend with the top line growth rate of 59% last year. but the company remains unprofitable and faces steep competition, namely in the face of amazon which has recently made a push into the pet space now, i'm told the meeting to determine chewy's final ipo price begins today at 4:30 the stock will be listed right here at the nyse under the symbol chwy and will begin trading tomorrow >> all right, leslie, thanks m to feel compelled to explain every absence or every time they go home early his post on this topic went viral. he joins us next and stay tuned for a big interview on "closing bell." former disney ceo michael eisner at 4:00 p.m. eastern time. we're back in two.

time to kick off our new summer series "power lunch" going to work. we are taking a look at the everchanging face of the workplace and highlighting some of the companies and industries leading the way. and today meet an advertising exec. who wrote a linkedin post that went viral. he said he didn't need to know when his employees had to leave earl for a kidsk soccer game or why they need to work at home telling his team to stop apologizing for having lives president of a company in chicago, he manages a team of 175 people thanks for being with us >> thanks for having me. >> what prompted you to write this post? >> there's a couple reasons.

first of all i think we all sense this anxiety in the workforce, i certainly have, about how to balance our work selves and our personal selves and so it's something i wanted to address not only for the people who work for me but also as a reminder to myself that i need to be better at that balance. the second thing is i wanted to put something out there for other leaders to kind of live up to, kind of, you know, a challenge to them to be better, lead with empathy. >> as a boss don't you want to know where your employees are? if it's the middle of the day and they're not at their desk. >> you know, i hire people who are good human beings, who are accountable, who are of high moral character and standard and how they get their work done as long as they are accountable to their teammates and they're making our clients happy, then i'm not interested in micromanaging them that's not my job. it's not actually what i'm very good at. >> do you get, ian, a lot of e-mail traffic from people who are saying hey, i'm leaving but i'm going to be online after dinner or hey, i'm running are they doing it for them or are they doing it for you?

>> i think they're doing it because they feel guilty because that's how they've been trained to operate throughout their careers. and they're doing it so that i know kind of what they're doing and where they are and why they're not physically in front of me. and i get it all the time. i've now trained people in my office to stop doing it because it's just not interesting to me. i'm not their parent and i trust them to get the job done that's why i hired them. >> what has been the reaction to this post within your company, particularly by managers, and at wpp, since wpp is the parent company? >> so my boss shane has been magnanimous in his praise and his support for what i wrote he's sent it around to the entire company he's celebrated it i really appreciate it funny enough, the people who i work with every day were very kind of nonplused about it because i think they see the behavior every day so they thought to themselves, yeah, that's the ian we know, nothing surprising there

it's been -- the reaction's been great. overwhelmingly positive. >> potentially the trade-off from this is this trade-off that this idea that employees are always available or some may make up those hours at work by being at home in the evening after the kids are down or on the weekend. and we've talked about that here before of what's better, would it be better to say i'm only available to you during working hours, leave me alone otherwise, or hey i need some flexibility but that need to be available can also kind of gnaw at people a little bit do you see there's a trade-off between you don't have to be here but you do need to be available? >> of course there's always a trade-off. and we have clients and we have colleagues who we are accountable to but i think everybody has to set their own boundaries and has to establish how they work the best and then they have to communicate that to their bosses, to their employees, to their colleagues, to their peers, to their clients. there's no one way of doing it for every single person. everybody's an individual. >> are you seeing results of

this management style, ian are employees, for instance, staying at the company longer? >> all i know is that throughout my career this is how i've led and i've maintained incredible relationships with people who've worked for me for years and years and years and we have great relationships outside of work and i think to me that's the ultimate testament to how effective this style is. >> i've thought about just walking off without thanking you. without explanation. >> because you've done your work and we don't need to know where you are. i need to know where you are >> ian, thanks very much >> thanks for having me. >> ian sohn joining us from wunderman in chicago check please selena gomez says she doesn't have the instagram app on her phone. why is this causing a stir because she's the actress with 152 million followers on the platform she recently spoke out about it having a bad impact on mental health apparently she's pretty serious about this >> good for her for taking a stand.

she's not hooked into the whole thing on the i.g >> but should she delete the account? or what would be the point in that >> she can do it on her pc >> she has people for that >> thank you for watching "power lunch. "closing bell" starts right now. good afternoon welcome to "the closing bell." i'm wilfred frost at post 8. coming up a rare and exclusive interview with the two decade long ceo of the disney company michael eisner >> i'm sara eisen. welcome, everyone. we're going to tell you everything you need to know as an investor before the market close. let's start here with what is driving the action higher. the dow is up a little more than 60 points. oil prices are spiking after a tanker attack in the middle east this morning consumer stocks are rallying and bond yields are sliding. joining us for the