in the back half of the afternoon. >> go get them, jim. >> marathon petroleum. take your tow-hold in. seven times earnings what do you think we're going to run out of diesel fuel not me >> we might run out of time though, if you don't stop. [ laughter ] "the exchange" begins right now. thank you, scott hi, everybody. here's a look at what's ahead. another crazy yield sign the s&p 500 is now yielding more than the 30-year u.s. treasury bond that's only happened once before what's it telling us we will debate and a tariff hangover. we're going to talk to one distiller who's seen his europon profits sink to zero as trade wars continue. what he plans to do to fight that and who may be affected next plus, former denver broncos running back tyrrell davis is here who he's betting on this football season. we'll get into all of that but we begin with today's markets. and seema mody is here with

those numbers. the. >> here's where we stand at 1 pk eastern. stocks actually at session highs right now. the dow up 220 points. s&p 500 up by 17 and the nasdaq is higher by 28 three of the best performing sectors, retail, tech, and energy but it's the bond market that is also commanding attention. the u.s. yield curve inverting further and the bond yield breaking to an all-time low of 1.93%. in fact the average dividend yield of stocks on the s&p 500 of 2% is now higher than the yield on the 30-year let's talk retail as well. xrt, that's the etfor retail stocks is up about 2% just today. so it just speaks to the strength and outperformance that we have seeabn in retail stocks chicos, this is a small cap with a market cap of $300 million but better than expected earnings the stock up 18% and management on the call talking about how it's reducing its exposure to china and getting more bullish on vietnam,

india, and indonesia kelly, back to you >> and that's the theme today, seema. welcome to "the exchange." i'm kelly evans. the german 10-year bund yield hitting a record low of less than negative 0.27% overnight. meanwhile the italian 10-year yield falling below 1% for the first time ever. his parliament would be suspended until mid-october. the highly controversial move means the government will have less time to negotiate before the october 31 brexit deadline and the pound did fall sharply this morning let's bril down with these bonds with bob pisani. bob, is august over yet? >> let's hope so not only is the volume low it's lived up to its reputation. so we are rallying today but we are rallying into a bit of a news vacuum that's really what's going on. this is strange because bond yields are lower but they are stable. interestingly, bank stocks are up despite the lower yields.

economically sensitive transportation stocks which have trended lower, they are also strong the rest of the industrials materials also better. the worst performer of the one month by the way are energy stocks it took nearly a 2% rally in oil to accomplish that bulls cannot wait to get out of august, kelly. they are hopeful for more stable global economic data they are hoping from more help from central bank easing and hopi but the bears have got plenty of ammunition there is a growing list of new lows down here but particularly noteworthy are industrial and material names. 3m, fedex, caterpillar, textron, freeport-mcmoran >> bob pisani, thanks very much. now for the first time in a decade, the s&p 500 dividend yield of about 2% is higher than

the yield on the 30-year treasury flipping conventional wisdom toll they on its head. here to discuss that with me are paul christopher he is head of global market strategy and hugh johnson. welcome to both of you guys. >> thank you >> what emphasis do you place on this development >> yo want me or paul to answer that question? >> i want you, hugh. go ahead >> okay. look, the emphasis or the focus is clearly on the credit markets are on what interest rates are doing. what interest rates are doing is something than what we're hearing from chairman powell and the fed. whether we look at the 30-year or the 10-year is saying that the federal funds rate has got to be reduced a number of times. and when i'm saying a number of times, i am saying at least four times from current levels.

