gregre cigarettes or it's done outside the united states. that looks like it would be well positioned here as well. >> i have to leave it there. thank you both very much >> that does it for the exchange thank you very much. welcome everybody to "power lunch. we begin this hour with breaking news on google more than 30 state attorneys general are starting an antitrust investigation into the parent company alphabet. there live look at the supreme kpor court. a press conference is set to begin shortly. >> reporter: the state state's attorneys general are podium >> there will be opening remarks followed by the other ags. we'll open it up for a brief time of question and answer. i'll stay around as the ags have

to leave and try to help you the best i can general paxton from texas. >> thank you all for being here. pretty remarkable day. i never thought i'd be standing in front of this many cameras in front of the u.s. supreme court. thank you for being here i want to thank my fellow ags. we have 50 attorneys generals from across the nation who are involved in this investigation that we're leading from texas. i can't tell you much i appreciate their support and interest >> we're witnessing the press concerns just beg conference just beginning with 30 or many state attorneys general are gathering. let's get some insight from our tech panel and what to expect and the stocks impact. stephanie miller is co-founder brett, i'm curious in terms of what you're expecting from this, if anything in terms of a policy

implication. it's priced into the stock what is priced into the stock in your view? >> we look at the activity over the last year of the regulatory overhang and google is up 16% here today stocks barely budge today on all its activitactivity while we respect what's happening from a regulatory perspective, it's been the number one asked question from our investors for a year this isn't a new thing this is effectively was expected a lot of this is being baked into the stock if we believe there's concern over potential for revenue and downfall as well as more expenses because of this, but we do think most investors have already put this in their modl.l you see with more value names holding up remember google will grow 15% on trades at a mass iive discount

plus a $25 buy back. the biggest buyback they have had. they're ready for this >> my question is what exactly, there are a lot of unknowns in terms of the scope of the investigations and the potential result of the investigations whether it be policy being made on the state level or the federal level. when you say lots of people have prices into their model, what are they putting into their model? that's what i don't understand at this point. >> i think what most have put in is slower revenue growth and higher expense if you look at google's model they have been in a down toward trajectory remember every one is at risk. amazon, google, facebook no one will live alone on an island all these internet names are under the same duress. we believe a clear play book and rule book is needed.

once that play book is in, it's up to them to out perform. we think the big tech platforms will be better positioned. the small companies are going to be hurt if there's additional regulation that's the view from all the tech companies we're up visiting a number of tech companies today i think it's the shared opinion of all these companies we interact with. >> stephanie, let me turn to you and you can comment on the stock performance or more on the policy side of things. if what's going on here right now in front of the supreme court is anticipated, it's already baked into the stock, doesn't that mean effectively that there's going to be a mill stone around the ankle of alphabet for a long time into the future, and why would i buy it if that's the case? >> oh, man, it's just timing, right. i think everyone is expecting there to be regulatory risk and every one expects some degree of

maybe fines and make some behavioral remedies. i think the extent of behavioral remedies and the timing of them is where the opportunity or risk really is. i think that's like what most folks are trying to figure out when might google, facebook, amaz amazon, when mightthey not be able to take advantage of the current business operations that they are allowed to employ >> how long will it take for this whole thing to play out could be years, right? >> absolutely. the thing that's interesting about all the attorneys general coming together. the thing i think this reminds me of most is when the attorneys general sued the tobacco companies in the mid-90s that took about four or five years to play out and resulted in the 1998 master settlement agreement that changed the landscape of the tobacco industry this could be really interesting and maybe one of the more likely to move catalysts that i've seen yet. >> that comparison is interesting. in that case, obviously, a big

tobacco had the major public health fall out. with google has done rise to that level and if not, what makes that analogy useful? >> yeah, of course tobacco companies aren't doing anything to help us. it's about minimizing the harm to our society where google, facebook, many of us consume products and services because we like this and most consumers don't necessarily want a big change here. it's not necessarily the amount of harm or egregiousness relative to the template and how fast you move. sometimes these attorneys general can move more quickly. >> why would you want to invest in google now or alphabet? when they posted their most recent quarter, it was powerful and some thought maybe the stock needs to be re-rated

we haven't done too much by stock price since then what will get alphabet out of this funk and beyond the regulatory concerns. >> two reasons why tyler should invest look at microsoft. there was a ten-year overhang. the government was going to break the company up office was done. microsoft is one of the largest market caps on the planet. they are crushing it they're doing phenomenal google trains at ten times when you're trading at discount to the growth, investors start to go wait a minute, this is a discount to its growth i think there's historical precedence this passes through and ultimately this is not just against google this is against everything >> let me push back a little bit. i appreciate you telling me why i should buy the stock i love that.

