that they say they will make it you have well over 500 planes, more than 350 with airlines and you have these others that have been built more than 500 all together as you look at shares of boeing, it's hovering in that 378 to 380 range. it's all about can they execute now in fourth quarter. >> thanks very much that does it for the exchange. power lunch starts right now it most certainly does thank you. we'll see you over here in a moment welcome, everybody here is what's new at 2:00 for you on "power lunch. the d.c. drama heating up. president trump fighting back as the house impeachment rolls on for now wall street does not seem too concerned forever 21 filing for bankruptcy one group of stocks struggling despite thestrength of the

american consumer. we'll explain as "power lunch" begins right now lots of green on this fall monday take a look at the markets all three of the major measures that we follow the dow in 2% of the record high as we look to finish out the third quarter. check out apple. jumping as jpmorgan says the stock could soar we'll have more on that. : thanks the ongoing impeachment inquiry taking the turmoil in washington to new heights eamon is live with the latest. >> reporter: on squawk box this morning we got a sense of how some people in white house are viewing this impeachment process up on capitol hill the president's trade adviser was on he gave us husband view.

here -- his view >> this is an attempt to run around the ballot box and these radical democrats told us this much i think it's war the congress has declared war on this president the american people -- >> reporter: that matches toeheb tone of what you hear from aides and this could be a long process. it's going to require a real robust white house effort to rebut these allegations on capitol hill mitch mcconnell was on cnbc earlier today. there had been some speculation that mcconnell might not move forward with an impeachment trial if the house of representatives were to go forward and impeach the president but he said his hands are ties here is how he explained it. >> the senate impeachment rules are very clear the senate would have to take up an impeachment resolution if it came over from the house >> reporter: mcconnell

suggesting that no matter what happens, if the house impeaches the president, which we're a long way from that step, but if that were to happen, he says the senate would have to take it up. doesn't specify what they would do with it and how he would handle the trial but suggesting we could see a similar process there if it gets that far down the line as we saw under bill clinton's impeachment back in 1999 we'll see if he makes any news >> there's some speculation about what it would mean for the senate to take that up could it mean that mitch mcconnell says we'll take it up and vote to dismiss it. >> reporter: you could have a vote right away without the long and involved trial process that we saw under bill clinton. i was in the chamber when the senate acquitted bill clinton back in '99. that was a big sort of set piece. you had special robes with gold shoulders that he had designed

for the occasion should mcconnell try to sort circuit that and move straight to a vote. he does see he would feel forced to take it up. >> appreciate it thanks very much with impeachment talks ramping up, many expect legislation to hit a stand still in d.c. as democrats conduct their investigation. our next guest has a unique take saying impeachment could help parts of the legislative agenda. you think that this may give both sides an opportunity to demonstrate that they can get things done for the american people, basically. >> yes i think you look at the fact that there's 31 democrats in the

house, democratic caucus who won election in districts that president trump won and those folks, the majority makers, if you will, those are the people who allow the democrats to get the majority they are going to be under pressure, increasing pressure if this impeachment proceeding does go through to show they may be impeaching the president but the same time they can actually get things done. there was some momentum around the usmca. it's not necessarily a slam dunk but i would argue there's going to be more pressure. >> then the other side to that, the counter argument is the democrats, the last thing the democrats want to do is give the president a crowning achievement of any sort. >> of course that's my argument for a while is why would speaker pelosi, especially force democrats to

take a difficult vote as it is democrats don't love to vote on free trade agreements especially one that would hand a big legislative victory to president trump. the white house made some indication they will try to meet the democrats in the middle here democrats are saying they may be able to be a little bit more flexible in terms of some of their demands. i'm not saying this is a done deal i do think the sort of conventional wisdom that everything legislatively isn't true >> i put that theory to judgment he said there's no way i've sat there. there's no way anything else gets done because this takes up all the oxygen

>> it's one of the reasons speaker pelosi is holding back these folks. she wants to get this done while still showing the american people this is not pre-ordained. democrats aren't rushing to judgment also i think she wants to leave some room. >> there would be another argument here in favor of moving the usmca forward. that would be the alternative could be worse they don't moveit forward and the president says, okay i'm tearing up nafta game, set, match we're done with that which might

be a worse outcome >> as you know, withdrawal, if president trump says i'm moving forward with withdrawal, that starts a six month grace period. look at these states and the farms. they are saying they want certainty around nafta 2.0 again, i think that democrats might be more inclined to moving this and republicans may be incentivized people are exploring this avenue and says let's assume the next thing is you might pull us out of nafta we already advanced a couple of steps.