that's down to 1.125 now you're not going to get four cuts in the federal funds rate unless economic conditions are really bad >> but, hugh - >> so what the message of the fixed income markets is, is things are going to get really bad, perhaps in the middle of 2020 sorry, kelly, go ahead >> you bring up a really important point here when you say that the only way the federal reserve would cut rates that much is if economic conditions are really bad. why does that have to be the messaging? they're waiting for the storm to arrive that way and then reacting to it instead of moving now. couldn't they just say to everybody, look, there's not inflationary pressure across the economy. we have raised rates too many times. why does the message only have to be about this is a slowing economy? >> kelly, what the federal reserve is doing is what they always do. and they're looking through the rear view mirror investors are not doing that investors are trying to look ahead. that's why you've got two

different messages when you look through the rear view mirror like bob pisani was talking about, some of the consumer discretionary, the numbers from retail are pretty good you look at the economy, you look at employment, you name the variable it's not bad and it's hard to say something such as we're headed towards a real problem in the economy and we're going to reduce rates two, three, or four times. they're not going to say that. they're going to say -- they are going to imply as they have, that they may reduce rates once, but investors are seeing something entirely different they are looking ahead and they say things are probably going to play out a lot more serious than the federal reserve currently is telling us >> okay. paul, same qstion to you what's interesting to me about this idea that the 30-year yield is now less than the dividend yield is that the last time that happened was not 2006 or 2007, it was 2009. we were coming out of recession the last time this happened.

it was not some sort of warning sign of anything back then if anything, it was a sign of the major bull run in stocks >> we'd be careful about too many historical comparisons here, kelly. we agree that the market is saying something worse than what the fed is seeing. but we would venture to offer that what the fed is seeing or what the markets rather are seeing is that the global conditions are getting worse, not so much that the u.s. conditions are getting worse and that those conditions will continue to deteriorate in light of that expected deterioration the fed is still too tight even if they take out that final rate hike from late 2018, the dollar is still too strong that's a sign that liquidity is still too tight. they are going to have to cut more than once >> let me translate this to what you think investors should do here paul, you like real estate

>> we went back to neutral from being unfavorable because we think that yields probably have further to fall. and that's going to dominate the more negative fundamental conditions what we really like here is information technology, we like consumer discretionary we also like financials. >> hugh, last word to you. what do you like >> you got to move towards some defense in your portfolio. if you can't sleep at night, reduce your exposure to equities some and in the equity component of your portfolio, do a little bit of what paul was talking about by building defense and also overweigh utilities and don't forget dividends dividends are a real cushion in a bear market. i'm just saying build defense. >> dividends are front and center today they're more than the 30-year yield. hugh johnson and paul christopher. now to perdue pharma, the maker of oxycontin reportedly

offering the settlement could lead the company to declare bankruptcy and restructure with the sackler family no longer in charge, this comes just two days after johnson & johnson was ordered to pay half a billion dollars to oklahoma for its involvement in the opioid crisis. for more let me bring in lennie bernstein. he is health and medicine reporter and cnbc's own meg tirrell. and this is a pretty extraordinary offering by the sackler family, but can it go far enough >> that's a great question so this is not a done deal it's proposed. 10 to $12 billion sounds like a loft money but we are hearing some folks say they are surprised by potentially how small that is considering purdue's role or alleged role in the opioid crisis and just the markeis or spot they have headlight there with oxycontin will this be 10 to $12 billion, and how does that sort of translate into what we might see from everybody else? >> lennie, how should we think

about the potential exposure from purdue? what does the 10 to $12 billion offer mean to you in terms of possible financial outcomes? >> first off, just think about how complicated this is going to be for them to arrange they have to satisfy the 2,000 plaintiffs of the big federal suit in ohio and then there are 40 some-odd states across the united states that alsowant a cut of this money. and purdue has said for months and months that all the liabilities it faces could put it into bankruptcy they have made no secret of that whatsoever so their exposure is very, very high and what they need is a global settlement of all the claims, which is like herding cats for others, they're much bigger but they face the same issue >> right

and so oklahoma is first to settle not only would it file for bankruptcy, it would turn its into a public beneficiary trust. so, again, is that going to be enough -- the sums that you had previously mentioned, some people are speculating here, could be hundreds of billions of dollars, right if there is this massive multi-state settlement, this would be a drop in the bucket in terms of that. >> yeah. we had heard numbers of more than $100 billion potentially for this global settlement if all of the defendants, which are more than a dozen, came to the table and were able to reach this but again the herding cats issue is a problem now in terms of whether the 10 to $12 billion in all its various forms from purdue is enough, the other question might be, well, can you get any more if they're threatening to go bankrupt and they did that in oklahoma as well, they might be saying here take this or it's going to get a lot more complicated. >> it's a great point.

