be sure to stick around for power lunch for an one of the co-founders of this act. thank you for joining me today. "power lunch" starts right now >> we'll see you in just a moment here is what's new at 2:00 it's the greatest divide on a the street between the winners and losers big names are soaring or getting demoli demolished we'll break it all down. lawmakers want to make it easier for you to leave facebook senator mark warner one of the co-sponhf co-sponsors will join us this hour for major social media shift. food and football. the san francisco 49ers giving away an array of free food "power lunch" starts right now

s. welcome to power lunch we're glad you're with us. the market marching towards all time records the s&p just half percent from an all time high the nasdaq is in the red by about a quarter of a percent the dow is up almost 100 big move in bio gen today. we'll have those details >> thanks. bio gen from the only mover today. bob has the run down for us. >> mcdonald's was a very rare out right miss unusual for a big company. most others are doing fine is beating enough right now given the price upset? look at procter & gamble sherwin-williams had a terrific

you. united technology beat them but the guidance is about the guidance they had for the third quarter. kimberly clark did beat. about the same as what they beat in third quarter you see that stock is trading down a little bit there. mcdonald's is the only out right miss we had there. u.s. sales growth are a bit slower i talk about these beats and raise guidance is that really enough. look what's been going on. take a look at sherwin-williams. earnings up 13%. this is one of the big movers. we had modest earnings growth. the stock is up 45% right now. same situation to go through some other names. united technologies, 6% growth that's pretty good for a big company right now. price up 33% hard to move these companies forward and the price is when you got modest earnings growth like this. same with procter & gamble price up 33% how do you get it up when you talk a bit more optimistically

about the fourth quarter kimberly clark, low 4% this is much more typical than the s&p. price up 22% what's a typical stock mcdonald's it's only 1% earnings. that's typical for the s&p price up only 14%. when i say typical, look what we're getting this year. the s&p 500 is mostly flat on the year what's flat, that's what flat looks like we're down almost 3% for third quarter. 2.7% for the fourth quarter. it's tough moving the market forward, 20% a year when you're flash flood flat on earnings growth. back to you. wall street worries about a repeat of the fourth quarter our next guest is betting on a big rally. let's bring in head of research. tom, great to have you with us how big of a rally are you looking for? >> 3%, 100 points.

i think it could be as much as 5 to 10% >> 5 to 10% on the s&p 500 >> yes >> what brings us there? >> we have to have a turn in cyclical momentum so pmis have to be tbottoming now. i think we have some clues china has done the yield curve has been telling us this. that's really critical the second is the fed can't make a policy era >> we just had discipline pmi's in the latest readings and services as well you're already looking for a turn in that >> yeah. at the start of this year we were advising our clients the pmi would fall to as low as 48 by september because of the downturn in oil and the fed tightening from last year, plus the signal saying we'll see a tank in the pmis that same yields curve is telling us they should be

bottoming out. >> what would a policy eriy erre would it be not cutting in december what would it look like? >> i think the policy error last year is if fed wasn't paying enough to market signal. to us a policy error is ignoring the fact that the yield curve in the u.s. is messed up. the term structure is broken there's no incentive for long term investment to take place when the curve is flat as it is. the fed needs to do 25 basis points to kind of bring some normalization to the curve >> that's assuming the fed has controlled over short term rates. >> that have a lot of control over the front end it's been the long end that's been less predictable and the good news is it's been moving up i think we node to bring the front end down i think the home builders are the deepest cyclical bet you can

make they have done really well this year a piece that we did last year, the six months if you buy the home builders on october 20th of every year nine out of the last ten you beat the market. >> why october 20th? >> it's the 22nd we're two days late. >> it's a strange mathematical coincidence. it was a jpmorgan intern that pointed this out to me years ago. it was one of his summer projects >> in terms of the trade, does it matter the hope buildeme buie been up a lot going into this period >> right they have been monster, almost 50% for some it's the same thing that's happened three times even in the next six months they built on those gain. i think it's a sign that it

might do even better >> you say a 3% move in the s&p between now and your end, base case what happens in 2020 does that get stocks to a price where they are vulnerable say to a 10% or greater correction in 2020 >> our thinking is markets have gone nowhere for 20 months we had flat markets hovering it's only happened three times since world war ii three of three times it was resolved with massive upside break out in stocks. i think if the s&p hits that 3100 it's going to be the fourth instance i think it tells us s&p 4500 by 2021 >> what did the intern think >> i'll have to find him on bloomberg. >> thank you billi biogen is the stock today.

