the final hour of trading could get volatile, though there is nothing on the headline watch that would suggest that it would be any more volatile than normal. >> any more compelling than carlos ghosn thank you for watching lunch. >> "closing bell" starts right now. we are at session highs, up 235 points on the dow with 59 minutes left of trade. we start with breaking news and a dramatic one on one interview with carlos ghosn, long-time nissan chairman speaking out about why he decided to flee japan over charges of financial misconduct. prosecutors claim ghosn misstated his compensation and funneled company assets for personal gain. ghosn has maintained his innocence since being arrested in november of 2018 and he just sat down with cnbc contributor in lebanon

>> obviously you masterminded this incredible escape out of japan, worthy of a movie how did you do it? >> well, i did myself. obviously it was with the help of some people that i got to know but as you know, i'm not going to expose them and i'm not going to take any risk, these people who have really dared to give me help into how to leave japan without creating any trouble, which was the case. >> tell me, you're stuck in a box for several hours, right, breathing through air holes? what is that like? >> i'm not going to confirm or say anything i can tell you what it's obviously -- you know, you have a lot of anxiety when you are in a period where you are transferring out of the country but you are not still out of reach. but when you go through an

experience like mine, where i've been arrested in 19 of november, 2018, and been through very, very tough times with a lot of adventure, i would say, you're numb somehow your ability to feel the situation in which you are is diminished, because you protect yourself by numbing yourself so i would say that it would be fair to say that between november 19, 2018, up to 30 of december, 2019 when i arrived to beruit, i thought i was in a completely different way, i was feeling completely different and somehow i am reborn sips i arrived here so when you tell me what were your emotion, yes, i had some emotion, but somehow they were diminished compared to what i'm feeling now.

>> and when you got out and finally got to lebanon >> it's a rebirth. the first face i seen was the face of my wife in the house of her parents. i can't tell you the joy i had to just be simply with her after spending nine month of not being able to talk to her, not being able to see her. there was absolutely no end in sight for this kind of ridiculous ban that they put on me it has a special taste so in a certain way it helps you put back priority in your life about the people who are the most important, what you should be doing i'm a different man today. >> how much did it cost? >> i've seen a lot of numbers circulating in the press i think they are very, very generous in general. >> too high? >> yeah. so that's what i can tell you. i don't think you need this kind of money to be able to organize,

obviously the simpler it is, the better it is, the more chance you have to be successful, and the more discrete you will be. >> you probably don't realize this because you're not in the united states, but you may have just walked into what is a huge controversy in the united states, about bail reform, about the poor not being able to pay bail but the rich being able to do so and the justice system is inherently better for the rich what would you say to people >> unfortunately for me i didn't have this problem in the united states, because if this was in the united states, you have a rule of law and you have an established justice -- well, i benefit from that in japan so i don't think -- somehow i had the feeling in japan that because you have a reputation to be powerful and rich, things are going to be applied to you in a

much more rigorous way to prove that justice is the same for everybody. so i've been through a period of time where somehow everybody, talking to me, they say just like anybody else. so somehow instead of being above the law, you start to feel like you are below the law people want to implement for you things that usually they would not implement for regular people just because they feel bad about looking like they're helping somebody who is rich, et cetera. so i'm not talking about the united states. but there are some countries where you have to be careful that in a certain way you don't create a situation where people, because they have some advantage of situation for whatever reasons, they're being treated in a different way than normal people. >> any regrets about greg kelly, your subordinate, your codefendant who is still there >> greg is a great person. if he is where he is, he's an honorable person i'm sure he refused a plea

bargain that would have put him out, but that would mean that he would have to say something different from his own conviction. >> did you try to help him get out? did you think about trying to get him at the same time >> i couldn't contact him. i was for bidden with any contact from greg. even he was in tokyo while i was in tokyo, we were totally foref forefor bidden, no contact whatsoever. >> let's talk about the charges against you. you're not going to face them in jap. but people in the united states could see there is an sec settlement from last year where you paid 1 million, nissan paid 15 million to settle charges about you hiding compensation. and when you read that, the accusations against you, it sounds like you were trying to defer a lot of payment until retirement is that true is that what was happening >> no, i was not deferring anything when you defer, that means you