i wonder if people realize wait a minute you're going to you're going to go bankrupt well, what happens if more is demanded of purdue >> well, if more is demanded of purdue and they can't come close to meeting it, then i do think they go to bankruptcy court. then the plaintiffs and the state a.g.s have a big problem because then they're going to be lining up to take what they can get. the bankruptcy court is going to be in charge now they will probably spend the next decade chasing the sacklers and trying to get their personal funds. but, you know, i think both sides really understand that it's in their interest to come to some kind of an agreement now so that the plaintiffs get something and purdue gets itself out of this. >> and finally, lenny, where does that leave johnson & johnson which has much deeper pockets, and like people rob banks because that's where the money is, are people going to continue to go after them?

because they say we want more money to come out of this and that's where the money >> well, that's really a great question right now i can give you about five different theories but think about this johnson & johnson only put 1% of the drugs consumed in oklahoma they produced 1% of the drugs. what happens when you start to look into other places where they may have a larger role in drug production or what if you're another company that puts a lot of drugs othe street like a malincrot some of those people have a much more capability. >> sure. that's why we saw such a big initial reaction in the shares of this. lenny bernstein and our own meg tirrell. now with investors focusing on falling global yields, that trend was certainly evident in today's five-year auction. the yield 1.365% if you think the 2s and 10s are neck and neck, the 5s been way

lower. this is the lowest level in almost three years demand was the high yest in almost one year. here's what's still ahead on "the exchange. >> coming up, the tariff hangover we'll talk to a distiller whose business in the e.u. came to a complete stop as tariffs took hold plus, your move netflix. the competition is racheting up for the streaming giant. investors are noticing as the stock falls into bear market do theyneed a new strategy and peloton files its ipo and says music, yes, music, may be an overhang you're watchi this is "the ehae"n bcxcng ocn cd memory support brand. you can find it in the vitamin aisle in stores everywhere.

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welcome back shares of spiritmaker brown foreman are down today after the company missed sales estimates sayi saying the drag from tariffs hurt its profit margins, especially in european countries. my next guest is also feeling the pain from that in fact, his european whisky sales have dropped to zero as a result of these tariffs. i am joined by scott harris. scott, welcome to you. and what happened to your

european business? >> it kind of went away after the tariffs were announced >> wow so how much of your sales was it just a couple of years ago >> so, in 2017 we had about 11% of our total revenue was european business. that's a strategy that we had chosen to help expand our growth since u.s. market is pretty competitive. and then the tariffs in 2018 pretty much decimated that, and we ended up with zero in 2018. >> so have you had to lay anybody off? what's been the effect of that >> well, no. we haven't had to lay anybody off, and that's a great blessing out of this. but we haven't been able to grow as fast. we were planning to grow, add some more equipment, add about a million dollars worth of equipment to increase our production levels and add more people that would come along with that. and all of those plans had to be put on hold because of the slowdown that we saw from europe >> and those tariffs took you, like everyone, by surprise

as i understood, you had barrels ready to go. but why can't that product be sold in the u.s. >> oh, it can. but one of the problems is a lot of time people will come up to me and say, well, why don't you just more in the u.s.? it's hard to do because the competitive landscape in the u.s. is quite dramatically different than when we started ten years ago. ten years ago we were one of only a handful of distilleries in virginia. now there are over 70 in the nation there are easily thousands of distilleries in the united states now so you go to a new state like say nevada, and they've got a bunch of disrilries over there culturally it was a very simple kind of match for what we were already making in europe >> and there is strong demand in europe for american-made whisky. as much as of that has been a nice trend over the last couple of years, just in the past year, our whisky exports were down 20% because of these tariffs can you get any information from regulators or anybody about whether that market might be