as i recall the microsoft case, the regulatory threats to microsoft were settled many years before the stock took off. it took a long time, like ten years or so before that stock really got a candle under it >> the risk is this is in a holding pattern for a while. again, when i go into meetings globally with our clients and they say, look, it's the number one question on their mind, this has been on the minds of every one. this is baked in i'm taking it more from a stock. the stock has done relatively well here today. it's definitely lag some of the other big peers but we believe they are putting a foot forward sth to show they care about investors and haven't done that aggressively the buy back is the biggest buyback they have versus cumulative years route has come in from morgan stanley. i think she's done a relatively

good job i don't think investors give her an a yet she's doing a good job of making sure the company is on the right footing and protecting from the buyback as well as from a regulatory perspective they've been living with regulatory overhangs for years i think, again, i respect what's happening. this is all good for all of us as consumers what the government's doing i'm not going to disagree with that ultimately we think a lot is priced in. >> last question, stephanie. how big of an issue is this, if at all, for the 2020 elections >> i love that question. i think democrats can't help but talk about consumer privacy and all these issues they love it we saw when they were grilling mark zuckerberg they don't have an understanding of how complicated this would be. i think we hear a lot of talk and i think it's a great campaign platform issue but i don't see it turning into meaningful policy. >> okay.

thank you. >> thank you >> thanks. louisiana attorney general will be on the closing bell 4:00 p.m. today to talk about the crackdown on big tech. coming up, apple with a big product announcement tomorrow. we'll tell you what you need to watch for and chipotle shares have doubled this year "power lunch" will be right back you should be mad that this is your daily commute. you should be mad at people who forget they're in public. and you should be mad at simple things that are unnecessarily complicated. but you're not mad, because you're trading with e*trade, which isn't complicated. their app makes trading quick and simple so you can strike when the time is right. don't get mad, get e*trade and start trading today.

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shares of boeing are lower today after the doors blew off one of the planes during testing. phil lip jo phillip joins us. >> reporter: this is a story people will look at and say how did this happen. this is part of the testing for the 777x part of the development or certification is a load test it's not just on the cargo door blew out but it's for the entire airplane they put the plane through an extreme stress situation the faa runs this. the test is required for certification. the cargo door blew out. boeing said during final load testing static test airplane that was not in the air. the team encountered an issue

that required suspension of the test the testing conditions were well beyond any load expected in commercial service the event is under review and the team is working to understand the root cause. boeing tells me they are not changing the schedule for the 777x it's still scheduled to have first flight early next year, first delivery by the end of next year. obviously there's going to have to be another final load test conducted to see if that cargo door, any of the issues that came up during this test have been resoevered. >> we also wanted to you about this video that's going viral claiming sth ining show a drivra the wheel of a tesla. >> reporter: it's interesting. first of all, there's more questions than answers about this video this was shot on a highway in massachusetts. we assume this was perhaps within the last week, last couple of days it was posted on social media today. tesla is not offering a statement on this video that's

been put out there what struck me looking at this video, every 30 to 40 seconds, somewhere in that time range, the tesla auto pilot system, if you're not engaged is supposed to shake there's an udsabaudible alert. it's supposed to engage the drivere driver driver if this person slept through that, that's amazing was this really somebody asleep at the wheel did they realize they were being vid videotaped and put them up to doing this >> when was this feature introduced we don't know the date could be this video was shot before that. >> reporter: i want to say it was a couple of years ago that they first put that in remember, there was the high profile incident down in florida where a tesla model s driver had

the vehicle on auto-pilot. there was the accident with a truck turning in front of them the ntsb looked at this and said the driver, auto pilot was on but the driver was not engaged a number of safety features were put in one of that being if you're not engaged, if you do not hold that steering wheel ever so often then the vehicle will let you know the wheel will vibrate you will hear an audible alert they are let you know now are supposed to be engaged if you don't, the car will slow down on its own and safely pull over that's how it's designed to work >> all right >> thank you very much appreciate it. let's talk a bit about chipotle the shares are jumping hitting a record high following an upgrade and a whooping price hike. it's been rocketing this year and doubling in value as you see right there.

