i think that's positive for >> skyworks. and pete >> mpc we talked about if earlier with jim. i own the stock as well and i still think you need to hold on to because even today they are buying up side the 65 calls went out in january, they are buying those -- >> great show, guys. i will be back with you tomorrow don't hold it against me i kn the exchange begins right now. >> i feel the same way thanks, brian. here's what's ahead. ale impeachment inquiry is official notes on the president's ukraine phone conversation are also out. and the markets are rallying we'll look at why and what outcomes investors are pricing in now also, wework isn't work out so well for jamie dimon and jpmorgan we're going to look at how intertwined those two companies are and what the recent drama at wework could mean for the bank's future ipo hoepsz. plus china's -- nike's hyena deal i should say under investigation. the peloton of cooking and snap doubles down on -- we begin with

eamon javers at the u.n. eamon? >> yeah, kelly, the president's been tweeting a lot about this ukrainian investigation insisting he did nothing wrong one of the points the president's making is he's saying there was no quid pro quo, that is, he did not he says hold back ukrainian military aid in exchange for anything from the ukrainians in terms of an investigation from joe biden that's why this section of the notes here of the conversation between trump and ukrainian president zelensky is going to get a lot of attention here's the conversation between the two men. zelensky says -- starts talking about defense and a particular type of anti-tank missile system he says, "we are ready to continue to cooperate for stenz specifically, we're almost ready to buy more javelins from the united states for defense purposes." the next thing according to the notes that the president says after zelensky brings up defense is he says, "i would like you to do us a favor, though, because our country has been through a lot and ukraine knows a lot

about it." so the debate, kelly, is going to be whether that is effectively a quid pro quo zelensky talking about defense aid from the united states and purchasing american weapons. trump saying i'd like you to do us a favor, though then the president talked a little bit about crowd strike, the cybersecurity firm that was at the center of the dnc hack investigation, and also asked about joe biden and his son, specifically suggesting that he would like zelensky to look into it that's where this debate is going. the question about whether this is a quid pro quo orring this is simply to entirely unrelated things that happened to be mentioned in quick succession one after the other. we'll speak with the president later on today he's going to be meeting with zelensky and that is going to be a much scrutinized event here in the 2:00 p.m. hour on the east coast. >> eamon, that's going to be extremely significant. of course we're going to have full coverage of that and reaction to it but the president also today said something very interesting about china that i think for our audience particularly is

important, saying a trade deal could happen very soon, we'll see. what do you read into the way he phrased that discussion in leist of everything that's happened? 's. >> well, look, the president has said that before about china he's said that a lot about china. the question is what are the incentives now on the president and china? has it changed now that this impeachment inquiry is under way on capitol hill? there are those who would argue the president has more of an incentive to cut a deal with china now even on less good terms from his view because he needs an economic and political win. there are others in the white house who suggest no, no, no, the est going to pay any attention to impeachment, he's not looking for a political win, he's going to hold out for the best deal possible but the incentives politically start to shift as the president comes under more and more pressure domestically. >> eamon, appreciate it. for now eamon javers at the u.n. for us jpmorgan is warning that china may try to take advantage of the impeachment inquire write by slowwalking negotiations on trade. raymond james saying it could force president trump to either double down on china or settle

for a mini deal. still others are saying the inquiry could derail mca and halt legislation altogether in washington for more on what's at stake i'm joined by tony frato, former deputy press secretary to president george w. bush, former new hampshire senator judd gregg who knows a thing about you hot impeachment process plays out, and from the "washington post" robert costa i don't mean you were involved except you were involved with the vote of course tell us what's going through your mind with this president versus what we saw under president clinton. >> well, first there's a few things that have happened here first i'm surprised that the house hasn't voted to authorize the investigation. that's pretty much required by law. and maybe speaker pelosi's trying to protect her members from having to take a vote but it's incorrect if she's doing that they should have a vote so they could actually proceed secondly, impeachment is in the eyes of the beholder relative to the member of congress any member of congress could decide what is a high crime and misdemeanor. now, i happen to think there's a very high standard for that