re-opening or are there any other measures you can take like slashing prices maybe to save some sales in order to keep that market open >> yeah. i think your brown foreman numbers were really interesting. it's affecting big companies and small alike. a small company like us, we don't have deep reserves of whisky or money to do that so for the past year, we've been slashing prices and paying the tariffs ourselves to try to, you know, sort of maintain whatever market share we have over there. but that's a very expensive prospect essentially, we're losing money on all european sales. and we can't do that forever those are temporary measures as i have said before, we are kind of treading water and the only real relief comes is if they resolve the situation and resolve these tariffs. what do you think if these tariffs stay in place? they're 25% tariffs if they stay in place for the next couple of years for the foreseeable

future >> i think it's very bad we were just in the midst, we in the usa were just in the midst of a cocktail renaissance. all of our american-crafted bourbon and rye was becoming very, very popular here in the u.s. but also in places like europe and in asia and you'd go into bars in berlin or milan and people would be making these classic sort of prohibition-era cocktails with american spirits because they were fundamental in all. and all of that has now come to a screeching halt. in fact a lot of european producers and producers from india, japan, the u.k. are all making similar products to what we're making over here so we're losing not just market share but we are also losing mind share the longer we're not in that market, the longer it's not going to matter for us >> and you were right in the middle of a great one. thanks for telling us what's happening. it's really important insight. scott harris is the founder and manager of cotoctin creek distillery in virginia coming up, google is

reportedly saying good-bye china and good night vietnam plus, former denver broncos running back terrell davis says cbd is a game changer and it could've kept him in the game longer welcome back to "the

exchange." shares of auto desk are lower. the company lowering full-year guidance due to trade and economic uncertainty and that's drag the shares down more than 8% papa johns is higher on an upgrade. the investment bank bullish on the company's new ceo rob lynch. also raising its price from $60 to $42 and deutsche bank telling investors to buy shares of jet blue saying its 15% pullback provides an attractive entry point. also notes jet blue has a good balance sheet, a solid market position their shares just up under 2%. and now to susan herera for a cnbc news update hi, sue. >> hello, kelly. hello, everyone. forecasters now say tropical storm doran could become a category 3 hurricane before reaching the u.s. mainland the storm is verging on hurricane strength and battering

parts of the caribbean it is on track to hit the united states coast early next week the fbi says federal agents have raided multiple locations including the detroit-area home of united auto workers union president gary jones it's part of a multi-year probe regarding alleged corruption within the u.s. auto industry. it has, quote, fully cooperated with investors and saw no need for the search warrants. toyota announcing it is recalling 191,000 cars in north america and japan. the automaker is saying the air bags in the vehicles affected may not inflate properly in a crash. the recall covers certain 2003 through 2008 corolla sedans as well as 2005 through 2008 matrix halfbacks. and here's some good news for those of you who like wine a new study out of the u.k. says red wine in moderation could be good for your gut. a team of researchers from the kings college in london says it found drinkers of red wine saw a

higher diversity of helpful bacteria in the gut thanks to the micro nutrients in the skin of red grapes. cheers that's the news update this hour kel, i'll send it back to you. >> sue, thanks very, very much here's what's still ahead on "the exchange. >> coming up, it's the battle of the locals versus the tourists for tiffany. peloton opens its book to potential investors. another company is looking to move out of china and the chicken sandwich wars intensify it's all ahead in "rapid fire. woman: my reputation was trashed online.

i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. they were able to restore my good name. if you are under attack, i recommend calling reputation defender. vo: there's more negativity online than ever. reputation defender ensures that when people check you out, they'll find more of the truth, not trash.

