to stay on the market. it's menthol, fruity flavor, straight the trump administration that's a huge problem for juul over the past year of their 3.3 billion dollar of saeshlles, mo than 80% came from flavors >> huge problem. thank you. appreciate your sharing your stories. thank you so much. catch vaporized at 7:00 p.m. eastern. "power lunch" starts now thank you very much. we will see you over here at "power lunch" in a moment. welcome, everybody here is what's new at 2:00 on a monday oil spiking. energy stock onss on a wild ride taken out in drone attack. we have the latest on that markets on edge as geo political tensions rise and the fed decision later this week loom large. we will break down the biggest

risks to your money this week and in months ahead. the major averages under pressure still about 1% from all time highs which we have not seen since way back in july the dow is on track now to snap an eight-day winning streak. down about a half percent for the dow. loss mitigated a bit "power lunch" starts right now from the would you say to wall street and oil hubs like houst houston, texas we have our reporters on hand to break down the impact. let's start with eamon. >> reporter: we're getting some headlines that are crossing the wires a about the iranian leader who is speaking in turkey right

now. r the attack on saudi arabia oil's facility was assault on yemen. this is the president of iran suging that these attacks were carried out not by iran but by the yemeni people. they are exercising their legitimate right of defense. the attacks were a reciprocal response a new wrinkle there as iran has been blamed by some in the u.s. administration for conducting these attacks. the president hasn't necessarily embraced the idea it was iran behind this all along. here is what rick perry, the energy secretary said in placing the blame in iran's happen flap

attack >> i want to reiterate that the yiet wholeheart ha-- united stas wholeheartedly condemns the attack on saudi arabia we call on other nations to do the same this behavior is unacceptable. >> you do have the secretary of energy and the secretary of state blaming iran directly using language that the president is not using if you look at his most recent tweet on this, he raises the question of iran's involvement but didn't understand that questi question the president laying out the question iran was behind this but not going so far to blame iran for this.

we now have the president of iran saying the attack was conducted by the yemenis mike pompeo saying there's no evidence the attack came from yemen. we'll see whether he has anything to say to clarify this communication gap where the cabinet secretary saying it was iran and the president not willing to go there. >> thank you very much the energy stocks are soaring on the back of this. > >> oil has been rallying there's been concerns out there. reports that damage to the saudi facilities may take longer to repair

they were strong at the outsets. the offshore guys are all double digits there's been a very predictable response where all is a significant cost component lower bond yields have been pushing up the utilities and rates one of the few outstanding sectors. before you get too excited about this 3% energy move, bear in mind xle is a huge underperformer still even with these rallies. it's only up 9% with the s&p up 19% for the year back to you.

thank you very much. for more on what this means for the energy market, let's bring in the president of lipow associations andy, let me begin with you. how long do you expect this facility to be offline and in so far it's roughly half, i gather, of saudi production? how much damage does it do to the oil market >> well, the damage assessment is still going under way i'm going to assume about five million barrels a day of oil production is off the market for three weeks. it consists of a lot of different equipment. i think some parts might be restarted earlier but there is significant damage to other parts of the facility that could keep it offline for months >> mike, how long do you see this lasting and how much of a

price impact, we've seen today's gain as one of the biggest in history as a shock to prices how long do you see the price level enduring at these heights? >> thanks for having me on i think we're hearing most reports say this is a three week deal in terms of down time we can quantify it for clients that say there's 5.7 million barrels off the market for a month. that wipes out 15% of the oecd oil inventory. that's a big deal. the question we're getting from clients is what's next i think all eyes are on the response from u.s. and saudi if we go after iranian infrastructure then we'll have another big up day like we saw today. >> what do you make of the moves and refiners that are up shocking amgshock ing amounts? is that an overreaction or sound fundamental reason for that

action >> we have some wild moves today. some names that are thought of as on the cusp on the refiners certainly it gets a little more come kplplic. saudi provides a heavy barrel. those will be hard to find it's going to go up substantially. >> does it justify, for people right now saying energy has been an awful place to be it's been a hard time making money. do i kind of chase these moves as this continues to play out or do you think it will be hard to justify? >> i can see it going both ways. we are seeing a lot of accounts on our desk today that's been historically, they're saying this could be the start of something here there's got to be a risk premium associated with oil now.