acquired something and i didn't acquire anything the situation, we tried to explain, and frankly, the fact that we had an agreement with the sec is no admit and no denial and they signed it. in japan you cannot open two front at the same time it's too much. but in fact, i didn't acquire anything, because the so-called deferred compensation was not signed by the board, but not signed by any representative director it was kind of a memo to myself with the help of somebody to keep track of the difference between my compensation as a ceo of nissan and the average compensation of the ceo of a similar company, followed by -- you know, we have the report, the general report about compensation that's it. that's the document which has been used by the prosecutor to say, oh, you are hiding compensation that should be paid

to you it was not fixed, it was not decided and it was not paid. so there is no reason for the whole thing. and i can tell you that -- and again, i shouldn't talk about the case in the united states because when i signed the agreement, no denial and no acceptance. >> when i read it, though, it sounds like the reason you didn't get the money is because you hadn't retired yet so when you say you never got the money, you weren't supposed to get it until down the road. >> well, after you retire the person deciding on compensation is on your board and you're not part by definition, if you're retired you're not part of the board so how can you say that it is decided if the people who have to pronounce on these compensation are unknown because after you retire, you don't know who is managing the company and member of the board, and so how can you report a compensation which has not been defined, because we don't know exactly what was the amount, has

not been decided because the people who were going to decide on the compensation will come in many years to come it doesn't make sense. i'm going to tell you one thing. we went to the professor in terms of corporate law, university of tokyo. it's a kind of harvard law school of japan. we give him all the facts. you know what the professor said he said it's a shame for japan that carlos ghosn was arrested for this that's what he said. so we're waiting for him to make the statement. but that's why i'm saying this is a plot, because you've been arrested for this, you went to prison for this without any prior notice i understood that i would sit down with somebody and this memo, nothing like this. went to prison and then the investigation started. >> you've used the word plot and conspiracy against you why would they want to do something to you >> well, i explained two reasons.

first reason is a decline of the performance of nissan when i started to be extremely frustrated with the management, that in fact i put in place. he was nervous about his job, because me representing with 43% of the shareholders, i had the power to remove him from the job at any moment, which was justified because the performance was declining. the second reason, there is a lot of people who really did not like the kind of mergen with renault. and as long as i was heading the alliance, they trusted that i would protect the autonomy of nissan and i would protect them from the fact that the french government wanted to interfere in the business, which the japanese did not like at all but they said why do we have to wait for this guy? why don't we get rid of this guy? if we get rid of him, we get rid

of the inference and they were right. >> you're saying that the desire to keep nissan as a national champion was so strong, they were willing to destroy you and your reputation? >> without any doubt look what they've done look at the statements that were made after i was arrested. look at the corporation, the prosecutor and the nissan, the support from the japanese government the whole thing doesn't make sense. for me, it was obvious and they got what they wanted, except that nissan today is run into the ground. this is the only thing they didn't think about, is will people be able to run the company? and the answer so far, after 14 months, is answer the no because the company's profit is going down, the growth has completely disappeared, the market of nissan went down by more than $10 billion. everything is going down. >> if people were to read all the press reports, payments to

aman, a situation wi, they coul the impression that due to poor bookkeeping, there was commingling of corporate with your personal finances. >> everything was built in order to let you think that. nissan has a good case with the help of people who were specialists of these kind of things and they built an image and they attacked through legal and they attacked through the media it was very well done in a certain way. so a lot of people think, okay, this guy is shady, he's doing all of these things. and while i was in prison, i couldn't defend myself and everything was done for me not to be able to talk when i wanted to make a press conference in tokyo, i came back to prison 24 hours after they came with new chanchlrges, immediately. and when the new prosecutor was named and the press in japan was

complaining to the prosecutor, why do you for bid ghosn is talk to the press i'm not for bidding him, he can talk to the press. but at the same time as he's free to talk to the press, we are free to bring new charges, which was a thinly veiled threat that if you open your mouth, you're going to go back. so i want to end all of this i want to be able to speak, i want to be able to defend myself i want a justice system where attack and defense have the same rights and it's balanced and let the truth happen i was in a system where it's not about the truth, it's about winning, it's about confession, it's about i think you're guilty, so i'm going to prove your guilty. i don't care about the truth i'm going to select all the things that are favorable to my theory and everything else i'm going to reject it. >> prosecutors do that in the united states, too, generally, though, don't they >> i think prosecutor everywhere in the world do it but there is a limit to that and then you have a limit of