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listen to cnbc live on your daily commute, on your alexa device, google assistant, tune in and the cnbc mobile app wherever you go, cnbc. let's catch you up on a few stories that should be on your radar today. welcome back it's time for "rapid fire. here to break down the headlines are robert frank, contessa brewer, and bill griffeth. and it's great to have you all here let's talk a little tiffanys which beat on earnings but missed on revenue. it reaffirmed its previously lowered guidance for the year. but this is the sort of important tell sales fell short of expectations

last quarter the jeweler citing hong kong protests and last tourist spending here in the u.s. as reasons. that's the same thing we heard from macy's, robert. >> yeah. and tiffany's benefitted from the fact that china is repate rating its luxury spending they want the chinese to spend on their luxuries. they ma they had strong growth in china, but the bottom line is that that hadn't off the u.s >> which is talking about how there's a lot of high-end sales that have been lagging anywhere you'd see in the chinese buyer show up and be sort of the marginal spender, that's now going away. >> hong kong is the biggest market in the world for jewelry, for wine, for watches. and that's going to start hitting those sectors and the upper end. and we have the fact that the u.s. consumer, especially on the high end, is just feeling a little bit anxious right now about the markets and global growth so they're not spending like they used to

>> i thought it was interesting that the ceo said they lost six selling days in'ing had because of the unrest and the protests partly because high-end customers, if they live in hong kong, they're staying home they're not risking going out and getting caught up in the madness. >> this has gone on in a much more serious way >> and the other thing i think that you should pay attention to but it goes beyond retail. we are hearing it from casinos, hotels, that this issue of tourism taking a hit is problematic for tiffany it's 12% of all u.s. sales are dependent on tourism dollars >> and there is a specific china issue where there seem to be, and correct me if i'm wrong, discouraging people somewhat from coming here and spending the strong dollar issue. there's even safety issues i mean, the other embassies, we have mass shootings. we have talked about this before they warn people about traveling to the u.s >> i was going to mention the 12% number, but she stole it

from me. [ laughter ] i get hotels i get some of the other industries that depend on tourism. but name me another industry besides like jewelry where tourism makes up 12% of your sales here in the united states. >> i was almost going to say the college industry >> and real estate >> the chinese consumer is the third of all luxury spending and half of that was done overseas so louis vuitton, all these companies depend a lot on that traveling chinese consumer the. >> we had kids that stayed with us on a student exchange program years ago from germany, and they loved it when the euro was stronger than the dollar so they could get a bargain. but the dollar is stronger now, and yet we still have tourists coming over to buy goods >> at least they are still doing it up next, peloton taking its first step towards going public by filing its s-1 paperwork. a lot of interesting business model nuggets and they are bring

leslie picker for that and they got less revenue, leslie, from the subscription business than i thought. >> yeah. only 20% interestingly from subscriptions. the remaining 80% comes from the sale of the hardware products, the bikes, the treadmills. but the treadmills were launched in 2018. and they do say that a significant portion of their revenue do come from those bikes that they are known for. i don't know about you guys. but have you ever taken a cycling class without music before >> right that's the big question. >> no. >> i've never taken a cycling class. [ laughter ] >> they're actually one of the interesting risk factors in centers around this day licensing and how much it costs to pay those royalties they were actually accused of engaging in copyright infringement by using certain songs without necessary licenses and so they're undergoing this ongoing litigation around this they say they plan to defend the

claims that were made against them noting that litigation is uncertain. but as you dig into their financials, it's clear that as more and more people as they get more subscribers and members onto their platform, they are paying more in those royalty fees that it's not just a fixed cost that they have year after year it is correlated to the number of people on their platform. >> it's not a great analogy. it just reminds me a little bit about how uber came to be simply because of the iphone. but that did not have the same risks obviously in terms of them having to pay a ransome. >> the s-1 tells you the bad news as much as it tells you the good news. >> you just have to dig through it a little bit. >> if they're saying we can't get the licensing for some of those songs, that is going to hurt our business. >> the bike is $2,000. and they're losing money they're losing $200 million a year for the first half on