remember back in march the stock plummeted when they said they were halting the trial for this very same drug it plummeted 25% we have new details here >> this almost never happens and it couldn't have happened in disease more plagued by setback than alzheimer's biogen plans to file for approval next year of its kpe t experimental drugs after a new analysis shows the late trial succeeded. earlier their stopped the drug on analysis that predicted the trials wouldn't work they made decisions to stop the trials in march. now the company says subsequent data on more patients. more than 2,000 show the drug appear to slow declines associated with alzheimer's. that da ta on patients and they

had a higher dose in later analysis given how many people have alzheimer's disease, almost 6 million americans, it would be major advance and major boom for business >> is this also big news for the same sort of class of drugs that attack the plaque in the brain which is at the root of alzheimer's? >> yeah. you see failure after failure there. it almost seemed like finally ready to let go of that. so many of those trials have failed and companies have discounted them. it's unclear if they will try to look back and resuscitate them in the same way. it's not the same situation where they will have more data but it does make you wonder about the science here we thought everybody had gotten it long for so long. does this provide that idea. >> thank you that jump in biogen having a basic impact on the stock standings. they are moved into third place

depe behind nick. coming up, a new antisocial bill in congress targeting facebook and other huge social media platforms. we'll speak with one of the bill's authors disney announcing a deal with verizon showing off the star wars trailer and we jt us heard from the ceo woo we'll have much more and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪

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a new fwil bill in congressd make it easier for you to leave facebook and other social media platforms, but first let's get details. >> the technical term is data portability. the ability to take your information and mover it from one platform to another and have those platforms talk to each other. this bill would get at that in three different ways allowing users to trooretrieve r data and give their competitors access to them and three by giving users the ability to work with third parties to manage their privacy and account settings this new rule would apply to platforms with at least 100 million active monthly users in the u.s. that would not just be facebook's core platform but messenger and instagram. facebook believes one people should move their service from

one app to another and looks forward to working with lawmakers on this important principle. add this to the litany of questions that mark zuckerberg will face when he testifies tomorrow including the news that 47 attorneys generals are joining in into the company. we'll be following it all for you and bringing you the latest. back to you. joinings now from d.c. for a power lunch exclusive is one of the bill's sponsors, senator mark warner of my home state, virginia good to have you with us >> thank you for having me >> you have two irginians here kelly is from lexington. beyond facebook and messenger and instagram, what other big platforms would this legislation affect >> this would affect google. it can affect twitter. the notion here is we have seen enormous concentration in the

social media space one of the reasons you're seeing the antitrust actions take place. what i've been working on are a series of bills all bipartisan that would say how we put some guardrails on these companies that have such enormous power. my background was in the telecom business i borrowed some concepts from that if you want to move your da ta t a new site, you should be able to do that we are using data portability as our first concept. even if you got portability, if you can't still talk to your friends that are on facebook then that moving to a new company may not give you the same benefits.

we've brought in the concept of interoperability you can be a gmail customer but still e-mail something on outlook. portability and interoperability go hand in glove >> for purposes of this legislation, what constitutes personal data? what's included, chast excluwhas excluded i know in a description of the bill that if the carrier or the platform company does not make money from the data then the provisions don't apply >> facebook already says they provide this yet trying to get all the information that one they collect about you and easily transport it to gnaw company is

extraordinarily difficult. this would make this process transparent, easy to take place and there's -- this bill, we call it the access bill works hand in flglove as well with another bipartisan legislation that says you ought to be able to know what information facebook is collecting about you and a rough idea of how much that information is worth. two often i think consumers believe that services like facebook or google are free. there's nothing free about them. they collect enormous amounts of information and monotize that through the sale oftizing. nothing morally wrong. if they choose to move, you ought to be able to make it easy, transparent and this would be one of the tools to try to bring more competition to an otherwise pretty already consolidated marketplace >> in the last earning season, facebook looked at numbers and investors were pleased to see