>> there's some justification. he thinks his tariffs threats have worked. they brought folks to the negotiating table. he would argue he's gotten a better nafta agreement because of it. >> i think we'll be seeing a lot of you >> job security. >> it's the final day of the third quarter as inverss ramp up looking to the end of the year there's one thing that they are watching >> it's fourth quarter earnings. it dominated the first quarter that companies would dramatically lower expectations.

the two issues that would move earnings in one direction or the other remain unresoevered. that's trade talks they are more or less. and the fed. are we on hold or not. still don't know the answer to that either. there's been no wholesale attempts the lower earnings in the fourth quarter there's a couple of troubling trends i've seen first, 13 of the 14 companies that have so far reported numbers, these are the earliest reportings that's a very high percentage north of 90% lowering. we have seen notable downward revisions. the other trend that's notable is energy is seeing very major downward revisions even in the third quarter in exploration and production estimates for the third quarter

are down 20% since july. the main reason, of course, excess iive production is keepi prices low a couple of trends to keep an eye on but no wholesale divisions yet. back to you. thank you. stocks are pushing higher for the last trading day of the quarter. welcome. kevin let me ask you about the value momentum rotation we started to see take place in the last few weeks but only started to see do you think that will have legs or telling us anything about q4. >> it's confirming what's been going on in the backdrop and now we're on the cusp of getting better earnings. it's been maybe ten years in the making you have growth up something like 324% versus 114% for value

since 2009 the yield curve has an effect on that when you saw the gyrations in the bond market you can extrapolate there was a technical factor pushing it up a rotation in market factors a change in the macro economic environment. can we see an economic bottoming here in the pmi. we're breaking into three ways to think about it. macro that matters also the corporate cycle and the fundamentals that we're seeing and consumer cycle which is lagging. >> there's that sort of three cycles to pay attention to there's been a lot of confusion over the last few months about what the true state of the economy is it doesn't help that the next fed meeting is basically 50/50 on whether they cut rates or not. the chicago pmi came in a little

dispi disappointing. i think people were waiting to see if we move to the upside but not today. >> it will be tough to work its way higher above the all time record high until we get some kind of trade resolution our outlook is constructed we're looking for modest growth and modest inflation but the negative risks to that outcome over the past few months have increased. while we expect some kind of trade deal, it could easily not come until 2020. what we have done here over the recent months, over the last month six months is in a couple of different steps we backed off equities a little bit. we raised a little cash. we tried to take some risk out of portfolios because here at the top end where stocks really for us are pretty fairly valued, our year end target is a bit over 3,000 we thought it was prudent given these uncertainties. let's face it. you could get positive trade

news and probably push the market higher. we'll walk way from this thing you can get the markets will be lower. >> scott says take risks off what are you doing what kind of postures are you leaning toward and away from >> we have been trying to mitigate the effect of macro shock. mitigate the unanalyzable factors that are out there we're focusing on corporate fundamentals i agree the s&p 500 is bare ly valued the reason it's fairly valued is because profit margins are so high returns on investing capital are so high.

those margins have remained pretty flat at a super high historical level trying to focus on the fundamentals, not taking the big sector or factor right now because we still think the corporate cycle is very robust there's confidence from a will the of ceos. they are buying back their own stock. >> thank you very much coming up, turns out 21 is only temporary f forever 21 filing fast break bankruptcy restaurant stocks starting to cool off after a very hot year what's behind the fast food slowdown osstiearcongp.