around 900 million in revenue. >> it's a great point. what cost would the pike have to be >> you can't make money on a $2,000 stationary bike >> plus, you're selling the bike one time if i were investing in this, i would want the opposite to happy the hardware goes down 20% at least they have rising costs that can offset the cost of the music. >> what's interesting too is the stickiness they say that 92% of people who have ever purchased one of their products have stayed with it and are still subscribers to this day. but the bulk of those expenses, and we saw this double year over year came from sales in marketing which you saw a lot of times. you do see a huge tick-up in sales and marketing, research and development also a big thing for them as they continue to need to innovate to keep people in that peloton family >> my daughter loves the scenic rides through hawaii she does that every morning. >> i do the mountain trail

leslie, thanks very much we appreciate it leslie picker. >> i watch old movies. >> can you watch that on yours >> i just do it on an ipad >> but are you cycling while on the ipad >> i'm on the treadmill. up next, google is reportedly shifting production of the pixel phone from china to vietnam. google allegedly started converting an old anokaa factory to be able to manufacture the pixels this summer according to reports, the move is both because of higher chinese labor costs and also obviously the ongoing trade war between u.s. and china >> creating a lot of demand for skilled labor and what we heard from carl when he was just there is that this mad rush to try and find someplace outside of china and avoid not only the tariffs but the increasing labor costs and the uncertainty that is surrounded with having this dictatorial government it is an opportunity for vietnam, but it's also a crush

one reason why it might be easier for google is it because it doesn't have those massive production line like, say, apple does >> and carl highlighted this there is not a ton of capacity in that country. google specifically went and kind of got this old nokia facility with what they said were the skilled workers people got to move quickly >> google is not a player in the smartphone business. i mean, they're like number 19 in the world at this point so i think it's easier for them to make the move than it would be for an apple because the amount of production, capacity they would need would be far in excess of what google is after right now. google can go after a single factory and make that work, which apparently was already in progress there they had one that was available and ready to go. so they could be ready by the end of the year. and that's very quick. >> kelly's point it's important because the capacity issue, you have to be in now because it's only 95 million people china is, you know, more than ten times the size so at a certain point, pretty

soon vietnam's going to be at capacity >> and if i were one of these companies, i'd be acting fast. finally and back in this country, if you want to try popeyes new chicken sandwich, you better act fast because the fast food chain said they will be sold out of them by the end of the week. a chicken sandwich feud caused the sandwich to go viral even fake chicken sandwiches are not right now. kfc sold out of its beyond fried chicken in less than five hours of ist test at a single atlanta location >> what is it about chicken all of a sudden? >> this is the new york post this morning i'll hold it up over here. they have -- steve does a lot of their food reviews he says popeyes sandwich really is that good he talks about how it's impossibly juicy, super tasty, cheap, buttermilk breast on a fresh brioche bun. you couldn't come up with more

superlatives >> but then they ran out >> well, that's why. >> it's coming back though this was a test market, now they say it'll be back forever. >> do you know how much free social media they got out of this >> thanks to chick-fil-a >> and now panera is trying to get onto it. they are saying you are following this because you are looking for chicken. we have some and ours is organic. >> but at the end of the day, i don't care how much much traction they get, it has to taste good that's what's fascinating to me about this one if steve is right and the sandwich -- >> but it wouldn't have done that on its own. i used to cover cook if pepsi didn't exist, i would have had to invent them because rivalries generate publicity and everyone is saying is this sandwich better, and social media accelerated that everyone wanted to see and share. so it just exploded. >> $65 million worth of apex marketing says $65 million worth