because you're basically setting aside an election if you impeach someone who's an elected official the standard should be extremely high in my opinion thirdly i think you're right, nothing's going to happen in congress this puts at serious risk some legislation that should happen such as the new nafta bill, and we really do need that type of legislation. but i don't think anything's going to happen as long as this issue is out there and fourth, i think the big loser in this besides the president is obviously -- being pursued by the house under an impeachment proceeding which hasn't been official yet but i assume is going to be someday official, is senator biden -- is vice president biden because he's in a situation where let's say the president is our nominee, which i think he will be, and they're going to talk about ukraine? well, they can't have joe biden running on the other side if the issue is ukraine i think some of the more progressive members who are running for president like elizabeth warren may be smiling on -- they may not be showing their smile but i think they may

be smiling at this >> robert, we'll possibly bring you not n. on that and maybe you can flesh out for that why that vote the senator referenced hasn't happened. >> it's likely to happen i'm here at the house of representatives. and top democrats tell me speaker pelosi has begun the process. the proceeding is in motion. a vote is going to be scheduled at some point. but they're waitg collect the facts to figure out exactly how they're going to move forward, a special committee, which committees would have jurisdiction on different fronts sought details are being worked out. but she felt compelled yesterday to make a statement about impeachment because she was under pressure from her colleagues, her members, to really underscore that in light of this ukrainian phone call by president trump there had to be some kind of action or at least the beginning of action. >> you know, tony, you look at this and say, well, if she's going to open the inquiry it will look pretty bad for the democrats if they don't actually impeach the president, right >> yeah. >> the best case scenario for them i suppose is that they do still not sure what kind of fallout that would even

engender and there's also the risk that they might not pb so politically how do you think this plays for them and to the point that the senator made about candidate biden, who seems to be the strongest in terms of a lot of the polling, is this a huge setback for him? >> well, look, i think you're right. my sense on this is if you start this process you have to finish it, you have to bring it to the house for a final vote, the actual impeachment i think that's probably where they're going to go. i don't believe that nancy pelosi -- she knows her caucus and she knows the house very, very well. she would not have moved forward if she didn't have a pretty good sense of where they were going to go. now, it's true that the senate is very, very unlikely to vote to convict the president in that case and maybe won't even take it up. it's not obvious that senator mcconnell needs to do that so there will be an argument over that. as to who wins and who loses, though, it is really too early to say i can't say whether it's going

to hurt or helpbiden or hurt o help democrats or republicans running in 2020 because there's going to be a lot of facts that still need to come out this one memo isn't enough to change the game. it's a game changer to bring the house ammunition but ton bring this to conclusion >> i do want to ask about the trade deal, but one more politically speaking, senator, before i do is just anecdotally yesterday people who would ask me, what happened? they say we were ready for the impeachment headlines on russia, but wait a minute, what's the deal with the ukraine? what happened? it almost feels like if you miss a day or two of the news cycle you miss a lot are they reading the climate of the country right in moving ahead with this on thish of the ukraine, do you think? >> in my opinion they certainly not. it's almost like a lynch mob looking for some reason to lynch someone.

it's really premature to say that the exchange the president had with the ukrainian president raises to the standard of a high crime and misdemeanor and yet you already have for all intents and purposes a vast majority of the house democrats saying they're going to vote for impeachment. they're also going to vote for impeachment i guess under the russian investigation, but that didn't pan out long enough for them to do it. they're sort of looking for a reason to vote for impeachment i would say is the political situation. i don't think that's where the american people are. the american people are a lot fairer than that they're going to want a fair hearing. they're going to want a fair explanation. one of the things nancy pelosi said, she said a lot of things i respect because i do have a lot of respect for her but one of the things she said that i truly respect is she said impeachment proceedings should be bipartisan this is not a bipartisan exercise >> robert, i see you want to get in on that >> well, senator -- i just punld a piece about senate republicans at the "washington post. senate republicans like senator romney of utah are calling for more disclosure. you see some new cracks among? senate republicans run happy

with this white house. and on the issue of your question, kelly, about whether ukraine is some issue that's way out in left field, it really -- when you talk to lawmakers, it's not about ukraine and president zelensky so much as possible abuse of power and scrutiny on the president's conduct about whether he in any way was looking for political assistance from a foreign leader. and ukraine happened to be the conversation that's now under the spotlight. but it's about president trump not just something about ukraine. >> yes, for sure robert, what do you think this does mean for legislation? i understand why people say it could make pelosi and democrats less likely to back the mca but i could also ee see it more likely if they want to -- especially those democrats elected in trump voting districts to say look, this isn't just saying no, screaming no to anything that could happen we're moving forward on stuff we think is good for the country and not on stuff we think won't. how do you think this will break for that trade deal? >> when you talk to confidants of speaker pelosi, they say is she liberal? of course she is but she's not driven by ideology