users didn't defect. there were people leaving the platform because they are concerned about data issues and because they didn't defect, advertisers didn't defect either i'm woernndering if your thesiss it's so hard to leave and if it wasn't then people might leave >> remember, what's happened since facebook has managed to con kso con ksoidate a series of applications there was a lot of movement people moved from one facebook platform to another. what we're saying is with that kind of massive heft that facebook has got, if you're going to try to introduce a better version, the ability to move your data to a new competitor and make sure you can talk to people, you got to have this data portability and

interoperability the last quarter there was a lot of movement but it was people moving into the apps this third concept that says if you want to entrust your data privacy, other data sfrervices, you can use a trusted third party. >> it might be easier to list the committees you're not a member of than you are this week sort of musings and rumblings are that progress is being made do you criticize the president for taking on china on some of the trade issues he's enumerated for example, failure to accept large amounts of agriculture

products, i.p. theft and so forth? is your bother with him or do you have one, his tactics as opposed to the mission >> i think the mission is right. i don't find a lot of places where i agree with donald trump but saying to china, you cannot continue to steal intellectual property, you can't restrain american companies in way we don't restrain kmchinese companies. when you have this unlevel playing field getting unfair advantages i think his execution on this plan has been awful. the remarkable thing is clie th - china is using these tactics against japanese company, european companies where the missed opportunity would be to have rallied the world and go to china and say you're a great nation and you're one of the leading economic powers in the 21st century but you got to play by the same set of rules instead one of first things trump did was not take on china

but declared canada a national security risk under section 232. that's bad execution on the plan what worries me is that i think the trump administration, mr. trump himself, i don't think all the folks in his administration have this problem. trump is rightfully pointed out on huwei the national security threat that poses. this is not only a threat to america but all western based nations. i'm fearful that while trump has taken the right approach on huwei and trying to prohibit us buying those 5g networks that he may trade that away from additional soybeans sells. that scares me because for the last couple of years the american intelligence which you know the -- community and state department have been making the case that if that gets traded

away then we're in a heap of trouble. >> you have been a supporter and co-sponsor of the legislation that would try to protect hong kong or revoke its special status if it's no longer granted that what should u.s. companies doing business in china do we just had the ceo of disney on last hour and he said cultural protectness is important if he wants to operate in china. should u.s. companies not operate in china because they want to be able to help hong kong, for example? what is business supposed to do on the issue of china? >> i think american companies and for that matter western companies for years have been willing to sacrifice their values, their principles to get access to the chinese market i think that's starting to come back and bite them sometimes they have turned blind eye to we have seen in terms of recent

years turning a blind eye to the chinese government treatment of a million and a half muslims we see as companies try to turn away from the rightful democratic expression of folks views in hong kong i'm not anti-chinese by any means. i support the people bho don't want the communist party over them i think it will be a bit of a reckoning. we have seen the chinese government is willing to use any of the tools in its tool kit to force american and western companies into compliance with kind of so called chinese standards. i think we need a thought out series -- china will not go away as an economic power i would go back to my first case this is case where not only american companies but western

companies that operate under rule of law need to come together and say they will not abide by chinese correctness or china misplaying all to rules. that's going to take some work i think the problem will only get worse until we take it on. >> thank you very much as always we appreciate your time. >> thank thank you and go virginia shares of boeing bouncing back today but have they hit a bottom traders will answer that question

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welcome back the power lunch. boeing getting some relief after a 10% decline in the past two days the stock higher even after s&p global credits outlook on the debt as it grappled from the fall out of the 737 max crisis i guess the question right now is this just a bounce or a potential bottom for boeing? >> i think it's probably just a bounce it's not surprising me it is

bouncing today you look at the side chart it was getting quite over sold on a short term basis and at the same time testing the bottom end of symmetrical triangle. they take a few chips off the table. however, with all these uncertainties, it wouldn't surprise me if it rolls back over if it breaks below that pattern, it could be down to the 300 level which will was a december low. that would be a great place. then a kind of wash out move i'd want to old off between buying in any significant way. >> grant without knowing for sure if the stock will get down there, is it looking like it offers any value yet >> yeah, it sure does look that way. i think that's what investors have to be very careful of it's a wolf in sheep's clothing. you have the 737 issues that are still looming. you have to remember this is a huge china trade risk.