of -- >> the way this fake chicken, i want to know does it taste like chicken? >> where's our taste test by the way? >> we need an atlanta correspondent who could have gotten there in the first five hours, apparently. >> he's happy to get on a plane. >> for food i will go anywhere vegetarians shy away -- and a lot of people shy away from red meat for health purposes but chicken is considered one of the healthy meats out there. >> unless it's buttermilk fried with pickles and mayonnaise. >> but people aren't really saying the beyond meats are all that healthy either. coming up, hall of fame running back terrell davis says cbd could've extended his career he's launched his own cbd line that he hopes others will be able to manage his pain. >> welcome thank you. >> you brought the football. >> i did

i brought your football. >> do you bring it everywhere you go [ laughter ] what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade

welcome back recently retired patriots tight end rob gronkowski in fact, my next guest saw this trend coming two years ago and co-founded defi, a company that just released the first-ever cbd-infused performance drink. retiring early from the nfl and what to expect this season is terrell davis. he is an nfl hall of famer running back with the denver broncos. so you had a lot of personal experience with cbd helping your migraines, your pain from sports is that right? >> yeah. that is correct. now when i was playing sbichlt so when i was playing i didn't even know anything about cbd, didn't touch, didn't understand it but after i retired, i've been beat up for a long time.

so i had inflammation. i had pain in my knees >> and you were runningback. people almost joke about guys make it a couple of years, like how long is his career going to be >> that's why someone like zeke elliot is holding on so for me it was like i played the game, i loved the game, but after the game i was beat up and i just couldn't find something that i was looking forward to kind of get rid of the pain and feel normal again because as an athlete, you are used to performing at a high level. so you're always looking for something to give you that edge to make you feel good again. i retired about two years ago and discovered cbd >> you had injuries, you had a couple of knee surgeries did you try to come back did you end up giving up what do you think when you see announcements from guys like andrew luck who just say it's not worth it for me anymore?

>> i understand 100% how andrew luck feels it is that cycle of rehabbing, injury, rehab, injury. it is a vicious cycle that you never get out of and so i went through from 1999 i tore my acl. i was struggling from '99 until i retired in 2002. it is a mental drain on you every day. you're trying to get that body back to where you were once before that injury happened and you can't find it. and so you're always just becoming kind of status quo. you get to about a five on a scale of one to ten. and then you're back it on a one. so the mental drain of it every single day the other thing that's big is your teammates when you're not participating, when you don't contribute to the team's success, you don't feel like you're part of the team and unfortunately we know in professional sports, if you're not playing, you're kind of -- >> you're just a guy out there and that's the biggest thing for any player is that you want to feel like you're important to your team. and you just don't feel that so when andrew walked away from

the game, i saw and i understood all of those emotions because i had those. he didn't want to quit he loves the game. but then you have to have an unconditional love, but you also have to have a mental -- like, not mental toughness, but you got to be able to sustain that love for it even when you go through all these downturns. >> so rob gronkowski also launched a cbd product this week a lot of these claims about cbd so far are unprove proven. this is a brand-new industry cbd from hemp is okay. why do you know or why do you feel confident enough to spend $8 basically for this drink? there is no thc. it's not the stuff that gets you high, just the cbd what happens -- is the science going to prove this all out? what's your personal experience? my personal experience is for me it has taken me to another

level. it's taken me back to my playing weight i have more flexibility in my joints, something i didn't expect is that it helped with my migraines. i actually was on migraine medication using that two times a day as a preventative. so when i read the research, was like, okay, it might help with some migraines i tried it and for a year and a half now, i had one migraine and i didn't have the full blown mag rain i believe in it. i talk to a lot of players and players have been using cbd for many, many years, way before, you know, the two years that i researched it. so there is a huge community of people who believe in this now the research has to further rightf the stuff out. and the fda needs to be clear about the regulations. so john, the pro tennis player is involved in this. because i think golf and tennis is where the cbd usage is kind