in terms of how she leads the house. she still wants to get a deal with this white house on prescription drug price ppz she still wants a deal on usmca and she has a strong relationship with robert lighthizer that's not affected by this impeachment proceeding at all. you could see speaker pelosi in the same way president trump is politically transactional to try to get some side deals done as they fight the broader war >> tony, i'll give you the last word on that if you'll agree, especially as far as investors are concerned. >> i think the biggest thing for investors really is china. you raised that earlier with eamon. we see how sensitive the market is to china news in terms of which direction it's going to go figuring that out and where the chinese want to go if they are going to slow walk this, which you can imagine them doing, i think the market would react negatively to that but we don't know how that's going to play out. i hate to be the guy that comes on to comment and says let's wait and see, but we need to see them sit down and see what comes out of that meeting to get some better signals from the chinese.

>> no, that's the most honest thing you could say right now. absolutely >> listen, it's uniquely naive and i think inappropriate to suggest that there's going to be any legislative activity of any significance occurring in the middle of an impeachment inquiry by the house of representatives. the well has been poisoned, and it is going to stay poisoned and i've been in this -- i was in the business for 32 years and i can tell you that something like this is -- it takes it to a def con 5 status relative to the white house. unless it's in the white house's specific interest, they're not going to move anything forward in the house of representatives and the house of representatives isn't going to move anything you forward unless it's in their specific interest and you don't have that type of viability behind any of these issues that are pending. >> in that case maybe the drug stocks will rally. we appreciate it from everybody this afternoon thank you all very much. tony fratto, senator judd gregg, and robert costa

don't go anywhere. here's what else is still ahead on "the exchange." >> coming up, from trade turmoil to a global slowdown to impeachment proceedings, the market seems unfazed is there anything that will push stocks over the edge plus an unlikely match a look at why wework and jpmorgan need each other more than investors think and up in smoke. altria's merger deal falls apart and juul's ceo is out. we'll have all the details for farmers here, this is our life's work. but when a recall happens, perfectly good food goes to waste. now, we've got away around that. looks good. we're on target. blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. it's used by some of the biggest retailers everywhere. a nice wedge. so more food ends up on your table,

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welcome back low to negative rates, an escalating trade war between the world's two largest economies, a global slowdown in growth and now an impeachment battle in washington and yet we're rallying today with the all-time highs in sight here to explain why and where to put your money, marianne montaine is portfolio manager at grady investments and ryan at hennessey funds. marianne, i'll just start with you. does this market action sort of make sense to you? why do we keep climbing this wall of worry? >> well, i think what we've found is at least politically the republicans don't have the votes that they need and the smoking gun that was revealed this morning doesn't have much smoke to it.

so i think it's back to fundamentals and that's earnings, earnings growth, valuations and where are interest rates right now and where can people make the most income or growth that they need for their own personal needs and so it's back to the basics again. >> you know, it's interesting because rich befrnstein was on "power lunch" yesterday talking about how he is sticking with defensive plays, marianne, because he sees a slowing -- you talk about the fundamentals. he says they're slowing. there are people concerned about earnings growth into next year do you not share those concerns? >> actually, one of the areas that i like the best is the health care sector, which is defensive. it hasn't really done well so far this year because of political concerns but as your previous speaker was talking about, when you don't have changes to the overall system, when the democrats and republicans can't come to any agreement, where's the threat to the health care pricing? so that's one where we see about 5% growth in earnings this year,

10% next year, and that's pretty healthy growth and it's selling at a 15% discount to the overall s&p multiple that's a pretty good value in our mind >> ryan, let me bring you in here and mention some of the latest headlines we're getting the president himself kags doubt on pajs of the mca, the u.s. canada mexico trade agreement saying to the point senator gregg made a moment ago that speaker pelosi "may have not any time to sign it. does that play in to you bearishly or tell us where you think the right way is to be in this market. >> i think the market has certainly shown a lot of resilience this year there's been a lot of headlines, a lot of negative stuff going on and this is just another example of it unfortunately. we keep waiting for these trade deals to get done. we keep waiting for the china-u.s. relations to get better and we sort of need the fed to come in and step in two times to lower rates to keep us going and i think that's probably where we're going to be for quite some time. >> do you have further recuts