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fast fashion retailer forever 21 announcing it plans to file for bankruptcy protection under chapter 11. you could say this is a one off but there are others who have been in this >> there are others.

the circumstances are a little different for each it's true that forever 21 has filed for chapter 11 and bankruptcy this is not a fore gone don collusi - conclusion it's requested approval to close up to 178 stores it does not expect to exit major u.s. markets it will close stores in asia and europe r europe, for the most part. it's the seven biggest tenant making up about 2% of minimum base rent. that's a big deal if you're a mall retailer. the fashion retailer, did file for bankruptcy it closed all 11 u.s. stores

smaller footprint but still in the same category. forever 21 is partly owned that is more linked to changing consumer preferences and creates competition. most of these are mall based stores and we know there's been challenges >> do they miss a fashion trend? >> i think some of those consumers are kind of started to shy away a little bit from fast fashion. h and m is not as popular. there's been some controversies with forever 21 too with some of the t-shirts that they printed angering some people that's kind of a missed opportunity. mo more of the break down on brick and mortar what happened to wet seal and

all those guys >> brankrupt. >> where are the teenagers shopping today >> sure. h and m, zara. a lot of these names rose in popularity maybe after the great recession because there was more of the cost conscious customer shopping the mall. i think younger consumers are thinking about sustainability more forever 21 you think of those stores and it's hordes of clothes everywhere >> is it local consignment are there apps we know about poshmark >> threads up. >> amazon is another one that's done a great job on the low end whether it's through private labels or managed to bring on other apparel brands as well

>> look at tjmax >> they don't have a huge online presence >> i do they are capturing more of the younger consumers dollars. there's something about the experience for those that want to shop in stores. we hear how teenagers still like the store experience remember when we were younger going to the mall. >> go to the mall. >> i think that's sort of an age demographic trend that doesn't break year over year >> i don't know if there's a direct correlation but a little bit of higher price point than a forever 21 >> just reminded thinking about the kids on the street and where they shop. target we have talked about total stand outs in a difficult retail space

this year. they have low price points, good fashion. it's amazing that forever. it's only closing about 200 stores that still quite a few >> look at the retail landscape. you have way more choices than when when we were teenagers i think brands are still powerful especially when you have the search capabilities that goes to lauren's point of the direct to consumer brands that are hitting up the teenagers on instagram all the time i think there's probably something to that. apple shining after jpmorgan says strong iphone sales are about to send that stock higher. should you buy the bump. they couldn't make it work

wework announcing it will withdraw its ipo filing. we'll look at what this means for the ipo market power lunch returns in two

welcome back to power lunch. apple leading the dow higher today after getting jpmorgan's backing. analyst anticipating a 20% upside in 2020 on underappreciated iphone demand let's bring in the trading nation team. matt, start with you here. this stock is going on a march back toward the highs which are almost a year old right now. how does the set up look to you? >> well, you know, at first glance of the stock at the chart looks quite good it's made a higher low and a higher high. that's very positive you look at the bintermediate chart it's getting quite extended it's led to significant sell offs in the past when you have that kind of

extreme coming at a time when a stock is testing its all time high you run the risk of a double top what i'm saying if you're a short term trader you with play on the short side. >> what about you here it seems like an eye of the beholder people are saying maybe the new iphone won't be a blockbuster but perhaps better than low expectations already out there >> the brand may be tired, innovation may have come to an stand still but apple's consumer remains strong i kind of agree with jpmorgan that the 11 underestimated at this point if for nothing else the battery power in the 8 is so horrible that the improvements could be enough to make the marginal

buyer up the interesting thing is the 5g hasn't really come on board as fast as people thought overall it's a clean safe bet of a product. there's nothing that will blow it away. for that reason alone the upgrade cycle favors the apple story. it still favors going to fresh highs. i do like the jpmorgan call. it's much more of a buy than a sell >> even there they are performing better than expected. >> all right we'll see if it pans out for more trading nation head to our website. kelly, back over to you. thanks very much ahead, tensions in hong kong are expected to escalate as china prepares for the 70th anniversary of the country's communist party founding

why the turmoil could impact the trade deal bernie sanders out with another wealth tax this time he's targeting ceos. we'll explain. a fast food slow down. why restaurant stocks are lagging in the consume discretionary space. they have been one of the hottest winners this year. all this when power lunch returns. obvious.