everything is kumbaya but that could change with a tweet or a headline if investors are holding it long term, i think they can use some puts to give themselves some insurance here >> all right still some caution and pressure. thank you very much. head to our website for more trading nation or follow us on twitter. back over to you ahead,less cuee. softbank planning the take control of wework. a far cry from earlier this year we will bring you the latest details plus fast food fail. micky d's is down. the san francisco 49ers will offer an all you can eat promotion with season tickets. the team president will join us

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that was easy! glad i could help. at xfinity, we're here to make life simple. easy. awesome. so come ask, shop, discover at your xfinity store today. we have breaking news on some key brexit votes. let's get straight too london. >> reporter: we've had a vote in last minute or so that's gone against the government they plan to rush through approval of their brexit deal in three days in the last moment or so the parliament has said that's too quick. they are not happy with the timetable the schedule laid out by the government. that means the government has lost control of the brexit approval process inside westminister house of commons. what it could mean is they will now yank all of that legislation and try to move for a general

election what they have done last saturday, was be forced to request an extension of the october 31st deadline. they asked the europeans for that extension and now because of that vote tonight it's a good possibility the europeans will come back and say we will grant you that extension the question how long is that extension going to be. if it's a couple of weeks the government might try to continue with the plans to get this deal approved if it's much longer till the end of january, the request consists of then it could mean we get a general election by the end of this year. we'll wait to hear what the government response is in the next few minutes >> if you can boil it down for us, in terms of the likelihood of a deal -- we're going to listen in to boris johnson now >> let alone abolish it. that's what they were saying nobody thought that we could secure the approval of the house

for a new deal we should not overlook the significance of this moment. i pay tribute to those member who is were skeptical and who had difficulties and decided to place the national interests in consideration. mr. speaker i must express my disappointment the house has voted for delay rather than a timetable that would have guaranteed that the uk would be in a position to leave the eu october 31st with a deal we now face further uncertainty and the eu must now make up their minds over how to answer parliament's request for a delay. if first consequence is the government must take the only responsible course and accelerate our preparations for a no deal outcome.

secondly, i will speak to eu member states about their intentions until they have reached a decision we will pause this legislation let me be clear, let me be clear. our policy remains that we should not delay that we should leave the eu on october the 31st and that is what i will say to the eu and i will report back to the house. one way or another we will leave the eu with this deal to which this house has just given its assent i thank members across the house for that hard won agreement. >> point of order. >> thank you, mr. speaker. >> we have been listening to

british prime minister boris johnson. what do you make of all this and judging by the reaction, namely the pound's guide, it looks like the markets believe a brexit deal is less likely to happen if you need an xtension granted b the eu >> reporter: certainly it creates a huge deal more of uncertainty if the government timetable had been approved in last few minutes they would have sought to brexit to leave the eu at the end of this month now because parliament is saying we need more time to scrutinize the details and have been saying that all afternoon, it looks like the government has decided not to mush ahepush ahead with d deadline it means the government will try to force a general election. the challenge is because they don't have a majority. they cannot force that election when they tried in the last

couple of months to push for a general election, the opposition declined to grant them that possibility. a huge amount of uncertainty >> is there a possibility -- we just heard johnson say he will put forth the possibility that there would be a hard exit come october 31st is that an actual possibility or is that him just saying that >> it's more him just saying that because it's up to the eu whether they grant an extension to that deadline they have been asked for one it lu no be will now be up to t 27 members and everything we heard indicate they will avoid a no deal brexit at the end of this month >> thank you very much we appreciate it we'll keep following the deloen obritecse they never end we'll be right back. ted! goin' on a trip, huh?

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soft bank is coming into rescue weworks adam neumann is getting a $1.7 billion parachute. it's a complicated parachute >> it's complicated but a big one. it's part of the exit package. he will get three big pay outs the first is close to a billion dollars for his shares and voting control the second is a loan of $500 million to pay off a loan that he got from jpmorgan he used that money to buy more shares and a lot of personal real estate which includes a townhouse and duplex in manhattan, a farm, two vacation homes in west hampton. he bought commercial buildings in new york and san jose that released to wework the loan was backed by his shares in wework there was concern that banks