baked in do you share marianne's enthusiasm for the health care sector where would you position people? >> actually i think there's going to be -- the set that's done the best over the last year, the year period, the two have been utilities and real estate i actually think there's still -- utilities still look very attractive here and one of the big things going on which is different is they're stable, they're less volatile, they have nice dividend yields but they're actually, believe it or not, in a period of earnings per share growth which is double what they normally are >> that kind of growth looks pretty good in this environment. marianne, just coming back to the health care space for a moment, some are saying everything that's played out this week with the impeachment inquiry reduces the chances that biden is the democratic candidate in 2020, increases the odds of an elizabeth warren, who has a medicare for all plan that would not be great for the health care space that you mentioned. are you worried about that at all? >> not at this point in time i mean, we still have multiple

candidates someone else could come in things can change. so i'm not going to get concerned with that. but just piggybacking on the idea of the utilities being a good choice because of their high yields, we manage -- i manage a etf portfolio that provides a 6% yield. and we're doing that by using multiple asset classes so we're using high yield stocks, high yield bonds, preferreds, business development krngsz et cetera and by doing so you reduce the volatility of being in any one of those particular sectors. so you end up with something that's got about half the volatility of the market yielding 6%. >> 6% is harder than ever to get. is it pushing you into riskier investments because you can't get them in the boring old safe ones anymore >> well, again, your boring old safe ones are going to be like your 10-year treasuries and they've dropped by about 1.2 percentage points since the

start of the year. so it does push people into stretching for some yield. but again, when you diversify and you lay around the fact they're etfs, not individual securities, you get really good diversification and risk reduction that way >> all right guys, thanks appreciate it. some ideas from both ryan kelley and marianne montagne this afternoon. thank you for joining me coming up, while wework's setback could jeopardize jamie dimon's efforts to make jpmorgan the go-to bank for silicon valley start-ups we'll tell you why plus it's likeelon f potor cooking. discovery launching a live subscription cooking platform. is it a brilliant move or a gimmick? we'll discuss in rapid fire. we're back in two. ♪ liberty. liberty. liberty. liberty. ♪ through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from using feedback to innovate... to introducing products faster...

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welcome back to "the exchange." check out these markets. we've got a half percent rally for the dow and nasdaq today dow's up 139 near session highs the s&p a little more moderate up a quarter percent for more let's check in with bob pisani he'll watching all the action down at the new york stock exchange robert, what stands out to you today? >> we were fading early on take a look at the s&p 500, kelly. then the president came out with an impromptu commentary saying a china deal may happen sooner than you think and that lifted the market into positive territory. that's what's been moving us today. nike's been helping us on the dow. but that whole valuation created an optimism over global slowdowns. china deal has been fading for a while. couple of weeks now. the retail, industrial banks, all rallied in the beginning of september. they've been moving down and instead kelly all those

defensive names, the consumer staples, utilities, internal names, hitti new highs down a little bit today. i think biggest concern, the recent ipo market, good barometer of sentiment it's been really poor recently lyft is at a new low pager duty was great out of the gate it's been fading a lot of these names down 10% or more this week and the ipo etf that was a big gainer up 30% this year now it's at the lowest levels since going back to february of course we'll keep an eye and see how peloton goes tomorrow. supposed to price tonight, trade tomorrow down at the nasdaq. kelly, back to you >> good point. a little tougher environment for them all of a sudden bob, thanks very much. let's get to contessa brewer for a cnbc news update >> hi, kelly here's what's happening right now. it's not over. senate minority leader chuck schumer says the release of the transcript summarizing that call between president trump and the ukrainian president will not end the controversy. >> the release of the transcript

of one of president trump's calls with president zelensky which just came out will not assuage our concerns or the public's concerns. based on early reports, it may heighten them. we must remember, the president was reported to have several calls with president zelensky. >> secretary of commerce wilbur ross has approved disaster declarations for american fishing communities from flooding it makes the fisheries eligible for disaster assistance. congress appropriated $165 million for fishery disasters for fiscal 2019. a fast-moving melting glacier is threatening a picturesque italian valley prompting the mayor to close down an access road. according to officials about 9 million cubic feet of ice threatens to come down in the form of ice avalanches along the side of the mountain wow. that's the cnbc news update this hour send it back to you, kelly >> wow is right. contessa, thanks very much

here's what else is coming up on "the exchange. ahead, a look at the two forces that helped propel nike to all-time highs. introducing the peloton of cooking. and looking for a job, maybe you should ask alexa it's all coming up on "the exchange." r. always three steps ahead. six steps ahead. sixteen. so many steps. you done? a million steps ahead. servicenow. works for you. they give us excellent customer otservice, every time.e. our 18 year old was in an accident. usaa took care of her car rental, and getting her car towed. all i had to take care of was making sure that my daughter was ok. if i met another veteran, and they were with another insurance company,