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welcome back here is your cnbc news update at this hour. general mark milley was sworn in as the 20th chairman of the joint chiefs of staffs the president congratulated the general on his new role. >> thank you, mr. president for the trust and confidence you

have placed this me to become the next chairman of the joint chiefs and for your personal leadership and commitment to our uniformed men and women. you can rest assured that i will always provide you, impartial, military advice. animal activists have barricaded a whole foods supermarket in san francisco they demand jeff bezos support the right to rescue animals from fast food farms. whole foods is a subsidiary of amazon prince harry visited national park in malawi where he honored the memory of a british soldier killed while talking part in anti-poaching operations you're up to date. back to you. let's get a check on marks now. al the major averages are in the green. the dow up by 159 points

s&p up as well the nasdaq which had been the laggard out performing today what about oil let's find out >> you can see a will the of red behind me. prices took a big dip a couple of hours ago after a saudi official confirmed they were at full capacity to the level before the bombings on the oil fa ticility earlier this month china warning of instability in global markets if the u.s. and china grow further apart back to you. thanks very much wework able to officially withdraw its ipo filing after what's been a troubled and chi yac -- chaotic attempt to go

forward. >> they are officially withdrawing but they hope not forever. in a statement the company's new co-ceo say we have every intention to offer wework as a public company and look forward to revisiting the public market in the future. to do so will require no small amount of cleaning up and they have no time to waste. wework will run out of money in first half of next year and it needs 6 billion dollar in additional funding to stay cash flow positive. $8 billion if we see a recession in the next three years. to get that funding, they are going to have to prover that they are turning this business around yes, adam has stepped aside and some of the corporate governance issues have been improved. a more radical overall may be needed there's we grow and we live as

well the company may get help from soft bank. the japanese conglomerate is tapping its own coo to help with that overall back to you. >> i thought -- sprint it has struggled for years to live up to soft bank's expectations for it what do you think if these reports are true they are hoping he can achieve with wework >> i think they are hoping he has some experience and going into companies like sprint and seeing what improvements need to be made. going in and doing that. i think also as we talked about soft bank has put in more than $10 billion into wework. they want to keep a close eye. we know that they had close ties with neumann it could be a way for him to keep an eye on the company that's his reputation and see if

the mess will be cleaned up. >> thank you very much china ease top trade goernter will lead the country's trade negotiation some time next week despite these talks, tension do not appear to be easing. >> donald j. trump is standing up to chinese like no president has done before. i'm a little puzzled why you want us to go even further president trump is standing up for america on this on seven clear vectors that need to be addressed. it's like what more do you want us to do >> speaking of president trump, we have breaking news. mr. trump answering a question from the oval office let's listen >> going to find out about a whistle-blower we have whistle-blower that reports things that were incorrect. as you know, probably now have

figured it out, the statement i made to the president of ukraine, a good man, a nice man was perfect. it was perfect the whistle-blower reported a totally different statement like to statement was not even made i guess statement you could say i made a call. the call was perfect when the whistle-blower reported it, he made it sound terrible. then you have adam schiff who even worse made up my words which i think is just horrible i've never seen a thing like that adam schiff representative, congressman, made up what i said he took words and made it up the reason is when he saw my call to the president of ukraine, it was so good that he couldn't quote from it because there was nothing done wrong it was perfect adam schiff decided i can't let this happen. let me make up

you ever hear of a thing like this adam schiff made up a phony call and he read it to congress and he read it to the people of the united states. it's a disgrace. this whole thing is a disgrace it's been tremendous corruption and we're seeking to drain the swamp. there's been corruption on the other side there's been corruption like you've never seen. the new president of ukraine ran on the basis of no corruption. that's how he got elected. i believe that he really means it it's very important that we get to the bottom of it. thank you. >> the president answering a question on the whistle-blower and taking off from there.

eamon is at the white house with a summary. >> reporter: the question you wouldn't quite here there was from hallie jackson who asked does he know the identity of the whistle-blower it's a little bit hard to figure out what the president's answer means because he says, we're trying to find out about a whistle-blower the question is, does he already know the identity of this person and just is declining to name that person publicly or does he actually not know the name of the whistle-blower and is he suggesting he's trying to find that out it's a little unclear from the president's answer he's frustrated he can't counter punch. that's his signature political strategy the president can't attack that person pull away that person's credibility and question the

person's motives because he can't name that person public or is not willing to name that person right now >> he also assailed a few days ago, not just the whistle-blower but the sources who told the whistle-blower or gave them accounts of what had transpired both before and then after the conversation with the president of you crane he basically likened them to spies. people that i assume he's going to try and find out who they are or were. >> reporter: you can imagine he will he did say that. he's raising the specktre that people inside the white house are spying on him. he says he knows there's a number of his own staff on that call listening in, taking notes. that kind of thing nonetheless he said it was these particular people but in the whistle-blower complaint, the whistle-blower, him or herself, suggests that he or she was getting information from other people inside the white house.