power. i think in the united states, the judge is the real boss, while in japan in my opinion is not. >> you have a french passport? >> yes >> french citizenship? >> yes >> they don't extradite? >> no. >> are you going to travel to france at all? >> maybe, yes. i just arrived here, but i'm going to see with my lawyers what is the situation. i have the same bring with brazil i have a brazilian passport. that's enough to have free citizenship and i am citizen of three countries who don't extradite their citizens. >> what if you have to spend the rest of your life in lebanon, though are you ready for that >> well, it's better than spending the rest of my life in japan. that's unfortunately the perspective that i was seeing. because i didn't have even a date for my trial. a speedy trial is one of the basic elements or rights of any human being. i've been arrested in november 19, we were in december 14

months later, i didn't have a date for the trial and then, you know, because the charges are different, there were going to be two trials. so we didn't even have a date for the first trial. so i was looking at this and saying this is going to take four or five years, because you have the trial and then the appeal and then after the appeal the supreme court and it's very slow on top of this, the trials are in japanese. we asked, for example, and greg had the same request, we couldn't understand anything from the translator. they refused. >> they wouldn't give you a translator. >> no, there was a translator but we said we don't understand the translator we asked to change the translator because we don't understand the translator. they refused it's refused we asked for a translation because a lot of the debate took place took 20 minutes, then the judge would make a summery in 30 seconds. i would love to follow what happened in the 20 minutes and then he would say to the translator to translate and then

the translator would say something difficult to understand so the whole thing didn't make any sense. we were not here with the willingness to make us participate to our own trial we were here with some rules okay, we need a translator, wer is a translator. we don't understand, we don't care, this is it simultaneous translation, they have never done it. >> anything i should have asked you or you expected me to ask you? >> no, i think the only thing i want to tell you, that a lot of people perceive that i am running from justice, which is really the last thing. if i had some reassurance that i would get a fair trial in japan and if my wife could have joined me in japan, i would have stayed because this is the place i should have my name and reputation they cut me from my wife and i

don't get to see her again, plus i am facing a 99.4% conviction rate, which is a haunting number i was very anxious about the future, yes, i was i was very anxious. >> thank you for your time >> thank you >> michelle joins us from beirut michelle, fantastic interview. he spoke there at the start of the interview about feeling a sense of rebirth i would say it came across as more than that he felt very calm, very confident, very composed do you get the feeling he thinks that this escape from japan means for the rest of his life now he is in the clear >> oh, certainly from japan, absolutely whether or not he's going to be able to clear his name in the court of public opinion, that we're going to have to see you've got to think about he did

this interview after he did already previous to that a two and a half hour news conference with more than 100 members of international press, which he did in english, in arabic, in french, in portuguese with documents that he said demonstrated his innocence against the allegations that have been alleged against him in japan, and suggestions that have come out of france as well what also remains to be seen is just how much of a spotlight remains on the japanese legal system as he goes on this big tour to try to clear his name. it's going to highlight the fact that things are very different in japan, say, than they are in the united states, where you can be detained without being arrested, where you can be questioned for hours without your attorney being there. you don't have the right to remain silent. there's no miranda rights that we know of in the united states. and there's been lots of criticisms about japan, about whether they're going to change that and we'll see if anything

changes because of this. but they remain defensive about the way they process their defendants there >> michelle, great work. i thought his comments about nissan now being run into the ground were interesting. and also when you asked him about whether he would potentially go to france, one has got to wonder what happens in the alliance on precarious grounds, especially if he does go to france. >> it seems almost dead at this point. he had tried to orchestrate a large holding company but japan wanted nothing to do with it and align that with the fact that the french government can be interventionists, and you need a very, very strong and dominant personality to hold the thing together and, remember, he's also facing issues perhaps with renault in france, so it's not clear that he could go back to fixing this at this point. >> michelle, i think your point about the japanese legal system have been certainly eye-opening for all of us over the last year, and the 99% conviction

rate, perhaps the chief point among that that said, if he takes a role as a senior executive at a japanese company, he should be aware of what the legal rules and system are if he were potentially be seen to break any of the rules i also wanted to ask, michelle, what you felt in terms of your point, will he clear his name in the court of public opinion, in the news conference earlier did the questioning suggest that people were on his side or against him? and you mentioned the different languages and nashalittionaliti there. any things you took away from that >> that was extremely interesting to be in the news conference and to see all the different nationalities asking questions, and he was very pointed that he wanted to make sure that every nationality represented got a question and at times he would say things like that is such an italian question, and he was right