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welcome back let's catch you up on a couple stories that should be on your radar today. it's time for rapid fire and there's a lot of news to get to. here to break down all the headlines, julia boorstin is in the house. welcome dom chu and kate rodgers. what brings you here, by the way? >> advertising week in new york. a lot of big panels and things going on. >> and lots of fun announcements which we will get to first let's talk some nike the shares hitting a new all-time high today on a new earnings beat and strong global growth for the fiscal first quarter. analysts said this is supposed tonight toughest quarter of the year but the retailer showing no signs of a trade war hangover. it had 27% year on year sales growth in greater china. there's the online sales of 42%. the ceo cited product innovation like the joyride sneakers and the boost in e-commerce as tailwinds. pretty good performance for a company that could have gotten caught up in some anti-american sentiment in china

>> certainly that's something we also watch in the restaurant space. hasn't really shown up there as well it's interesting to see a retailer performing well in china. another thing i thought was interesting here, they're charging full price for items and consumers are paying people are pilgrim to pay a little more for these nike products the great american consumer once again -- >> totally in a strategy shift where they're trying send less products through the outlets and places that hurt margins and more direct to the consumer. >> the reason why -- the number i keyed on more in this release more than any other one was the gross margins number and that number is getting better specifically because of those fowler priced items being put through to direct to consumer channels where nike if you go on their website does sell discount things but we're not talking about dsw, we're not talking about place that's put the deep deep discounts on things as you start to watch those profit margins improve, one of the signs that things are getting better and can be sustained is if the american consumer really is going to start paying full price for those things and continue to do so >> and no one's mentioning

amazon this is an american retail brand that has managed to really stand on its own, not rely on amazon and not have to deal with what some executives have called the sane tax, the idea they're relying orrin that >> the fame tax? >> yes armstrong has called it as he's trying build these smaller direct to consumer businesses because you really see if you're a big retailer you either have to sell through amazon or you're paying for ads on facebook and google and others. so the idea that nike is such a powerful brand -- >> they can do it on their own >> yeah. >> interesting next up the ftc is suing online dating service company match group. the owner of tinder and match.com. the government is directing they used unfair practices claiming for example it used fake love interest ads to trick thousands of consumers into signing up for paid match.com subscriptions it also highlights the challenging cancellation process, citing a match company presentation where its own executives acknowledged that it's "hard to find, tedious and confusing. members often think they've

canceled when they have not and ended up with unwanted renewals. the current process they boasted takes over six clicks. >> that's stickiness >> yeah. regret putting that one in writing. >> exactly we've talked about how well match has done lately with tinder a lot of -- an impressive move overall for the shares the question is how much of a setback is this to the business if they're basically saying urban only did we catch you doing some nefarious things but does it cut to the core of what makes you good >> i'm going to read a little bit of the comment from the company. they said -- the ftc has misrepresented internal e-mails and relied on cherry picking data to make outrageous claims and we intend to vigorously defend ourselves against these claims in correlate. it's also worth noting the issue is with match the app, the subscription app and that match group also owns a number of other services including ok cupid, tinder and others but i think this really cuts to the heart of online dating it's an emotional process. people are angry if it doesn't work out, they're annoyed if

they can't unsubscribe immediately. i don't think it's entirely surprising that the consumers would get angry. >> and part of advertise understand match also was using fake kind of leads to say oh, you have a match interest. >> of a hypothetical -- >> you're preying on people. >> and you need to subscribe in order to hear from this hypothetical person. i said to julia as we were coming out it's like match was catfishing its own people. that's like the whole online dating myth, right you're getting catfished are these people really who they say they are and like the company was the one doing it that is just -- >> i would say the headlines here are pretty astounding obviously anytime a federal regulator goes after you for certain business practices, that's big but let's not forget this is a company that just since want to say the beginning of august has now lost a quarter of its market value since then and a lot of that has not to do with the lawsuits but competitive pressures because people like facebook are getting into this. you talk about the fang tax. this is like the fang -- complete fang tax. >> it will be interesting but with facebook part of what could make it creepy su know everybody on facebook but it's been a real