i need some exposure i agree with that. if you're not involved, i think you have to be a lot of these names are trading dirt cheap four times edd, the number of eye quality names. >> who replaces this supply in the short term much of it going to asia how will asia replace what they lose in imports from saudi arabia >> well, first they're going to rely on some inventory i would expect that russia could increase their production because they've been part of this opec plus group that's reined in some production.

the drillers are going to continue drilling and producing but they can't switch it on in the volume that we want. what i do expect is as prices continue to rise, you'll see a coordinated effort between the u.s. strategic reserves and those reserves and the eu and asia to make up the shortfall. >> let me ask the obvious question, i wouldn't be doing my job if i didn't, how much is gasoline at the pump likely to go up in price how quickly and for how long >> well, i'm expecting gasoline prices to go up 20 cent a gallon at the pump. it's actually starting today because we have seen the wholesale price on the pipelines go up. the racks which is the point to which gasoline is loaded to take it to your service station they are up 15 to 20 cents a gallon there will be sticker shock from the consumer really starting tomorrow but over the next week to ten days you'll see the national average going above

$2.70 a gallon >> interesting we appreciate your time. mike kelly, thank you as well. >> thank you coming up, the oil shock just adding to the list of things the market is worried about. what's the biggest concern for your money we'll have that next when is the boeing 737 max going to get back in the air the brand new head of the faa is joining us for an excluse teiew.iv (classical music playing throughout)

welcome back the markets are expecting another cut. the ongoing trade war with china, rising geopolitical tensions, looking at what happened to saudi over the weekend. what's the biggest risk for your money? welcome to you both. mike, you only get to pick one what do you think is biggest risk for this market >> i'd still say trade this is the one most disruptive for the global supply chain. it's also the one the fed is looking at a response. i'd go with trade still being the biggest issue. >> mike you're mike and michael, you're michael

the reason you posed the question is to look at what it would take for the markets to climb to these new highs and then higher from here. what do you think it would be? >> i think that trade is the biggest issue right now. if you look at the way economic expansions end, three ways the central banks tighten too aggressively like the fed. some type of government policy mistake like trade and lastly an kp factor and i think trade is the biggest issue or risk facing markets right now. i think what's interesting about that is the market is telling you that in may and august when the trade discussions kind of went off the rails you saw the markets react negatively and signs of positive sentiment you see the markets respond more favorably as they have in the last week. >> you just mentioned the three

things that cause economic cycles to turn the fed tightens too aggressively you cite the fact they have been cutting and expected to. they had been tightening and a lot of people thought too much too quickly. government makes mistake trade, arguably you got that third, arguably you've got an x exgeoneous shock what are the odds that the economic cycle is in the last innings of this global expansion and particularly in the u.s. >> if we look at the da last week, i wouldn't suggest it's on the horizon. retail sales came in pretty positively inflation came in above expectatio expectations from my perspective what's interesting is without the u. - u.s.-china trade conflict, i

don't think the fed would be reducing rates at all >> mike, what about you? we've had this big move upwards, does that make future cuts less likely in. >> i think what the fed will have to do, i think if we had some progress in the trade front it would probably ease the pressure on the fed and cut rates. as long as we're going to keep this as a backdrop and now we complicate that further with the stock and energy price, this keeps enough friction that it keeps the fed in place we're looking for about 25 basis points in fed. we think that over the course of the next 12 to 18 months we expect about 125 basis points cut by fed the fed is looking to extend this cycle and one way to do it is through the policy. >> to what you said about the oil, on the team it says it's likely to be dovish for the fed,

not hawkish. >> the fed looked through those and at what the economic impact is maybe a near terms like in terps of finished goods inflation. i want to be clear here about 125 basis points we're not looking for a session. we are looking at the fact we have seen inflation is frustratingly been below the fed target of 2% and that growth is now once again below trend the fed wants to make sure this expansion doesn't fall into jeopardy and wind up becoming a problem than a solution. that's why you will see the fed continue to ease policy. >> all right thank you both appreciate it. we talked about how interest rates had been on the rise let's get to the bond market and talk about the fall out from these saudi attacks. how do you see it play out >> we are seeing it play out