could call those loans given the value of his shares and that without a payment he may have had to file for bankruptcy that's clearly not going to happen now the third piece of all this is a consulting fee of 185 million. you add all that up, just under 1.7 billion. after all that he will retain some ownership stake in the company, less than 10% but we don't know exactly >> stay right there. let's talk more about this with peter from the new york times who joins this conversation. this is a complicated one for adam but it's clear he's getting -- he's getting a lot in order to walk away from this company. why? what's the leverage that he has that he still has here >> well, he had control. to give up that control, softbank had to pay up for that, obviously. they could have called his bluff, i guess, by saying we're not going to put money into this

company and your state will be worthless. seemed like wework is on the verge of running out of money. that would have left softbank's investment being of not much value also at the end of the day they chose the rock rather than the hard place. >> also when it comes to softbank, they will put a total of almost $15 billion into a company that's worth half that why would they continue to invest is it because -- they could just walk away at some point. what do you think their longer term strategy is here? >> i think it's a mixture of two things i think the main one is still a lot of belief in the upper echelons of softbank they need to get rid of some of the silly things it was doing. at the core there's a business there. a market business that's better than everybody else doing the same thing and i think they want to back that

at the same time there's obviously just a need to avoid paying immediately because that could complicate their efforts to raise money for another vision fund. >> there's a lot of discepancy about this loan. if what i'm understanding is correct is he's not getting $500 million, he's being loaned that by the company to pay off an existing loan to jpmorgan but will he have to pay that back with the billion he's getting. is the package more like 1.2 billion instead of 1.7 >> i'm not entirely certain. i think what will happen is that allows him -- if he pays off that loan x , he may be able toe some of those shares as collateral and put that towards the amount he will sell to sh t

softbank seems like once he's done that then he could pay off the other loan >> how did the company go so wrong so fast and how can they turn it around >> i think in the last two years it grew so quickly that no one was really keeping their eye on the ball and it didn't matter they were blowing through cash once they didn't get the ipo done which prevented them from getting a bunch of refinancing, it was always going to be very dice dicey after that i don't think they understood. this was a growth model that was completely reliant on getting refinancing coming in the door you can't do that. you have to have some actual cash generation in the business. >> peter there is a distinction here softbank is coming to the rescue what's your take on that distinction and whether or not this was done so its vision fund two and future vision funds can go out and successfully raise money. >> yeah, that's very important that this is softbank's own

money. they are also backstopping what might be a $5 billion credit line i think what they are saying is i think the message is we're prepared to pay to clean up some of this mess and not expect other investors to do that although vision fund is investing in wework and that will be a hit to other investors. >> fascinating peter, thanks very much. we appreciate it >> thank you san francisco 49ers have given their fans an undefeated team now they will give them all they can eat. the team prosecute is about to join us to talk about how atth will work when "power lunch" comes right back woman: my reputation was trashed online.

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we've had a turn lower in the s&p 500 after those key brexit votes, which effectively make it less likely that deal will be reached by the october 31st deadline. we have the s&p 500 close to the

lows of the session. we also have highs set right now intraday on the bond etf as well as the dollar index. well, san francisco 49ers fans have a lot to cheer about these days the team is undefeated, off to its best start in nearly 30 years, since joe montana was under center and next season, season ticket holders will get unlimited food and beverage with their tickets. there is no free lunch ticket prices will go up an average of $20 al guido is the president of the san francisco 49ers. congratulations to your good start to the season and beating my washington redskins on sunday in a pouring rainstorm >> thank you very much it was like the mud bowl out there. >> i love seeing football played in the mud so the price goes up $20 is that $20 per ticket, per game or per year? >> that is correct, $20 per ticket, per game there are some prices that

ultimately go down and as you alluded to on the lead-in, it's going to include food and beverage from all 60,000 season ticket holders that we have >> can you opt out of it >> well, if you opt out of it, you're no longer a season ticket holder and if you decide to go to a game and buy on the primary or secondary market, you have to pay for your food and beverage you have to be a season ticket holder to have it included >> so basically, all season ticket holders will be pulled into this. it's not by section, like they have at the yankee games, where certain people in certain sections go to a private concession where the food and beverage is included this is everybody. >> that's exactly right. we're the first team to do it at this kind of scale as you mentioned, most teams have done it in their premium sections, their highest club tickets or their suites. no one has done it for every single ticket in the building, all the way up through the upper