benefit here if you can trust that it is an authentic lead or i was thinking about linkedin too. at least when you get those e-mails saying linkedin, nine times out of ten you know who they are >> i think the real question here for match is they have the advantage of owning a portlio of these services. something for everybody. the question is whether facebook could really eat into their business or there really are underlying concerns about authenticity >> i know those who will liken this to facebook and instagram's successful emulation of what happened with snapchat features. so they're saying if they can do this the one thing that tinder and match has going for it is that they have the dominant brand position in online dating. but that's something that snapchat had with its platform but instagram successfully infiltrated and could take over. >> that is the perfect segue to our next story because snapchat today announced it's expanding its plate of original content on its app. it's adding eight new shows. they're going to air on the discover page this fall.

they include two new documentary series on controversial rapper takeshi sixnine. and nikita dragon. while shares of netflix turned negative for the year hairs of s&p have triplshares of snap ha tripled. >> snap showed no its last quarter it could still grow. we'll see what they announce in their next quarter what i think is key with this original content is this content business originally started out as something to distract people when they're waiting for their friends to message them back now they're proving it can be a stand-alone business, people will come to watch these shows and the ads are in a different context than ads on facebook or instagram because it's not user generated content. the ad buyers know what they're getting into, they know what the context is going to be and they can feel protected where sometimes there's content on, say, youtube that is more questionable >> right it's just such a crowd every day we talk about new streaming shows launching on a

new platform and i think what they were saying in the article is the viewers going to watch these are more invested than when they're scrolling through a feed i am not on snapchat so nif never gone to one of these pages to watch this content but i guess people are more -- >> they claim 90% of teenagers effectively are on the snap platform, which i believe just from the teenagers in the neighborhood absolutely >> and they really maintained that demographic hold despite the fact that instagram is also so popular >> and again, the difference between their performance and netflix is astounding. next up, it's being called the peloton for food discovery today announcing it's launching a direct to consumer subscription cooking platform. get all this 25 live weeklycooking classes. 800 classes on demand. and you can access the app on amazon device that's can populate your amazon cart for the specific ingredients in a recipe even get you the utensils you might need to make this. all this for $7 a month. >> this is one of the biggest

examples -- i think -- i'm just going to make a prediction one of the more successful examples of how you integrate all of these processes together for -- >> but here's my only point. there are so many free cooking things on youtube. >> sure. >> why would people pay to be part of a live version >> because it's the same thing with peloton when you have an ecosystem where there are stars -- and believe it or not, there are stars when it comes to fitness instruction. there are stars when it comes to people -- >> food, absolutely. >> when it comes to food, there certainly is so what you're taking is a platform where there are personalities who have followings and those followers want to be part of that whole ecosystem as well and now you're enabling them to transact with it as well so amazon has the commerce platform food network has the brand power. all of a sudden you have a way to just cross-sell everything. >> and discovery also gets a cut if you -- >> correct >> -- buy stuff on amazon. >> this wraps up that whole nike direct to consumer success because that's where the real success lies in this whole process. >> and i think the key thing here is discovery is a smaller media company compared to the likes of disney, comcast,

disney's parent company as well as at&t to challenge warner media. discovery's a small player compared to them and while all of them are focused on duking it out on rights to "friends" -- >> libraries -- >> these libraries and content deals with the big tv producers. discovery's going in a different direction. >> i'm a golfer. many people know this about me discovery's also the one that inked the big deal with tiger woods to start producing original content for golf tv they have a partnership with golf digest. these guys are inking partnership deals that can help them compete on a much larger scale with the guys spending -- >> i can see when they launched that magnolia channel it's like come pay and be part a live class with chip and joanna gaines >> $7 a month doesn't sound that bad. i'm sure you're willing to buy the stuff on amazon right away because you're probably seeming a little desperate for signing up for this in the first place >> i'm with you. i'm one of those people. >> idea it's not going to have as big of an audience as, say, a netflix or even disney plus but it's going to have a dedicated