176 in a two year note which means it's down four basis points probably because there's a fed meeting that begins tomorrow if you look at two day of ten, tens are down seven basis points i guess the point is we have a big deal going on in the oil market when most people look up and see $62 oil or see seven basis points or six points of treasury it doesn't flash a lot of yellow lights after the ecb meeting the market was much more active andanothe thing, everybody worriies about rates and stocks, here is going back to the first day, eight sessions of tens versus the dow. you see they have gotten along nicely finally the dollar index, the beneficiary of the oil flights to safety but it's only up a little more in the third of a

cent as many traders monitor the nervousness, we continue to see that something like retail sales in the ecb action still seems to have the bigst outside effect in a lingering fashion on the treasury complex tyler, back to you thank you very much. we're just minutes away from the closing trades for oil on its biggest day in many a moon the closing numbers are coming up look at the impact it's having on oil stocks. exxon and chevron are moving higher west texas crude up 13%. that's dragging down some of the airlines could the oil issue be a head oued that keeps those stocks power lunch will be right back hmm. exactly. liberty mutual customizes your car insurance, so you only pay for what you need. nice. but, uh... what's up with your... partner?

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welcome back to power lunch. the oil rally grounding airline stocks jet blue and delta after an

attack on saudi arabia oil facilities this group was just trying to start to work a little bit better here and that cyclical value stock come back. this knocks the airline back how would you put it >> this is when you want to be buying airline stocks. kru crude oil average about an 8% sell off we could see crude oil topped around 65, $66 first i'm looking at united airlines we could see a move up to a trend line up around 96, 95 and a half then i'm looking at southwest. southwest is about the see the

50-day moving average. it's held the trend line support. that could bring a tail wind moving it up to the ballpark of 60 bucks i think these are opportunities to buy southwest has paired a lot of its losses already today >> obviously energy prices are just one input here. you have to evaluate where we are on the economic side and pricing trends in the group which does tend to look cheap. that isn't always necessarily mean they're a great value >> yeah. on our work they don't look terribly cheap we owned the group a couple of years back they got into our cell ranges and we got out it's not down much today we have earnings with fedex tomorrow this is a group that's been pummelled by trade we think there's more positive catalysts for that group less

dependent on oil than the airline. we're not in that trade. >> all right thank you very much. back over to you ahead, we'll talk airlines with the new head of the faa this will be his first on air interview since he's taken that position plus purdue pharma declaring bankruptcy what this means for the pending opioid cases against the again the streaming wars have been tough on netflix so far. today it strikes a deal to become the exclusive streaming home of seinfeld we'll explain more when power lunch returns. - at southern new hampshire university,

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welcome back here is your update at this hour the u.s. repeated its claims that iran was responsible for the attack on the saudi arabian oil facilities >> claims of responsibility have been made but as mike pompeo has clearly stated, there's no evidence that the attack came from yemen merging information indicates that responsibility lies with iran >> a group of women who say they were sexually abused by jeffrey epstein have suffered a setback in seeking money from the

government over a plea deal that spared him a lengthy prison term the judge ruled the government doesn't owe them money for failing to inform them about the 2008 deal. bank sy will go on display the painting is estimated to sell between 1.8 and $2.5 million. you're up to date. back to you. the dow, the s&p and the nasdaq all reeling from the saudi oil strike over the weekend. the dow down 132 point ps the the worst performer. it's under 3,000 here and the nasdaq is down 23. while the broader market is falling, there are some areas bucking the trend. namely the defense stocks. the etf, the transit space is popping on the back of president

trump's locked and loaded response ita up 1.2%. shares of raytheon and lockheeds martin jumping 2%. crude is moving higher into the close. let's get the latest >> wti up today. the trade at 62.70 a barrel. we haven't seen this big of a gain since december 2008 at one point it was up 18% that was the highest daily spike. futures for unleaded gasoline keeping pace here. they are 12.5% on the day. oils climb after this weekend's drone strikes. iran's president claimed the attack was the response to the aggression in yemen. tyler. the federal aviation

