bang >> doc >> tesla bang i like tesla >> i'll give you a reprieve, i agree the stock is recovering. >> good stuff. thank you. >> thank you, judge. >> thanks for watching "the exchange" begins right now. thank you, scott hi, everybody. here is what's ahead white house adviser larry kudlow says it's possible progress can be made this week on u.s./china trade talks. markets trading higher on such hopes. with china reportedly playing hardball and lashing out against the nba is the deal really in sight? we will ask. plus, general malaise, ge says it will freeze pension plans for thousands. we'll look at what changes still need to come for these iconic american companies >> and wall street shares one of the worst ipos of the year and roku rolls out more advertising. that's all ahead in rapid fire today. we begin with the markets.

1:00 p.m., here is where we stand right now. we are drifting higher coming off the lows of the session. take a look at the nasdaq. due in part to a big move in shares of apple now up 1%. so getticlose to hitting -- getting back to its record high. the dow currently down about six points but, again, off the lows of the session, due in part to the rebound we are seeing and energy stocks today oil back in positive territory for the first time in eight straight trading sessions you can see the big energy sessions up about 1% to 3% on the day another big mover we're watching, shares of uber up 2% after citi giving love to the stock, giving it a buy rating ahead of its earnings release saying the negativity is already priced in. the stock again up 2%. as you can see still down about 35% from its all-time high back to you. >> thank you very much we have a news alert from

jay powell >> jerome powell and a form earp fed chair to talk about the need for fed independence from politi politics you, of course, know jerome powell has been the recipient of much criticism from the president about the fed's interest rate policy powell quotes a plaque on the building in washington which says, quote, the central bank must be absolutely free from the dangers of control by politics and he twice mentions the word independence in the speech there. this is about as strong, kelly, as you know, the fed chair would get in pushing back against the president and his criticism. >> especially when he wasn't expected to make any comments. the fact he made them with the implications they have speaks volumes. >> we knew he was going to make a comment, kelly we just didn't know he would choose to take the opportunity to talk about the fed's independence on this

eckels, the federal reserve act of 1935, was involved in the treasury federal reserve 1951 so there's some history there and powell not letting it be lost to inform the debate today. >> that's for sure steve, appreciate it steve liesman with those headlines from fed chair powell. welcome to "the exchange," everyone i'm kelly evans. new developments this hour white house economic adviser larry kudlow saying he sees possible progress being made this week in the trade talks he also noted the u.s. is open to whatever china brings those comments giving the major averages a boost as they recovered all their losses, and this comes after the reports over the weekend suggesting china is reluctant to agree to a broad deal rich weiss, chief investment officer at american century investments. and, brian weinstein at morgan stanley investment management. welcome to you both. rich, i'll just start with you on trade i mean, it seems unlikely --

more unlikely than ever that we're going to get some kind of huge announcement, hey, we've reached -- so what should markets be expecting in terms of the news flow at this point? >> the trade talks are political football i don't think anyone would disagree the tariffs are an insult to an otherwise domestic economy. the outlook is murky at best and that's why the market has been essentially pumping the brakes for the last few sessions. >> rich is saying it's unlikely we get any kind of big deal and we're going to get a positive headline anymore the administration thinks the market needs a short-term pop >> people expect small concessions to be made i don't think the market is placed for a complete breakdown.

>> which is not necessarily good either because it's possible that could be an outcome, right? >> you're seeing the uncertainty in the markets ism surveys fall how do you spend how do you know what to do even if it's a small one. >> what they want and what they get are different things i was really struck by the fact that deal making activity, m&a, is down this year relative to last year. what does thatell you? the interest rates aren't at rock bottom levels and you would expect a huge amount of activity and there's not. what does that imply >> i'll go back to my uncertainty comment. what's happening you've had this big rally in fixed income, interest rates fell a year ago it's hard to believe but here at $1.75. equities are pretty much

unchanged from october so i think the market might be unwilling to take down these bigger deals and, by the way, if you're a ceo of a large corporation, maybe you don't want to make one if you're not sure what the rules are. >> they're much less forgiving right now. so where does that leave you in terms of the market? we talk about how sort of out of whack bond deals are in august, we're almost back to those levels >> right and so fixed income not a very attractive market the longer side or even the high yield side at this point given where we are fundamentally. global growth decelerating, we'll watch a third quarter carefully. the housing market should be much stronger than it otherwise is given where interest rates are, historically low unemployment rates and vix is at excited levels this is not a recipe for a bull market it's an aging bull it can still gore you.