the president says on twitter yesterday he wants to meet with those people he wants to sit down face-to-face the problem he has is he doesn't know who they are. >> it's germane because the whistle-blower's account was based on second hand information. ie, information given to the person by those white house sources. he also clearly, representative schiff, is under the president's skin he earlier today in a tweet or maybe it was yesterday questioned whether he should be arrested for treason and fraud for schiff's account of what the summary, i would call it, of the president's phone call with the president of ukraine it was not in any sense, i don't believe was schiff trying to read what he thought was a verbatim account of that phone call. >> reporter: right the question of second hand information is going to be

moving into the rear view mirror in a sense we now have the notes recorded by the white house of that conversation with the president of ukraine and democrats on capitol hill who are investigating this will be able to talk with all of these witnesses at some point and get their account of it. they will have first hand information. we do have some first hand information now that has been released publicly for everybody to see and folks on capitol hill investigating this, democrats and republicans will have first hand information that issue of it being a secondhand complaint will sort of fade into the background as the first hand information dcome out. >> thank you when we come back we'll talk more about this and how it may intersect with the china-trade negotiations we'll be right back in a minute. ♪♪

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welcome back as the impeachment inkwiequiry looms, president trump still working to secure a trade deal with china let's bring in meredith sumpter. my first question is how does this impeachment threat change,

if at all, the president's negotiating stance or posture. does it make him just as willing to be tough on china as he was before, maybe a little less tough and then on the converse, how does it alter, if at all, china ea china's view of president trump? >> excellent question. it does alter the way that the chinese are viewing the u.s. president and his negotiating positions. they see the u.s. president under impeachment threat being weaker which will make beijing less likely to come to the table with any fundamental concessions that the white house says is necessary for a deal to be realized interestingly on the u.s. side even if some of president trump ice advisers become more hard line with china, the political risks that come with impeachment may make him more ready to agree to some kind of modest

arrangement. certainly not a comprehensive trade deal but a small mini deal perhaps in the october talks in part because he knows he needs to keep senate republicans on his side so that he is not voted out of office bhenvotes tm a probably that is put at about 75%. he knows he needs those senate republicans on his side. they have told him they are concerned about distressed farmers and telling the president they need him to come to some sort of agreement with china to avert ongoing escalation >> handicap it for me, if you would. is it your base case that the tariffs that the president has proposed kind of put op hold for now ultimately will go into effect come mid-october after the chinese delegation is here

or there will be some, again, another pause because china agrees, for example, to buy more soybeans or corn >> the case for impeachment is underscoring case, that the white house will agree to some kind of mini deal with china in october. but this is really predicated upon a couple of things here one, the president needs to feel that impeachment risk and to move on it and to find ways to delay the onward tariff escalation but second, white house officials have been clear that they are expecting the chinese vice premiere and negotiator, they're expecting him to come to the table next week in washington, with something substantially more than what the chinese came to the table with in september, which was the offering did not impress the u.s. counterparts. so they're looking for a little bit more on the chinese side the key question here is,

following the impeachment moves, as well as following the october 1st 70th anniversary of the people's republic of china, which is tomorrow, will that give xi jinping and the chinese more space to allow lhud to com to the table with a slightly sweeter offer. >> there's two kind of possibilities for that anniversary. the one is we see a big increase in violence. the other is, i suppose, that it doesn't necessarily happen the protests still continue, the status quo continues explain how either outcome might change the chinese strategy here, with regards to the u.s. >> certainly tomorrow is going to be a flash point of protests in hong kong there are a mix of protests that are planned around hong kong and are -- we have a base case, low probability of 25% that beijing will use some kind of

intervention, probably more so, a police intervention than a military intervention, to try to bring some kind of order in hong kong tomorrow could be a flashpoint in part because of the political significance of that date could step up the moves by protesters and the moves by hong kong police to suppress those protesters over the longer term, though, what will affect beijing's calculation on that front is less the u.s. trade negotiation, although that certainly is front of mind for president xi, but he is more so concerned about what any kind of military intervention in hong kong would do for the prospects of the election of nguyen as the next -- as taiwan's president in january, so these january 2020 elections are what beijing is more so concerned about. >> thank you so much, marry dit. we appreciate your time. >> thank you