administration has a new person at the helm. he's facing one of the biggest challenges in washington that would be getting boeing 737 max jet back into service and convincing travelers the airliner is safe phil, take it away >> thank you steve, thank you for joining us today from the faa headquarters. let's get straight to this you guys are in the process of recertifying the 737 max the ceo of boeing says he believes the plane will be recertified and back in service by the end of this year. what's your take on the situation right now and is that an accurate estimate >> well, first of all, it's a pleasure to be with you today. as you know, the highest responsibility that i have as the faa administrator is ensuring the safety of the traveling public in the u.s. and

around the world that's going to be our absolute first priority in terms of getting the max flying again it's really safety first and we're not on any specific timeline we still have not seen the final system description and safety analysis from boeing we expect to get that in the coming days and we'll see where we go from there >> you know that a number of other countries and regions whether its europe, india, today the united arab emirates in terms of whether they would want to do their own test of recertifying saying we think the max is safe to fly the you think it's more like than not that the faa will recertify the max to play in the yi united states but it may be well into next year where it's sert fired to fly in other parts of the world?

>> this process has been transparent. we have involved an unprecedented number of safety authorities in this effort we're working very hard to ensure that every one is aligned. ultimately validating the work of other certification authorities is not anything unusual. we do it with respect to other certifications in other jurisdictions around the world i would welcome that additionally i would say we welcome the scrutiny we welcome the diligence of this entire process because ultimately it will make us a more effective safety regulator and raise the margin of safety in our system higher than it is already unprecedented levels >> steve, as you know, president trump has been very vocal about the 737 max. he has blasted boeing sand said just rename the plane. nobody will want the fly it when it's recertified do you talk with the president

about the max and what's his take based on your conversations with him >> i think that i'm qualified on the 737 as well as a number of other aircraft i'm anxious to get out to seattle later this week and look into this myself and see where we are with the certification process and i can guarantee you that the airport will not be flying again until i'm satisfied that it is the safest thing out there. >> tyler mathison. i know you're new to the job and maybe this is a little unfair but i wonder if you have identified any flaws in the process of certifying that 737 max either at the faa's level or within boeing's processes that may have contributed to crashes that took place?

have you put your finger on anything that you think needs changing >> first of all, it's a great question and with respect to the crashes first, first of all my heart and my prayers go out to the families these accidents should not have happened there does appear to be some common thread but it's very important we not pre-judge exactly what the root cause was. i think that this whole situation has provided an opportunity for us to look at our processes, look how the -- exam how the processes were executed and put in the appropriate changes that need to be put into place. make sure those are implemented. i look forward to doing that in the coming months and years. >> i also -- it's kelly here

back at headquarters have a question as well there's been criticism that the faa a and boeing were too close agency managers made decisions about the certification based on b boeings timing and budget needs. will it change going forward >> i can assure you my emphasis will be on making sure the safety bar is as high as it can be and in terms of my experiences in the industry, i will apply the same things i have learned in terms of regulating safety with the manufacturers as well. i think it's important that we are able to collaborate and i don't think that delegation per se is a concept is a bad thing i think it makes the agency a more effective regulator and it makes the manufacturers more effective and safer manufacturer how it have implemented in this particular case and in general,

those are the kinds of things we need to look at to make sure there aren't gaps in the processes and make sure it's tight as it can be >> this is phil again. one last question. when ever the max is recertified, you know and almost everybody expects there will be fairly large number of people who will say i don't want to get on it. if i book a flight on a particular airline, i'm not flying the max do you convince the flying public that the max is safe once you recertify? >> my job is to make sure that we follow every step of the process and that the airplane is safe for us to fly not only in the u.s. with u.s. pilots but around the world i will now allow this airplane the fly. that's my commitment