>> you're basically on the sidelines then >> not putting new money to work in stocks. >> brian, what about you you heard rich say he didn't want to be long fixed income >> ready to go back to january yields were high and spreads were wide. now we have the opposite spreads are about at their average, yields are very low on a historic basis >> so the stock guy is not in the stock market the fixed income guy is not in the market what is everybody supposed to do >> if you can capture 2% which is getting harder, you can still do it. you can find an actsive manager that get you a couple extra percent. there's no question the quest for yield is still out there people are not completely in cash we've seen high yield flows, flows in go anywhere funds you see people looking for things that would give them more

than 1% or 2%. that's not going away. >> that is the lower turn environment we're stuck in thanks to you both brian weinstein and rich weiss don't go anywhere. here is what's still ahead on "the exchange. coming up, when it comes to trade, investors can learn a big lesson from the nba's china backlash we'll explain. plus, if the consumer does start to break, what retailers will show the cracks first and, it's all smiles for smiles direct from wall street. 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... to managing website inventory... and network bandwidth.

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xfi advanced security. if it's connected, it's protected. call, click, or visit a store today. welcome back the nba facing a major backlash in china after the houston rockets' general manager tweeted his support for pro-democracy protesters in hong kong. in response sponsors in china pulled their money from the rockets. chinese broadcast partners said they wouldn't air their games and the chinese basketball association, which is headed by former houston rocket yao ming has suspended ties with the team 6 million people watch basketball in china, the most watched sport there worth $4 billion. they have apologized sparking a backlash by fans here at home who think they just caved to the chinese. if we can glean frig franything

the last four hours, ones that are hugely popular and have a long history of cooperation. what could that mean from our trade talks? dan, what do you think this tells us >> china's economy continues to grow and they start to try and get more global influence, they're going to use their power, that big consumer market that you referenced, kelly, as ren leverage it's unsettling that a communist regime like that could withhold that power over u.s. companies and u.s. brands. in the short term, china's economy is struggling. their food prices are going up they're devaluing their currency and exports are still going down so they're looking for some de-escalation. the u.s. is looking for de-escalation. both sides are trying to stay in the narrow lane of how do you get a short-term deal.

>> right. >> really what we're seeing here is that long-term pressures and the nba's emblematic of that >> you describe a chinese economy that is slowing and may be vulnerable but people responded by seeing it the other way and saying doesn't that tell us how much strength china has they could silence almost the entire nba you're not going to hear them speak out in favor of protesters >> over the long term this is where that growing tension is going to be coming from. they have a lot of power to exert, as they say should we have market access and interestingly this is one of the key issues the u.s. trying to get leverage on this week. are you going to open up your economy, liberalize your economy, and not have these foreign ownership limits of u.s. companies when they come into china.

that is telling you this problem is not going to go away. the response has been overwhelmingly negative towards the nba, very strong bi-papartin support. we had a long-term goal of going up against that other power. >> right >> and it's almost interesting the chinese could be unifying a very polarized u.s. political situation. >> they're finding a way of bringing both sides together to your point, dan, it's not as if you're hearing democrats get out there and talk about how we need to engage more with china it's the opposite or a mixed bag of responses we had reports over the weekend that china doesn't want to have talks about a broad trade deal >> yes >> it is a little ironic that a

u.s. president who keeps pulling us out of international conflicts is now trying to use our leverage to open up china's market to the u.s. how long do you think president trump is willing to fight the fight, and if he cannot do anything to change the communist party's behavior, what outcomes are we really trying to get at here >> absolutely, kelly what we're doing is related to china. having words distracts us from the real challenge we're facing geopolitically and that is china itself that's where he wants the focus to be. at the same time we don't want to have a conflict we usually have a war in 12 of 16 situations like this we've had a war. how do we do this without a war? the chinese have been stealing from us for 20, 30 years now that our growth slows, the u.s. is trying to integrate into the world economy, so to speak,

right? good luck, right >> and what do you think investors knowing this sort of large scale conflict exists and yet still looking for some sort of breakthrough or agreement on trade and it's not just investors, it's business leaders who have to commit capital and a lot of them have been telling us whatever happens, we're focused on the growing middle class population and we're trying to reach new markets and so forth, are we at a real turning point or not here? >> absolutely we're at a real turning point. companies are making a decision to keep their production in china for the chinese but any production for outside china is now leaving. that's shifting the supply chains around the world. that's a huge chain. that's restricted until there's certainty and both sides are lined up trying to figure out how to de-escalate in the short run but that longer term battle, the turning point you reference, is here upon us. it's working into our politics,