joining us now is the web bush analyst that made the call he has a $980 price target that's a 15% up side from where shares are trading right now what's going to take it there, nick >> we took a step back and said why are we seeing the momentum we're seeing we saw about a 100 bits or so. it's really just a phenomenon or reasons that could stain this momentum for the next two, three years. we took a step back. we looked at the digital opportunity. we think that chipotle can exit 2021 at a digital mix. that's before a couple other layers

number two the groupon initiatives. >> explain to me why digital is such a potent profit driver not just for chipotle but for other companies whether it's starbucks or what have you i'm asking because i'm wondering whether the digital user is just an existing customer who has discovered the digital app and likes it and might be more inclined to patronize chipotle more often than she or he might do it or is it a wholly new customer that it attracts. tell me why it's a potent driver >> it's both the way it's rolled out is loyalty. the bottom line is for every seven to eight digital transactions approximately 11 to 12 within the store. there's a difference in how it's

checked there. you get a free read up for every 11, 12 times you go to the store or six or seven times you order something online to be delivered or go there to pick it up. with the loyalty, they get your information as opposed to the third party marketplace keeping your information with that information much like the way starbucks as done it, they can tailor their offer to you. once they know what you do, what your habits are, what you like, what you don't like, they can push those buttons in such a way where you go there more often and order from there more often. >> nick, i'm struck by the fact you're neutral on the stock while it doubled and now you're going to the highest price target on the street is there a bit of catch up here? >> we were under performed then we went to neutral. we literally misunderstood the

dynamics of the second line. we thought the marginal dollar wasn't going to be good as they were we went to neutral once we understood that. now we have taken a step back and saying even though things are good, the valuation incorporates those expectations. believe the stock will continue to go higher >> i'd love it if we can put up a five year chart of chipotle. i can't think of another stock who has a better comeback story. here is a stock up 100% this year selling in the high 800s why don't they split the stock

10 for 1 you see any possibility they would do that? >> it's something that in the past it was more envogue what's more in trend now is to keep the big dollar numbers on the stock prices i wouldn't expect there to be a split any time soon. >> nick, thank you very much we appreciate it >> thank you hundreds of people sickened by a lung disease linked to vaping we'll have the details can stranger things brick people back to netflix we have that sto arynd a closer look at netflix stock on power lunch.

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welcome back to "power lunch" netflix shares higher today off an analyst note. they saw significant reacceleration in mobile app downloads this quarter thanks in part to "stranger things." is this potentially a turning point for netflix stock?

the stock had kind of a struggle lately whether it's because of disney's entry into this area or a reversal in some momentum trade. how do you see it now? >> on a very short term basis it's not a surprise that it's bouncing back a bit. it's coming off a very over sold condition. it was getting very close to its trend line going back to 2016. the fact that it's bounced on a short term basis is not a big surprise the dhart realchart doesn't loot all. it's been stuck in a wide range for seven months the bottom end of that range was the movining average. when it bounced back it got right back up to that line and rolled back toeover to lower lo. follows that up with a lower high and a lower low that's not real god od at all. it's not a stock i'd be buying

>> boris, obvious l lly netflixd have a fall in its growth. the story hasn't changed all that much in terms of its business maybe not to account for a drop in the stock from 420 down to 2.90 how do you see it now? >> you see a marketing dogma and the first mover advantage always owns the consumer. nike gave them a run for their money. i think disney will do the exact same thing with netflix. disney's content, marketing and product and ability to just out produce netflix will be very, very strong. unless they blow their roll out, you'll see some slippage away from netflix to disney and since netflix is so leveraged to c

subscriber growth, i think it will weigh on the stocks to me any bumpin the stock right now is an opportunity to short. i would never short. it's a very volatile i think it's an opportunity here to get short rather than long. >> all right a lot of work. people will have more than streaming app but maybe netflix is kind of losing its exclusi exclusivity premium. head to our website for more trading nation back over to you thank you very much. ahead, we are less than 24 hours away from apple's big product event. we will lay out everything everything you need to know. the cdc has issued major health warning on e cigarettes after another vaping death what this means for companies like juul. new details emerging around