so the japanese questioners were tougher. there were the english press that asked a lot about the conspiracy that he talked about. the lebanese press questioned him about shaking hands with leadership of israel and why would he shake the hands of someone who has the blood of the lebanese people on his hand. so that goes right to the heart of all the geopolitics happening here in lebanon. when we hear about the white house talking about the proxy wars happening and malitias across the world, that's right here in lebanon. at one point a french reporter asked why didn't you go to france she was clearly insulted that he came to lebanon instead. it was incredibly interesting to watch. whether he's really going to solve it in the court of public opinion, i think he's got to get more precise answering questions related to the settlement with

the sec and whether there was commingling of finances to get a little tighter on that, to be clear about it >> michelle, thank you so much great work safe travels back. josh, quick question to you, what's your reaction to that >> extraordinary interview and the press conference this morning. >> this is like history in the making this could totally be a movie. >> he denied a netflix deal, of course. >> wouldn't you? it's not like he's george clooney on a talk show we've seen this before, kobe alexander, i think it was like 13 or 14 years ago, he was charged with securities fraud and wire fraud he was the ceo of an israeli-based but new york stock exchange traded technology company. and when his trial date was approaching, he ran. first he went to israel, then germany. he stayed for a very long time and it wasn't until a couple of years ago he finally said i'll face charges, came to new york,

and they let him transfer to israel to start the rest of his sentence now i think he's out so i guess my point is it's a wild story it's not totally without precedent. remember john mcafee from the antivirus software company it's a little bit more theatrical, maybe, than past versions. >> fascinating story and great interview from michelle. we've got just 37 minutes left of the session we are at session highs, rallying just during the last 20 minutes. during the interview we were up 270 points on the dow. up next we'll break down the charts to show you why the market has been very resilient in recent years. >> plus we will get the outlook for oil prices when we sakpe to former shell president, john hofmeister etfs are only part of a portfolio.

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welcome back, we're monitoring the escalating tensions in the middle east. overnight iran retaliated for the u.s. killing of general qassem soleimani, launching missiles at two military basis today president trump addressed the nation saying no americans were harmed in the attack and that iran appears to be standing

down following the strikes let's bring in aman jabbers at the white house. >> wilfred, the two items you just mentioned were the headlines out of the president's speech today but he also had a specific message for the iranian leadership and also for america's nato allies. here's what he said. >> your campaign of terror, murder, mayhem, will not be tolerated any longer it will not be allowed to go forward. today i am going to ask nato to become much more involved in the middle east process. >> now, the white house is not explaining what the president meant by asking nato to become, quote, much more involved in the middle east process, other than to suggest that he wants those allies to step up in some way. the white house is saying that the president, after those remarks, did have a call with

nato secretary general stoltenberg. not clear what specifically was discussed there, but presumably the president wants additional troops or economic assistance or equipment to be sent from nato countries into the region in order to help the united states in its containment effort against iran >> we'll have to see how that plays out. also this idea of further additional sanctions as well aman jabbers, thank you for bringing us the latest we've got 32 minutes left to go in the trading session averages are at session highs. fresh highs for the s&p and nasdaq let's send it over to mike santoli for today's market dashboard. >> we're going to start with excuses, and then you get some truces that cause rebounds that's a pattern duals, stocks versus bonds weights and measures, is the dow a good representation of what's happening in the overall market, next hour. pole indiana, that's a sentiment

check, the good news and bad news camps are wide apart. take a look at this one. three-year chart of the s&p 500, during this bull market you have the economic fundamentals, liquidity, jobs, earnings, defines the overall trend and then it's a plateau. it looks and fixates on these certain headlines. this right here, march, april, 2017, that was the obamacare repeal drama this market was trading in a binary way within a band based on the prospects for obamacare repeal it was scene as a proxy for the entire agenda. that's what mattered when the market was overbought. this right here, august after the charlottesville korcontrove. guess when they first hit in a big way? early february of 2018, when the

market already had been soaring. and then you had bottoms when the market was oversold. we got a little bit of language last year and we rallied you see the pattern. the market gets to a certain point where it has run out of the obvious catalyst and it's going to fixate on this conflict and the traders are going to say that's what matters. the question is whether the overnight pullback was enough of kind of a check in sentiment and enough of a shakeout to actually be the catalyst for a resumption of the move higher or if this is just stretched a little too much i don't think there's anything weird about the market trading in that way, but it only does it within defined parameters when it's priced in a lot of the other stuff that matters more. >> thank you josh, i want to get your thoughts on that it has been a big reversal from what we saw overnight. the fact that the dow is up 274, does that make sense >> oil was at 65, 65 overnight