into our economics and into our financial markets and historically we'll have a lower price to earnings on stocks. we also had higher interest rates. it may be harder to have certainty over geo politics moving forward >> maybe the certainty is to not engage with the chinese and that would be a huge break the last 15 to 20 years thank you very much. >> thank you, kelly. >> dan clifton this afternoon. coming up, buying a home in this country, those low rates will tilt affordability. there is something new holding buyers back. what exactly what is and what it tells us about the economy roku ceo has described the company as more of an ad than a hardware business and they just doubled down on that we'll explain what roku can do woman: what does the word "partner" really mean? someone i can trust. (impact, click)

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welcome back to "the exchange." talks between the uaw and general motors as workers continue to strike yesterday the union said talks took, quote, a turn for the worse. gm is down 11% since the strike began with analysts estimating it cost the company more than a billion dollars. for more i'm joined by michael weylan following the store for us michael, welcome it's good to see you >> thanks for having me on, kelly. >> should we take the union at

face value when they say stocks took a turn for the worse and what seems to be a hang-up than it seems wall street expected? >> it could be both but overall the most important thing is the sides are still talking. no one walked away from the table. that was the best sign, the nuclear option if talks are really falling apart, one of the sides will walk away. also plant allocation for different products that was one of the hang-ups on sunday >> it gets right to the heart of frankly the national sort of political discussion in this country. the union wants general motors, as i understand it, to produce more vehicles in the u.s they have the capacity there's no reason they should be outsourcing to mexico and so forth. i assume for gm that raises their cost of doing business and

existential questions about their viability. >> and during the negotiations they were expected to have four plant closures it's not as simple to take production and move to the u.s and while the union would like gm to do that it's just not a reality and global ecosystem they've made billions of dollars and to take that and bring it to the u.s. >> i wonder how the trade deal trying to push forward on new nafta which has sourcing requirements, would that help push the union's priorities here do they have to wait to see what happens on that front or is it not going to make that much of a

difference to the outcome? >> the current administration has been an ally obviously the america first mentality, they are all about that we want to you build here and sell here. gm was the highest producer, has not taken that lightly the back and forth across the border is very complex and thousands upon thousands of parts and it's not as simple as you have to produce here the supply has set up their manufacturing down there and it's a very complicated process. while most would love to build where they produce the cost and labor costs just aren't realistic at the time for the company to be profitable >> if they don't say, look, okay, we're not moving this production back to some of these

plants in the u.s., what happens then where does this end? that is a question and something we've speculated on. this is far longer than many anticipated heading into the talks. we knew with the potential plant closures and the economy doing very well and the auto sales, the union is looking back at the past four years and wanted to be rewarded for what they've done gm on the other hand is looking to the next four years they kind of want to head their bets >> it doesn't look like we're near a breakthrough. >> thank you it could happen any hour or day or week. >> following this story for us

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welcome back to "the exchange." let's check in with sue herera for a cnbc news update this hour hello, everyone. here is what's happening this hour as the latest round of u.s./china trade negotiations gets under way, white house economic adviser larry kudlow sounded an optimistic tone in talking to reporters >> kind of a clean slate reopening the door and as you know thursday and friday the principle levels will be meeting. we are waiting for the chinese offer. we are open to almost anything right now. general motors says more workers will be impacted as u.s.

hourly workers enters its fourth week they had partially idled its propulsion plant with the transmission lines not operating. and the washington redskins have fired head coach jay gruden this after his team dropped to 0-5 after losing to the new england patriots on sunday offensive line coach bill callahan will take over on an interim basis. you're up to date. that's the news update kelly, back to you >> sue, thank you very much. sue herera there let's catch you up on other stories. rapid fire here to break down the headlines, welcome, everybody. first up we'll talk some roku. users may have mnoticed a new feature, pop-up ads over commercials on cable or live tv. take a look at this site it shows a pop-up ad for a geico sponsored program while a geico ad is airing so the thing to understand it's