audience you're passionate about golf u may be passionate about home decor, cooking and you'll spend the money. they don't need as many people they just want to make sure they hit those -- >> before we go and this is relevant, another thing you can do on alexa is get a job at mcdonald's they just launched the first ever voice activated job application. take a listen. >> alexa, can you tell me about the new mcdonald's skill >> happy to. mcdonald's now has a skill that lets you start a job application. would you like to go through the mcdonald's apply through >> this is awesome >> the process is called apply-through. but how many people are going to do that? >> remember mcdonald's has done a few creative things in order to get people to apply the aarp for all those seasonal jobs this is a way to get younger people interested in applying for what will probably be their first job. you can't complete the entire process with alexa or the google assistant. you have to supply your phone number then they'll text you a link to complete the application process. but we've seen mcdonald's do quite a few interesting things in the tech space as well. remember just a few weeks ago we were talking about them building

out their team in silicon valley >> i'm just thinking again through the cause and effect here or maybe if the alexa said to you hey, do you know that mcdonald's is looking for -- i mean, how are they really going to -- >> i'm all for anything that gets you a job easier. >> of course but do you really think this is going to be a maybe? >> your mom's supposed to drop you off there. you have to like sheepishly ask for the application. it's a rite of passage no, it's a creative way to get young people thinking. and it's easy. >> true. an and easy wins every time. guys, thank you all. good stuff really appreciate it julia boorstin, dom chu, and kate rodgers coming um, why wework's mess is causing big headaches for jamie dimon and jpmorgan the details on that story are next but we're also a company that controls hiv,

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and ebay's wenig let's dig deeper into wework where there's been a lot of attention on their biggest outside investor softbank. but another major lender with billions of dollars invested in the company is jpmorgan. a new "wall street journal" report details the ties between the two companies including the relationship between wework's co-founder adam neumann and jpmorgan's ceo jamie dimon i'm joined by one of the reporter behind the piece dave benoit from the "wall street journal" and our own deirdre bosa who's been following the saga i was going to say story but it's really a saga as well dave, i'll start with you. the fact there was a lot riding on jpmorgan on wework's ipo. >> for sure. wework was a big client for jpmorgan not only were they the lead bank on the underwriting of the ipo but they sort of were entangled in this company in a lot of different ways lending to the company for real estate, lending to adam neumann personally on a very big level

>> now, is there anything -- there's a difference between saying they were nefariously intertwined and simply saying jpmorgan made a big business bet on wework. and if it's simply the latter, was it a misplaced betto have made >> sure. i think it's probably more in the latter camp there. this is kind of morgan's strategy they are trying to use their massive reach. they run the biggest consumer bank or one of the biggest consumer banks, a huge investment bank, a big commercial bank. this is what they'ring try to do they're trying to go to start-ups early, get in with them so they have the company deposits so private bank in wealth management for the entrepreneur this is what they're trying to do i think the question today they have to answer and they're kind.95 there right now trying to figure out what to do next with this company, is one, was it's right company did they overstretch with this company i? don't know that they necessarily believe that now i think maybe they think maybe the criticism is they could have maybe done a little better on advising them what to come out with >> deidra, this goes to the

heart of jpmorgan's involvement with the ipo which was a big win for them at the time >> yeah, you know, it was one of several big what were supposed to be big wins for jpmorgan this year you know, last year they set out a mandate. they wanted to break up the goldman sachs morgan stanley duonly over the last ten years they have won some of the biggest most high-profile ipos and you know, jpmorgan has been getting to know founders, getting in earlier to fry to win some of that business. wework looked like they were ill-advised. now there's also coming out. but there was also lyft, that was one of the most high-profile, one of the biggest ipos of this year that jpmorgan won as lead underwriter and that has not turned out very well there's also smile direct club lyft was the so-called left lead on this ipo. and we saw what happened that first day of trade it was such a disaster that reportedly the ceo of smile direct club called jpmorgan to talk about what happened in a year that was supposed to be very good for jpmorgan's

reputation among tech start-ups and bringing them to the public market hasn't turned out that way so far >> will it lead to a broader rethink of their strategy, jpmorgan >> we'll see we have the wework story you called it a saga it's not yet done. will they get to an ipo? will it be successful given everything else that has happened so far? it's certainly possible that jpmorgan could come back, win some big names and you take a look at what's been reported with saudi aramco, that don't forget morgan stanley has some slip-ups too uber does not reflect well on that investment bank could jpmorgan eventually successfully lead some other big companies public and perhaps regain that? that's still possible. >> dave, the focus on jamie dimon sirnting as well because some have actually wondered if he helped kind of smooth the way for adam neumann through either personally convince him it's the right thing to do to step down, maybe helping see the larger picture of what his career could