of okay. what do you think the nfl should be doing if what you're saying about how this could help is true >> i think the nfl is doing what they should be doing they are looking at it and they're going to be doing research on it to make sure that it is something that is viable they just can't make a quick decision and say, okay, we're going to get behind this they have to do their homework and i respect that they are not saying no, they are looking into it. and in a few years, hopefully this will be something that players will be able to use as a measure of taking care of the pain management, the inflammation, maybe sometimes you have -- you can't sleep. so maybe for relaxing you. so i think the benefits of this is going to be tremendous. we have yet to see no known really side effects. i am encouraged by what we've seen it's worked for a lot of players. you got to get my product though >> that $8 price tag

but thursday it kicks off, the season does. we'll see how your broncos do. and thank you, terrell very much for joining me terrell davis. well, it's been a very different year for shares of yed netflix. diz notice climbing, netflix has fallen about the same amount with disney to fall in a couple months, we will take a look to see what netflix has to do to stay committive com competitiveg up >>

. welcome back these are the most searched tickers on cnbc.com right now. guess what's number one, the ten-year yield, things have been sliding down a bit the latest check there you can see the dow as well, the s&p 500 and apple all rounding things up. as i mentioned the five-year note option, that space across the board. here's the fuller look, the two year at 4.14, the five year has been signature well below those levels, the lowest levels e level in three years is the highest demand in almost a year. coming up, netflix is at a

crossroads the competition is heating up. a look at what netflix needs to do to stay competitive next. so, every day, we put our latest technology and unrivaled network to work. the united states postal service makes more e-commerce deliveries to homes than anyone else in the country.

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about its next act and overall strategy the streaming movie "the irishman" reportedly won't be shown in most theaters the stock is down 20%. what's next? for more i'm joined by sara fisher media reporter at axios and sar-- julia boorstin. >> i think they want to tip toe the line in one sense they want it to be eligible for awards that's why you need to have it in the theatric cal release. >> that matters. it helps you build talent. it helps you build a brand and helps you establish yourself in hollywood with getting major studio production deals. but in the other sense, it does financially benefit you to just go to your streaming service it's helping you get and accrue more subscribers so that's why you are seeing these limited releases it's their way of together that line. >> julia, disney has gotten

glowing remarks with that dis filaunch coming up it really couldn't be going better for them at this stage. >> reporter: there is anticipation going into the disney launch. they showed us teasers, trailers for some of their new content. there is a lot of excitement about that a lot of questions whether that may cause people to cancel their netflix services. what disney has when it comes to new content is must-see content from these big brands, big franchise creators it will be interesting to see how that will impact netflix going forward. >> on netflix, they have quite a few fall films coming up do you think sarah is talking about, they want to get those in theaters are they okay with it being valuable content for the platform >> well, they absolutely do want to get them in theaters. i think the key is the reason they're not in more theaters is not that there is a strategy that netflix is taking the major theater change

the amcs, cinemarks. netflix would love to stream them for fans and at home the same day they launch in theaters, but the theater chains and the other movie kneer theaters want -- theaters want to protect the release >> i can understand that, sarah. so netflix faces a choice, they could have it baath ways, theaters and netflix they have to wait a few months >> i think to julia's part, if you look at the numbers, there is revenue going up. tech plateaued for them it's crucial they can maintain that exclusivity of having a 90-day window of how many films exclusively at the theater chains not just three or four weeks >> we'll see if it's a longer term trend

guys, appreciate it very much, sarah fisher and julia boorstin. and that does it for "the exchange" today. i'll go join mellissa for "power lunch" which begins now. >> here's what's new at 2:00 on "power lunch" stocks are up check out the bond warning of the yield curve that remains inverted the fallout is looking to settle after johnson & johnson paid up. and a shaq atech, hall of famer shaquille o'neill, he's in the house. he will be here to talk about his gig investment and all his business ventures and a little nba action, of course, "power lunch" starts right now. [ music playing we mentioned that the markets are in the green today take a look at the picture right now, the s&p 500 up 15 'r