a sponsored program. anyway, roku ceo says he believes the company is really in the advertising business not the hardware business and investors love it. the stock is at more than 200% this year. wow. >>his is really remarkable, don't you think? it has been a hardware business and their systems are in the new tvs getting sold is it just they can boost what they're getting for ad rates working with these partners or potentially is there a revenue sharing deal that comes into play when people are buying directly off their roku? >> we talk about winners and losers in the streaming wars roku so far has been the big winner the hardware piece of it, the platform and services, the roku channel, aggregating the other streaming apps right now, too, and the targeted ads this is truly targeted they know what you're watching, how you like to watch it and are being innovative in how they're going after you with it. >> it's interests, also, this is

double ads so an ad on top of an ad which is awful. and secondly i thought the whole streaming purpose was to get rid of advertising and it's not. i think it's clear from this even netflix -- >> totally 1,000% agree. totally agree. >> i love sirius radio but there are ads and i'm paying i'm paying not to have ads and i still have ads >> hulu, too >> there's at least a couple options there but, first of all, i've heard the argument this is bearish for facebook and google because so much advertising is migrating to streaming tv that it's going to undermine a big part of their attraction, why they've tried to make their own platforms. we'll see more and more of this. >> probably more migrate away from cable towards this. >> absolutely. >> before there was only one game in town if you think about it, if the eyeballs are moving to streaming, all of a sudden you do have a new way of reaching those who aren't watching. >> if your response is good, if

you have metrics that they are clicking on the ads. >> impulse buys, it doesn't get any better than this, sitting there with the remote, yeah, i like that. forget giving my kids the remote we'll have hot wheels everywhere >> we need kid controls as they roll this out. moving on, the street is bullish on smiles direct club. that stock is down 30% since it went public. nine firms initiated coverage, each with a buy or equivalent rating jpmorgan with a $31 price target it was one of the lead underwriters on the ipo and, by the way, most price targets on the street are below the ipo price of $23 not enough to boost the stock. even today shares are down 5%, guys, below $14 now. >> a lot of these outperform -- if you look at the actual price targets, they're $18 opposed to the ipo, $36 and you have this issue with the american dental association and the orthodontist association --

>> you had a short seller saying you have to be careful >> absolutely. >> even the most bullish reports, could go up to $14 or $18. >> or $31 if you're jpmorgan >> smiles direct, their first day of trading, so far this year, which really says something since ipo performance has been the worst since 1995 according to goldman, very similar scenario to uber where you have consensus analyst ratings overweight, 64% implied upside and yet investors not buying it. >> that's why i love the public markets. everyone in silicon valley bullish -- i'm using silicon valley as a proxy. they are happy to give you the upside only one way to get the truth about what everybody thinks about the stock is to watch how it actually trades >> in this case it's not very good >> speaking of the truth, can i say about the claims filed by the or though orthodontists, of

course >> you don't know who to believe because there were probably some case it is worked out terrifically and some case it is wasn't appropriate, wasn't handled well, and somebody got hurt so there's going to be a mix of outcomes >> absolutely right. >> is this right or wrong? >> the only issue trying to figure out what is the moat around this business how unique is smiles direct and how much penetration can they really have on their total market with all these copycats let's stick with ipos. there's a new report highlighting just how bad a real estate bet could be after purchasing, remember, the lord & taylor flagship building this was a big deal at the time and they did this as a joint venture but signed a hefty lease this is nearly a 700,000

square-foot place that was to be their headquarters they've scrapped the ipo, ousted adam newman and they're on the hook for this rent to the tune of $70 million a year. >> this is another building where the systemic risk is sort of all encapsulated in the microcosm. they built this building for $850, which is high for that location, that type of building. >> and per square foot really high >> we would lease the building for over $100 a square foot. normally it's about $75 to $87 in that area they're trying to find someone to fill the space at that market rate, and they're not finding it the question is what happens jpm has a $600 million loan against the building you have outside investors who are also the co-owners it's just a mess >> they were looking at amazon, remember >> they could still be looking at it. now, look, it's an attractive space for somebody like anything,hat's a price and the price is likely going to be below what they're paying

and so then do they eat that and how do they get out of the lease? that's a problem >> it really speaks to the conflict of interest rife with this company and still chairman adam newman just how all of these different vehicles were integrated and what it meant for investors to peel that apart also very legal but conflict of interest, unethical arguably >> it also doesn't do you a lot of good. if you're so tied up with one company that you are exposed to a mortgage on one side, it starts to compound your problems this was the quote i love from "the new york post" from a source, granted, who said the only option is if they go bankrupt if they have to take another loss, they have to do something. >> the owner of the building in this case is also tied to wework's