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welcome back here is your cnbc news update. at white house president trump honoring police officers and civilian who is responded to mass shootings in dayton and el paso last month. he called all of them heroes >> when evil showed its hideous face, americans of all walks of life rose up and defied fear they stared down death to

protect the innocent and stand tall, they did, just for righteous and for good >> 14 people were killed and 19 injured when a bus overturned. it's not clear how many people were on that bus police and military rescue teams were dispatched to search for the missing. thousands of people wave palm branches as pope francis made his way to a peace monument an estimated 100,000 people attended that mass the pope urged the country to help its young people benefit from its recent. >> you're up to date melissa, back to you thank you very much. leets take a check let's take a check on the markets. there's a lot of interesting moves going on beneath the surface. the dow is up and the nasdaq is down by 45

we're seeing out performance by the russell. f financials are up by 1.6%. take a look at some of the recent ipo shots slack down more than 11% zoom pinterest and beyond meat also in the red. oil prices are just off their best levels of the day bucking that overall turn in other markparts of the market. almost 2.5% upside $62.59 the moves come amidst a power shift in the saudi arabian energy market. he indicated no shift in saudi production policy and a willingness to stick to those agreed upon production cuts and

those goals set by opec. geo political tensions in the middle east on the rise. back over to you thank very much. >> reporter: we now have a clearer sense of how tweeping this action will be. 50 attorneys general, 48 states plus the district of columbia and puerto rico are announcing this investigation into google over concerns of antitrust two states are not participating. california along with alabama. the state attorney general said they are acting as one in this they are republican. they are democrat. theydisagree on many issues bu on this one the concern about google's dominance they are acting with a unified voice. they said that so far, the initial investigation has focused on google's advertising business and they said they have

already issued civil investigative demands for google to hand over documents related to that business that during the press conference some of this ags talked about their concerns in terms of privacy and terms of user data, in terms of search bias those are all things to watch as this investigation gets under way here again, 50 ags a part of this investigation into google about anti-trust >> are the state ags working along side the doj >> reporter: what google said was the department of justice had been asking about past antitrust investigations that google had undergone there are parallel efforts that are under way here the state ags and d.c.'s ag said

they are an independent bunch. they will pursue their own investigation. they will act as they see fit and coordinate with the doj as is necessary it is notable that these efforts are occurring separately even though they are related. >> thank you very much apple with a big product event tomorrow new phones are expected to be unveiled what new features might we expect josh joins us from the apple store in palo alto >> reporter: apple will stay tight lipped about what we'll see tomorrow but here is what we expect three new iphone models. the updates we're looking for maybe a faster processor, stronger water proofing and shatter resistance the big question for investors is price what is tim cook going to charge you for these new models we're looking for a new watch.

wearables are a bright spot for apple. services too it's been six months since apple introduced those new services. investors are waiting for key questions to get answered here on apple tv plus the new streaming service, what will be the price of that service and when it will be available. all of this comes as apple is now rebutting a lot of this new report that says apple and fox con violated chinese labor laws. apple is pushing back against a lot of that report saying that its workers are fairly compensated appropriately and all is voluntary and there's no evidence back to you. >> thank you very much we'll be monitoring that event all day tomorrow with that event just around the corner, what is wall street expect from the launch of these new iphones? joining us is mike olson he's got an overweight on apple and a $243 price target. are yo yo what are your expectations for

the pricing of these markets >> it should be lackluster as far as the new feature and i think the pricing will be about the same there's been a rumor of potentially lower price device the company dropped the iphone sc a couple of years ago i think there's a good chance they will come out with allow lr price device i don't know if it will be announced tomorrow >> you say lackluster and you mention the last upgrade cycle was for the six plus which was in 2015. that's ancient history at this point. al those phones last year, the shares are still down from the 5 52-week high what will it take to move the needle at this point why haven't we gotten detail about tv report service that they could be launching in a month or two