be like. i don't know if you have any reporting of what the substance of their discussions might have been around neumann's departure as ceo and what kind of role mr. dimon played in that >> i think all we know right now is he played a pretty big role in hosting for the last several days adam neumann and his advisers and sort of trying to walk him through our understanding is as reechktly as late last week friday and saturday jamie dimon had kind of told mr. neumann we're an investor in you we don't think you have to go with this step forward. we're not entirely sure what changed over the weekend but i think it's pretty clear to say he has a pretty significant role it seems like, jamie dimon, in terms of the talks goinon and hosting them i think means he had a pretty prominent piece there. >> guys appreciate it, great reporting from you both, dave benoit and our deirdre bosa on the latest with wework there coming um, two tobacco giants abandoning merger talks and juul's ceo stepping down as america's backlash to the vaping

epidemic grows we'll have the very latest next. and take a look at shares of sonos which are hitting session lows as amazon ueinvls three new echo hardware products at its latest launch event. sonos is down more than 3% "the exchange" is back in two. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade.

welcome bap the fallout from america's vapping crisis continues. they've ended merger talks we're getting news that kevin burns will stepdown. frank holland is live outside of a vap store in indiana >> the announcements coming so close together, creating a lot of talk about the timing, helping out the philip morris stock. the markets seem to be okay with what's happening they're on pace for their best earnings since july. investors never seemed to be behind the idea of combining the anies. philip morris bringing the heated tobacco product back in april. and is not under any of the same

scrutiny as altria of course vapping under a lot of scrutiny these days since this potential deal was announced on august 27th as a merger of equals altria shares earnings 14% the two companies could not come to terms >> i think we find that exploring opportunities is important, we're pleased with our market position today. particularly given the portfolio of noncombustible products we have >> stepping down amid a lot of this scrutiny and concerns it's been a difficult time in recent days the cdc telling people to use caution. massachusetts placing a four month ban on all vapping products the company foresaw some of these risks. >> we knew there was a vapor use

epidemic and that it was going to have to be addressed over the next few years in order to preserve the opportunity for e vapor products i think that things are turning out about the way we expected. >> no merger but they will partner in the u.s. a store in atlanta is scheduled to open up this month. philip morris says as far as they're concerned it's going to happen. doom or no doom. it seems like that's the only question investors are trying to figure out is the worst over or is it just starting because they need the massive capacity of 5g with ultra wideband, so more screaming, streaming, posting fans... can experience 5g all at once. this is happening in 13 stadiums all across the country. now if verizon 5g can do this for the nfl...

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no matter what. it's unbelievable what you can do in the prius. toyota let's go places. investors around the world are holding their breath for a u.s./china trade deal. how bad has it gotten? we've seen the german manufacturers are awful. is the worst of it priced? >> we have not had severe

overshoot to the down markets that would give us some clear path to extraordinary hurricanes the economy is taking a hit with a slowing investment climate even in a couny like germany, retail sales are going four. productions down 6 in the u.s. there's a very big split. underlying fundamentals look solid, trade related issues. >> and everyone talking themselves into recession. >> usually there's a bigger problem first. >> what we can do, we can outlast the manufacturing downturn >> that's all the focus on what central banks are doing. what's your advice for investors? >> lots of caution, we see from

investor investors those who are staying out. we think that gives us better returns. barring big policy mistakes. waste most important, including high yield debt -- >> you can't get any yield >> this has really shifted, what you can do with the income portion of portfolios we've gone on fixed income just a month and a half ago >> where do you go on income >> this is an equity story it's not strictly about let's throw all your money on equities we're not talking about bond equipment, it's really coming down to dividend income growth it's a little more cyclical than buying your utility. plus some other techniques >> i can imagine you making that pitch to investors

you want your yield, you're going to get it from stocks. steve, thanks very much, appreciate it. >> that does it for the exchange today. thanks for joining me. see you on power lunch >> welcome to power lunch. we begin this hour with breaking news expecting to hear from president trump as he meets with the president of ukraine this comes as the white house releases the official notes from his call in which some say president trump pressured ukraine to investigate joe biden and his son. it was something else the president said, comments on trade with china, sending stocks higher after a slow start to the day. take a look, shares of tobacco stocks philip morris