>> just to be clear, you'll be out in seattle later this week will you get in the simulator with the software and test it out yourself >> yes, i will >> i'll be interested to see what you have to say about it. i'm not sure you'll give us an update right way i'm not sure how often an faa administrator has tested out changes with some of the software with the commercial airplanes. tyler, kelly, back to you. >> phil, we see you're out in michigan near one of the plants that are on strike against the gm, the uaw against the gm what's the latest? what can you tell us about any talks taking place and how far apart are the two parties? >> reporter: with all negotiations, tyler, it's a little bit of taking what you hear from both sides and kind of distilling it down to saying are

they really that far apart there is a wide gap in terms of expectations when it comes to job guarantees which is faa wants and the number of teomp ra - temporary workers. temporary workers have allowed them to be much more flexible. that's what you want the uaw is saying we want those guarantees we want more jobs here in the yiet yes they are back at the bargaining table it may be we go several days, if not a couple of weeks before we see a deal >> all right thank you very much. we have some sad news to share. the long time auto industry journalist and friend of cnbc paul ingrassia passed away he spent many years as the bureau chief and later became the president of the dow jones news wire. in 1993 won a pulitzer prize for

his reporting. paul joined the network and this program many times to lend his insight. oduy aly friend and a real go gnd he'll be greatly missed

welcome back netflix landing major victory from the growing battle for content. it's acquired global streaming rights no the hit comedy seinfeld julia. >> reporter: netflix will stream all 180 episodes of seinfeld to its subscribers all around the world starting in 2021 that's when the deal with sony pictures television which controls the seinfeld rights kicks in it's moving to netflix from hulu amazon which has most of the foreign rights to seinfeld this is a big move for netflix after losing rights to two of the most popular shows streamed on its platform. friend s moving over to hbo max next year and the office is moving from netflix over to nbc universal streaming platforms starting in the year 2021.

we don't have an official price tag for how much netflix is paying for seinfeld streaming rights it is paying globally much more than the $500 million than nbc universal spent for the domestic rights to the office and the $425 million that hbo max is reportedly spending for those domestic rights to friends it is a bigger price tag but they are paying for the global rights as well interesting to keep that in mind thank you very much. coming up, purdue pharma filing for bankruptcy protection. what that means for the lawsuits its facing the rally taking pause as oil's big jump in price weighs on stocks. what do the markets need to hear from the fed this week to send 'locks to new highs? wel cover that when we come right back our money should always be working harder. that's why your cash automatically goes into a money market fund when you open a new account.

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welcome back purdue pharma is filing bankruptcy protection. >> we're told the attention of some states does turn to the family after purdue declared

bankruptcy i spoke this morning with joe rice of motley rice they are on onboard with the puu arrangement and they said they filed a motion now to sever purdue from that litigation and they'll continue to the suits against the other defendants he indicated this is ant done deal for purdue. it's the beginning of a process that creditors will have to vote on our david faber heard similarly this morning from steve miller there are a number of states that effusively object to the settlement, including new york that has sued individual members of the billionaire sackler family friday, the state's attorney general's office said it had tracked $1 billion through the families letitia james saying in a statement out just now saying, it shouldn't come as a shock that purdue's bankruptcy filings comes just 46 hours after my

office approved the lawsuits and the sacklers for their part says that they decade-old transfers and they're perfectly league >> meg, thanks very much >> thank >> what a saga here. the market stuck in a tight range as the s&p falls back below 3000, reacting to mounting global tensions. joining us now, fast money trader, steve grasso steve, welcome, good to have you with us. >> good to be here thanks, tyler zp >> is what happened over the weekend in saudi arabia likely to do lasting damage to equity values >> i can't see that happening. and, you know, it is pretty astounding how the market was allowed to get ahead of itself with the rotation, you saw them coming out of growth, going into value. at least those firms that were short energy had a chance to cover something last week, because this is a pretty impressive move, but i do not think it is lasting damage look at where we were. we're just in eye shot of all-time highs

so i don't think the market should have any problem with absorbing it, unless it cascades out of control >> the market momentum has been really quite something since late august, wouldn't you say? >> it has been sort of the unloved rally and the positioning rally. and when we hit that 28, 22 level in august, people got shorted that level so if they're getting short on the lows, it really has a rebound effect, where everyone was on the wrong side of the boat and now you have a couple of months towards year end, to really make up for those positions and reestablish what your longs should be and that's what we're seeing right now. >> you know, one of the big moves, apart from what's going on in stocks, where a month ago everybody was relatively certain that we were going to have a recession very soon. now, that seems much less in the cards. but the big move in bond yields on the ten-year -- i wouldn't say nothing short of shocking, but it's really gone -- it's