>> i think the big thing will be 5g as it continues to get crafted into the investor narrative over the next few months and already has to some degree we're focused on less about tomorrow we want to start focusing on 5g which will be the next upgrade cycle. as far as apple tv plus, our expectation is that will be fairly immaterial to the story for some time and possibly for ever our expectation there is we're not going to see a lot in the way of incremental new content that push people to shift from new services if it's a situation where we have multiple services that people are subscribing to but it's probably not going to be one of the top services. >> sounds like the phones will be snoozers. i'm wondering what isapple's strategy for launching this phone when everybody knows 5g,

the next upgrade cycle, that will be the main event >> it's a good point you may have a situation where people look out to next year and where more awareness is rising we did a couple surveys of more than a thousands iphone users in the u.s. we asked if they are interested in buying a 5g phone year at something like a $1200 price point we found that more than 20% of users are interested in such a thing as awareness rises and the phones are lackluster near term iphone units are unlikely to be dramatically positive. we do think that services and non-iphone defenses can help bui - devices can help build a bridge. >> one more time because i'm thick, what is the attraction of a 5g phone what will it enable me to do that i can't do now on my android or apple phone >> reporter: there's a couple of

reasons. i read my research i think there's a quarter of them entering 5g there is interest. you'll get the ultra fast download speeds and lower latency. you get faster connections that's a big deal for gamers >> for gamers, like me the latency question is multiple users trying to get through the same pike at the same time do i understand that >> reporter: it's faster connection there's less hiccups it has attraction for a number of things. i point out gamers because that's front and center. i think mike is right. it is muted for what we'll see this year. when you look at total iphone units, he thinks you'll see 63.5 million. that's down 1% from a year ago

a lot of investors are already turning their attention to what we'll see 12 months from now >> are we going to be disappointed when it comes to apple's calendar year fourth quarter like we were last year if the phone will be lackluster and people are waiting for the 5g upgrade we have softness in china and definitely softness in hong kong are sweating up for a repeat of last year's holiday quarter? >> that's a possibility but i think the difference is this year is you probably see apple getting to some degree a free pass from a lot of investors saying we don't care about the next couple of quarters because we're so focussed on the 5g phones >> thank you rick is tracking the action. >> if you've been watching european bond, believe it or not it seems they are leading the

correlated charge to slightly higher rights. august 1st chart let's look at what's going on in the u.s. there would be three week high in closing yields. let's look at boon yields. they are at four week highs at minus 58 uk, 133 also five-week high yields and let's go to what's going on on the front side you can see minus 28 basis points but that's a four week high finally, with all the issues regarding brexit and questions regarding europe's biggest economy, you look at the euro. testi definitely not in favor of the eu euro tyler, back to you >> thank you very much coming up, a good day for at&t bad day for cronos and the wepo of the humble chicken sandwich we'll be right back.

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new pressure on juul and other e cigarette makers as there's other reported cases of

a mysterious lung disease. juul has gotten a letterfrom the fda about its marketing. >> a lot of ground to cover. the cdc isn't naming any names but juul is in the hot seat. even the first lady tweeting about vaping saying she is deeply concerned about the growing epidemic of e cigarette use in our children. her comments coming after the fda released a warning letter over the company's narcoticing practices. juul has 15 days to respond. juul telling us it's reviewing the letters and will fully cooperate. the cdc is continuing its investigation into lung illnesses related to vaping. so far the agency is looking at 450 cases. many cases involve recent use of thc products smaller group reported using only nicotine products the cdc says no device product

or substance has been linked to all cases in response to mounting deaths juul says it's monitoring the situation closely. some say the problem is rooted in black market or copy cat products the cdc says it's still investigating that back to you. >> thank you did the world's biggest ipo get closer to becoming a reality this weekend we have the latest, coming up. interesting clock.