they're going to be pretty lenient on the terms how they were buying. >> and this is happening in a nonrecessionary environment. ma imagine what the business model looks like >> does it make sense if you're in the business of long-term investments. there's a disconnect there >> it still hasn't been resolved 1,000% >> no, no, no, we're not getting on the horn just yet we have morgan here to talk about that an effort to cut debt by up to $8 billion the pension plan has been closed since 2012 i think huge issues every time we see the headlines people say it's over

we're all doing 401(k) plans not so sure. i think there's been a huge backlash among people who are furious, the sense of protection and retirement and so what's the practical impact, morgan for ge? >> a company looking to raise cash it's number one priority under the ceo and chairman since he took the helm to shore up finances and pay down debt this is one more move that takes you in that, i guess, more positive direction from a financial standpoint new entrance since 2012. however, when you look at their liabilities, the current pension plans, the fact they do pay out half a million retired employees over the course of their lifetimes still one of the biggest. >> how many will be affected by these changes? the buyouts are only if you haven't started to draw on those

pensions yet there's some nuance in terms of how many will be affected. >> yes so people that are getting payouts are not going to be affected you have another 100,000 former employees offered pension buyouts. another 20,000 workers as well that are going to see their pension plans frozen, so it's still a fraction >> and hurting them more and more >> it's tough. the lack of security is a major theme. this is in response to new regulations to alert pedestrians.

what i loveabout tesla, you ca wake up in the morning and have entirely new features on your car if you've enabled the right plans. this would allow people to use a horn directionally, right? which is also useful tell me if i'm wrong if there's cars in traffic, tesla is one of them, instead of emitting an engine sound they will emit what >> whooshing air, for instance, or the clopping sound from monty python the coconuts also the goat. there is a goat sound. if you're slowly stu in traffic in a tesla and you need to make a noise, what i really want to hear is the sense of the herd mentality, that you're stuck and it would sound

something like this. >> like a cow inmooing maybe >> see, i think there's already too much rudeness and road rage on the i go back to our more genteel days of travel remember the greatest ad when the guy pulls up in the rolls-royce -- >> oh, wow >> do we have it >> pardon me >> so if you pulled up to somebody, imagine that >> i could totally see you >> i love that >> how lovely would that be in new york city? >> he said you could personalize it to a favorite song of yours or something it's not out of the question we could be picking -- >> man, i feel like a woman. >> yours >> is that your karaoke song >> i am going to go with a rocket launch. >> perfect that's when you know morgan is in traffic >> i think elon musk would approve. >> i think this would be

extremely annoying in practice >> who wants a credit card tee that slides off, wait a minute, where did that thing go? >> listen, i understand having fun with it. i love that. if you're in traffic, whether you're a pedestrian or another car and this starts being personalized ring tones, i'm glad we got out of the phase i don't want to go back. >> what could be worse than horns? >> no one is honking just to give you noise we have to go. thank you all. morgan, contessa and robert, now we'll know if you're in traffic around me. consumers get credit for keeping things on track. are they the next shoe to drop we'll talk about that next a quick check on the markets which are at session highs with the dow up 63 points 15 were down as much as 0. quarter percent averages

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for the past year we've been talking about how strong the consumer is as unemployment remains low and the economy remains really strong. our next guest traveled 140,000 miles visiting retailers across the country to get a gauge of e the consumer is and isn't opening up their wallets the founder and ceo, welcome >> thanks for having me. >> good to speak with you. the main thing i guess everybody is curious about, when you look at your coverage do you see signs in doing these channel checks and surveying what's going on out there that the consumer is cracking at all? >> no. that's a very quick answer we just don't see it data is strong 3.5% unemployment rate look at income growth. it's good particularly people lower and middle income. so until we see any cracks, the consumer really is about employment it's hard to think the consumer

will soften up to much. >> they'll say if the dollar stores were so strong the economy can't be is that true >> i think it says dollar general and walmart, usually people trade out of those companies. those are two of our recommendations. they're doing really well and their same store sales are stronger than they should be rather than anything that has to do with the consumer >> i think costco quarter after quarter a pretty good sign nominally speaking you also cover amazon. disruption has been a major theme and people talking about who will survive does it pose more of a threat of the kroegers of the world? how are they going to be able to