level. they have been screaming for more value as a season ticket member for us. so if you think about convenience, right, logistics, all the reasons that you would go about this. but this is really the number one benefit that they were asking for the quality of service is great, the quality of food fantastic. but now having it included in that season ticket package, we really feel like that will be a strong benefit moving forward. >> al, there's been a lot of discussion about how to keep these stadiums filled or full going forward. and it's not just about football it's about baseball, about basketball even the most successful teams are facing an uphill battle. and look, there's competition with other screens and stadiums trying to figure out whether to allow that or not. obviously, you can just sit and watch at home. can you tell us what attendance is like? and if you expect this to help frankly, it sounds like a great deal, and i'm shocked you're including beverages, too you could lose a lot of money on this, right? >> we talked a little bit last year around mercedes benz and

street fair, and if you think about the national football league and san francisco 49ers, there's really four big revenue streams. you think media, your tickets, your suites, and your sponsorships we frankly feel that food and beverage is one of those benefits that should be easy to get and the quality should be very good. we're lucky in the sense that the faithful have been fantastic to us over the six first years of our building. our renewal rate since we opened up levi stadium has been 98% and our fans follow us all over the world. not too long ago where a lot of our fans showed up so we have a tremendous following, a tremendous season ticket base. this was to add into the membership platform. so we feel great about filling our stadium. we've never had a problem in this regard. >> a couple of quick questions alcoholic beverages are not included in this beverage plan, are they >> that is correct they are not >> you pointed to something that's very interesting to me. and that is that there are lots of stadiums around the league that are not filled every

weekend, as yours is the los angeles stadium is one that's why the 49ers fans can go there. i was in miami two weeks ago for the redskins game. it was half-full, at most, and there were a lot of redskins fans there ditto, tampa, a lot of visiting fans go there. there are exceptions, obviously, the cowboys seem to sell out, no matter what. i wonder what you think about the quality of the in-stadium nfl product. there are so many penalty flags being thrown, so many delays for reviews of plays, so many television time-outs that the flow of the game is not a pleasant experience for the in-stadium fan anymore what do you think? >> i think we've got to continue to do a better job you bring up a great point it's about a four-hour experience and about 30 minutes of live football it was taking those pain points, whether it was replays or connectivity on your phone or being able to upload your own content to those that are

viewing in, we know the hero feature, being at at a football game is still fantastic. within the first five seconds, you're immediately friends with a total stranger but we need to remove those pain points it's fantastic to watch at home and stream on your phone, but there's still something special about going to an nfl football game and if we can make that in-stadium experience better, then, frankly, what you're getting at home will solve the problem. and this for us on the food and beverage side is just one step forward in making that a tremendous experience inside the venue. >> mr. guido, thank you very much al guido of the san francisco 49ers. appreciate it. check, please! is next so ...how are you feeling?

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check, please. >> welcome back. it is time for a quick check, please! before we go and we've had a ton of earnings already today. a lot of movers. but it's not over yet. in fact, chipotle reports after the bell >> and this has been a monster going into this report, so it will be key for them to deliver and possibly even raise expectations, because that is the pattern of the markets if you don't deliver and don't beat, you don't raise, you get sold off >> sliding a little bit today. heading into that -- >> could be on the back of mcdonald's, which is an executer, but missed for the first time in two years. >> i don't know. we're talking a little bit about wework and the we company here this is yet another company where there have been troubles, where the founder owner has had

super voting shares. i don't want to be too critical or a hypocrite, because the company that owns this company has super voting shares as well, but it is something as an investor you need to watch >> i hope the tide is turning in favor of the investor. >> thank you for watching "power lunch. >> "closing bell," right now welcome to the "closing bell," everyone. i'm wilfred frost. we have the dow and s&p either side of flat at the moment, but some massive individual stock movers and stories, mcdonald's one of them that's down sharply. so is facebook and travelers meanwhile, under armour moving the opposite direction 59 minutes left of trade we'll tell you all about it. >> and i'mcontessa brewer in for sara eisen today let's take a look at what's driving the action upbeat earnings reports are pushing those stocks broadly higher, but disappointing earnings are reigning in the rally, at least on the dow and new details on an nti-trus

investigation into facebook and