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welcome back oil jumping today as aramco gears up for its long-awaited

ipo. the new saudi oil minister discussing the massive deal, sitting down with cnbc contributor, halimacroft over the weekend, discussing fears of waning demand. >> with regard to slowing demands, the jury are out. i was just asked a few minutes ago, i think you were here, the question about the iea projections. and i told the respectable reporter that if i were to be concerned with iea projections, i would probably be in prozac all the time >> halima croft is with rbc capital markets and joins us now. great to have you with us. this is a first time a member of the ruling party has been appointed to this position what is the significance in relationship to the aramco ipo >> well, i think it's really important, first, to specify the

fact that while prince abdula z abdulaziz, he is a long-standing politician he is the expert in the room in terms of the saudi aramco ipo, i think it's full steam ahead with the ipo i think there had been some question markets about the previous oil minister's commitment to the ipo. and i think we're in a situation right now where mohammad bin salman has the team in place he thinks he needs to get this ipo off the ground >> when you say questions about the commitment to the ipo, do you mean questions to saudi arabia's commitment to opec's promises to cut production and therefore the commitment to the ipo? >> no, i think, actually, he did a masterful job as oil minister, steering saudi arabia and the rest of the opec producers through the price downturn he was very vigorous in saying

saudi arabia would do whatever it takes i am more talking about in terms of support for the ipo of saudi aramco i think that the move that we saw with his removal first as chairman of saudi aramco and now with the new minister in place, i think it's a team that is seen by the leadership as more supportive of the ipo process. i mean, they want this in a very fast timeline. there are reports that they are looking to ipo locally in 2020 with an international listing in 2021 so getting the conditions right for that, i think, will be the challenge of the new energy team >> helima, what's it mean for the oil price, which was rallying today on the back of this and does it tell us anything about the kingdom, these moves >> i mean, i certainly think it tells us, again, what the crowned prince is looking to do in terms of a strategy on aramco you know, the aramco ipo is absolutely essential to the diversification drive, to vision 2030 it's a cornerstone initiative. in terms of oil price, i think,

really, why the market has rallied is the sign that nothing has really changed in terms of that policy. there had been some question marks when the move was made about whether the new minister was committed to continuing with the cuts and he was very clear today, both in the interview he did at the energy in congress and his press statements that there's really not going to be a change in oil policy. what he did say was that he's a consensus builder within the organization so he's looking to basically forge, you know, more partnership and cooperation amongst the members, not necessarily take a heavy hand in dictating policy to members. and that's really interesting, because we're going to a very important opec joint ministerial monitoring committee meeting this week on thursday in abu dhabi. and there's certain countries whose compliance has not been terrific >> helima, thanks for joining us helima croftoing u jnis from abu dhabi. >> thank you >> and don't go anywhere

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this is what medicare from bluecross blueshield does for ava. and with plans that fit every budget, imagine what we can do for you. this is the benefit of blue. check, please! >> all right this is an interesting story at&t shares moving sharply higher today as much as 10% after activist investor paul singer's eliot management took the $3.2 billion stake in the company the activist investor saying that at&t could be worth at least 60 bucks a share i believe that's by the end of 2021 also question the company's acquisition of time warner they remain cautious on the

benefits of this combination they say they should pay down debt, increase share buybacks, and get more focused on the business, and possibly even break it up. >> do we think they would have reached out to the company and the fact that this wasn't announced in conjunction or something like that suggests that there was push back from stevenson and the management team or -- >> i don't know. at&t did release a statement later on saying they look at all shareholder proposals. >> we're always in the best interest of shareholders >> exactly >> and they do have a lot of debt >> a lot of debt >> a lot, a lot of debt. >> interesting, nfl kickoff weekend continues tonight. big story in minnesota where the vikings interestingly have introduced a new sensory inclusive space at u.s. bank stadium. vikings won, i believe, yesterday. 2019 season, new space is for fans with autism, down syndrome, ptsd, or other conditions that

need them to be in a quieter space. you can go to this room and get noise canceling headphones and the lighting is different so people who have those disorders can find a calmer space. >> that's great. in the meantime, the nfl better hope they have loud, full stadiums for the rest of the season >> exactly >> thank you for watching "power lunch" >> the "closing bell" starts right now. welcome to the "closing bell." i'm morgan brennan in for sara eisen here at the at&t post. that stock is jumping. we've got more on that stock and the rest of the market with just 59 minutes left until the close. >> and i'm wilfred frost good afternoon to you. let's look at what's driving the action financials, one of the leaders on yield moves and comments out of the barclays financials conference we'll have those details, coming up plus, a rally in energy coming as the new saudi energy minister commits to output cuts, and we get more details on that massive aramco ipo and a small ca