really moved >> isn't it amazing, tyler, that we were worried about rates spiraling upwards, and then we were worried about rates going below zero and now we're worried about them ticking higher and getting out of control the other way so i think it's a very humbling process for people who trade in the overall markets, but i think you have to stay the course. you're long the market, markets move higher. we're in eye shot of, as i said before, all-time highs i do believe that this little blip that we're seeing in the oil markets, the energy markets, is probably going to be just that trump is talking about releasing strategic reserves, where opec can cut back on what was their old supply cuts. granted, that's only going to be 900,000 barrels. but you still have the ability to catch this falling knife, so to speak so i think if you're slow and steady, worry about the fed, but we already know what we're getting there. it was going to be 25 or 50, now we're 25 basis points.

you're going to get a cut. be invested in the marketplace, and i think last week or two weeks ago, tyler, i said 2979 is the level to watch in the s&p cash we're at 2999. as long as we're above that, keep investing in the overall market below that, you have some support. but it really is in a tight trading range. i would stay invested. don't start throwing out things that you want to own in the long run. >> all right steve, great to see you again. thank you. >> good to see you >> steve grasso. >> why are more and more wall street billionaires buying stakes in sports teams the answer to that is coming up next on "power lunch." i get it all the time.

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only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ michael jordan selling off a big piece of the charlotte hornets to two prominent wall street investors it's the latest example of hedge fund money investing in sports teams. eric chemi has more. >> jordan is selling that chunk of the team to two new york hedge fund owners. daniel sundheim of ds capital for jordan, it's a chance to turn paper profits into real money. the team at the time was worth less than $300 million its value has grown by a cool billion since then he owned 97% of the team before the steal, so he still keeps control even after selling off a big chunk. he gets to add younger owners to his team with tech and finance experience that could help grow their business in the long run if you look at the buyers, it represents a growing trend of

wall street titans looking to get a piece of pro sports teams, even in the smallest markets like charlotte if you want to be a majority owner down the road, it's often best for these guyses to start with the minority stakes somewhere on some team so the league can vet them and possibly put them in line to take over the next team that comes up with a majority sale. for some, it's about ego joining the big country club for others, it's a financial investment as these team values keep on growing. look for more seniority deals like this. >> that's an amazing increase in value. >> and they're like the third cheapest team in the nba >> yeah. >> that's why a lot of these owners, experts are saying, let's say he sells $300 million today, he's now basically got the team for free from what he had to pay or whatever it was worth nine years ago so more of these guys are going to do h. the valuations of the team are so expensive that vigilance can't afford $4 billion teams. so you're going to need more people to get together >> i don't remember what marc

lasry and his partners paid for the milwaukee bucks. >> $550 as the time and people thought it was an insane amount of money >> and now they're all going for well over $1 billion in the nba. >> every team is worth at least $1 billion >> and it used to be that the owners were often real estate tycoons, some had made money in the car business and so forth, increasingly -- >> a lot of entrepreneurs. but now a lot of financiers. >> it's mostly wall street or the tech silicon valley guys those are the two groups that own all the teams now. >> the late paul alan owned a couple of teams and more >> and tyler mathisen will one day own a team >> it will lose money then >> speaking of the nba, tomorrow we'll be owned by tillman fer teeda. we'll talk to him about restaurants, the economy, basketball, and his new business book, "shut up and listen. he'll be us for the whole show, so don't miss that and before we go, you and i were both rising some eyebrows. what they're paying for seinfeld

at netflix >> more than half a billion for the global streaming rights to a program that has made probably at least that amount in syndication and ended, what was it, 21 years ago >> i'm glad that they made their -- the people -- the stars on the show made their money while they did, because they are making tons off of these shows now. it's unbelievable. >> "closing bell," right now welcome to the "closing bell." i'm here at the chevron post that stock is nicely higher. oil prices rising after that attack in saudi arabia, though the energy sector, one of the few sectors higher broader markets are lower. with 59 minutes left to trade. >> i'm sara eisen. welcome, everyone. let's look at what is driving the action lower right now it is the attack on oil facilities in saudi arabia oil prices and energy stocks are spiking on concerns of supply disruptions. those same geopolitical tensions have the rest of the market in risk-off mode. equity broadly lower, gold higher, treasury yields are slum