survive? >> we're concerned about kroger and traditional groceries. you have amazon, you have walmart, you have aldi if you look specifically they compete with walmart and aldis than anybody very destructive then you look at amazon. they're going to be relentless in consumables if you look at the business model a lot is generated through advertising. we projected out what will amazon look like a decade from now? a lot of their profits will come from advertising cpg companies that will pay amazon so you look at kroegcrowing kro sure there's a seat. it has big disadvantages >> you have sells on kroger,

kraft, heinz you saw clorox was not getting good shelf placement that told you an earnings miss was coming any red flags as we head into next earnings season >> i think there's big red flags in packaged food you said walmart 250 basis points of private label growth last quarter. campbell's, swanson's is one of their products, that's moving to the bottom of the shelf. you want to be at eye level. >> absolutely. >> so we're seeing challenges there. smuckers is another example. folger's is bottom shelf we call it the craft beer trend which is a lot of people want to experiment with different brands, local brands and coffee is one >> and private label, too. it's fascinating thanks for the heads up. we'll check back in a little bit. thank you for joining me scott mushkin of r5 capital.

meantime, some new data revealing a growing disconnect in the housing market. what it is and what it means for the economy next

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welcome back consumer confidence in housing is weakening it sounds like a disconnect. diana joins us to explain. >> lower mortgage rates are making home buying more affordable but concerns about personal finances are eating into overall confidence in housing. consumer confidence fell in september from its august high more americans said they were concerned about losing their jobs that was the second straight month that component of the survey rose. this as mortgage rates sit at the lowest level in over a month and are significantly lower than they were a year ago it's now around 3.64%. about 21% of the national median income is required to make the monthly principal and interest payments on the average priced home this is the sec best affordability rate in nearly two years. it adds about $46,000 in purchasing power for the average

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this afternoon the president will sign trade agreements with japan that will ease and remove duties on agricultural exports and imports. can this deal with japan help the u.s. economy and strengthen our hand in asia let's ask casey wall he's the ceo of attune it's good to have you here what's your sense of how big this deal is >> i think it's a big step it's a good step forward obviously the u.s. backed out of the tpp. for the asia partners for the u.s. to start to engage and japan has been working on this for while. it's a big bilateral deal they can do i think for the future as well especially the digital component. in japan there's a lot of

innovation going on and a lot of american start-ups going over to japan. this kind of agrment to act digitally will benefit both sides. >> is it still pretty niche or relationships seem so much bigger do you think this could symbolically help take the sting out of that? >> a little bit. from the japan perspective they used to be so big. still the u.s. is the number one trading partner with japan japan still the third biggest economy in the world japan will end up like italy it's got great food and environment. i think this is chance to have japan take that opportunity to take out space from china. >> interesting >> it's good for the u.s. as well that we have different options here we can play it with the news that's going on. china is using everything they can as well. every opportunity that comes up that's been talking about today too. >> today especially. you're absolutely right.

the interesting thing with japan as well is their best known figure right now is in the news with softbank with everything he's done there. usually it's in pretty glowing terms. lately there's been a lot more criticism about whether he unfairly propped up evaluations. whether it does more harm to start-up companies than good tell us the significance of that plays out. >> i think in role in the global eco system is fantastic. in japan he's a hero within what's going on with wework and the valuation is dropping and the worries of what's happening here. in japan the japanese media don't pick up on that at all could we wework end up like a yahoo situation where the japanese arm is more valuable than the u.s. entity

i think that could be a future outcome of this. there is so much money and it goes back to that conversation i mentioned earlier about what japan is trying to do. this is the last innings for japan to hit a roam hundred. he's like i've got the money as long as my mls are okay, he's going to keep going to bat >> do you see signs of japan opening it self up culturally it's still a difficult place for foreigners >> it is i've been there for 20 years the rugby world cup is happening now. the olympics are a big deal. the signs are in english immigration is happening very quietly. there's so many more kind of immigrants and ones that are different than japanese. it was other asian immigrants or more kind of emigration is coming in. >> that might be good for business for you as well >> the more they flourish, the

more you will. good to see you. thanks so much >> thanks for having me. >> that does it for the exchange i'll join tyler for power lunch which begins now put on your running shoes and come on over we'll see you in a moment. here's what's new. wall street braces for trade talks this week in what could be make or break moment not just for the trade talks but market in your money. unicorns are floundsering. an early air b and b and lyft investor will tell us what's going wrong and why. the breakfast bear one top analyst said breakfast won't be the most important meal of the day for wendy's and the stock is feeling the griddle the man behind the call will be here as power lunch starts right now.