switching gears here, the restaurant industry was red hot this year before cooling off in september. how much of a fast food slowdown are we seeing? dom chu is here to give us that sector break don dom? >> kelly, tyler, it hasn't been that pronounced yet, but could it be the beginning of a trend that fast food restaurant trend has been a consensus upside mover and driver for the outperformance in the consumer discretionary sector so far in 2019, as you can see there, that red line consumer discretionary outperforming for the better part of at least the second half of this year the overall s&p 500. and there are now about two basis points or 2%, 200 basis points apart in performance. one place to look is a name like starbucks, for the restaurant side of things it's been a run towards record highs for those shares but ever since you can see here on that right-hand side of the chart, it's record highs just in the last couple of months here that's been at a 10 to 11% pullback you're seeing on the right-hand side there. it's indicative of other restaurant stocks, as well in the s&p 500, restaurant stocks, have they fallen out of favor or flavor, if you will,

forgive the pun. chipotle shares, record-high run. they're about 2% away from record highs not bad, not big deal, but could it be the beginning of something bigger mcdonald's shares, 3% below its record highs and darden restaurants is down 8% from its recent highs as we talk about restaurant stocks, could these be the ones that have a little bit more to talk about, guys >> let's dig deeper into why some fast food has lost some sizzle bob darington is managing director bob, what's going on in the restaurant business? >> i think there's a level of uncertainty, as your program has talked about, you know, the issues around, you know, our president, around trade, you know, i think early in september, you know, i guess around mid-september, we saw the bombing in of iran within saudi arabia i think there's a number of issues consumers are concerned about, uncertainty clearly is

one of the biggest and i think that's what really hurts restaurant sales >> let me understand are you saying that the bombing in saudi arabia, the president's domestic political troubles, the china -- the china stalemate are causing people to stay home and not eat or what? i'm not sure i get the nexus just play it out for me a little >> there's essentially three categories within the industry casual dining, sit-down restaurants, fast food and fast casual you know, typically, in times of uncertainty, the first thing consumers will do rather than take the family out to dinner, they may go to a breakfast stop on the way to work or a lunch stop while at work those are more hygienic level, you know, uses however, at dinnertime, that's where the pause typically starts and i think that's the slowdown that we've seen, especially here in september >> so what does that imply for where i should put my pun if i'm

inclined to invest in restaurant stocks right now >> given the pullback we've seen in some of these names, i'm more comfortable recommending names, fast food names, where the consumer is clearly entrenched, will continue to spend where mcdonald's has pulled back a little bit that's a name they like. jack in the box has also pulled back they've had some pretty good operating trends that's another name that i like. oh, by the way, wendy's, as well they're poised for very good trends for the second half of this year and potentially into next year. >> so we like jack, mac, and wendy. sounds good. >> sounds like someone's goods >> yeah. "check, please" is next. - [spokesman] if you've tried college but never finished,

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one of the things i love working with you about is you're probably a bigger sports fan than i am. there are two things, one of which i'm sure about, the other which i'm not, the one thing i'm sure about is there are too many damned penalties in national football league. they've got to hold the hander chief in their -- they're making the product unwatchable. >> but because of betting, they're in an impossible situation. >> it is just unwatchable. the other is this paying of college athletes for their endorsement, their likeness and so forth it is really going to be a huge collision. can you imagine if the ncaa bans

california teams from competition? >> or does the ncaa adopt it and say, we have to go that route? >> we have to go down that road, because that's where it's going to go, eventually. >> you have all the high-profile athletes backing them. that's going to be one to watch. thanks for watching "power lunch. >> and "closing bell" starts right now. welcome to the "closing bell," everyone. i'm wilfred frost at the new york stock exchange. a separate positive and a positive quarter, despite a negative august, that is how things are with 59 minutes left of trade >> and let's look at what is driving the action on this last day of september the tech sector surging with apple in the lead up more than 2% right now oil falling on weak chinese economic data. also, saudi aramco resuming its operations to full capacity. that has the energy sector weaker today and the delisting walkback the white house downplays any limits on u.s. investing in