it's like 59 and change. these are huge reversals and i said the other day, one thing the market loves more than almost anything else is removing money from people's pockets who overreact to geopolitical headlines. the go-to trade is to fade it. i think big picture, there was a story earlier this week about this, when you see the missiles flying, when you see u.s. troops in harm's way your first thought should not be what does this mean for my portfolio. it should be, oh, my god, i hope everyone is okay and this stops soon however, we are worried about our futures and portfolios, our 401(k)s, the money we've worked so hard to put away. war has a weird history in terms of what it does to the dow jones

industrial average if you look at the years when the u.s. have entered and ended wars, the dow jones went up a combined 115%. during vietnam markets went up, during the korean conflict, there was three years where stocks about 60% during those three years. it's often not what you think. the knee-jerk reaction is typically wrong or fadable for traders down here. and i think for long-term investors who have a huge horizon in front of them we should always root against there being a conflict, but if there is one that doesn't mean retirement is canceled and it doesn't seen you want to do something extreme. >> the conflict has eased the market today, we're up 4% with 28 minutes left. we have an update with sue herera. >> here's what's happening at this hour. the u.n. addressing the ukrainian airliner plane crash in iran. a spokesperson says that he expresses his condolences to the

victims' families and their countries. many of the passengers were international college students returning from winter break. the boeing 737 crashed shortly after takeoff early this morning, killing all 176 people on board florida first responders are heading to puerto rico to assist with earthquake rescue efforts there. a 6.4 quake struck the island yesterday. it destroyed hundreds of buildings and killed at least one person senate majority leader mitch mcconnell is urging house speaker nancy pelosi to send over the abuse and obstruction articles of impeachment against president trump. the republican-controlled senate wants the information so it can begin the trial as soon as this week and graceland is holding a special birthday auction today for the king almost 300 items, including a golf cart, clothing, and other things, are being auctioned off to benefit the elvis pressley charitable foundation. ellis would have been 85 years

old. you are up to date that's the news update this hour i'll send it back downtown to you. >> can't wait to see what the items sell for. >> absolutely. >> thank you coming up, the latest details on a deadly boeing 737 crash in iran and how it is impacting the company. we'll be right back. i can. the two words whispered at the start of every race. every new job. and attempt to parallel park.

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santoli for the second installment of the market dashboard. >> morgan, duals and due wets. sometimes stocks and bonds move together, sometimes in contrast. here's the long-term look, ten years. this line is the price of the etf, so the price of bonds, which means when it's going up, yields are going down. what you see is most of your money in bond was made by 2013, but they've done their job since, which means on pulbacks, they've been a buffer in portfolios what i like to keep in mind is sometimes you have stocks going up and generally lower yields as

in 2013. this was also the case right here that's actually rising yield, excuse me. so here you have the opposite. we have the acceleration of the bull market and yields are going higher so there's no fixed rigid relationship right now we're in a zone where high yields would be welcome, but not necessary for the market to go higher other things to keep in mind, this was the highest gap if you look at the stock bond ratio, that was in the summer of 2018 we're pretty close right now so it wouldn't be too surprising if stocks had to calm down here a little bit because they have had a pretty good performance on the 12-month lookback. >> see you again shortly still to come, the ceo of john deere will join us from the consumer electronic show back after this break. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse.

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the gap, below $321. the market is telling you you're wrong, that's where you get at roughly 5% downside. so it's two-to-one risk/reward >> it's a volatile stock, i feel like >> that's why you would trade it you don't want to trade non-volatile stocks. we'll be here all day. not everyone's cup of tee. and i'm not talking about it as an investment. just looking at where buyers and sellers are on the chart. >> up next, we'll take you inside the market zone commercial-free coverage of all the action going into the close. i wake up every morning to see how much weight i've lost and how much better i look. myww join today with the ww triple play! for your worst sore throat pain, try vicks vapocool drops. it's not candy, it's powerful relief. ahhh vaporize sore throat pain with vicks vapocool drops

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welcome back we've got less than 12 minutes left in the trading day and it has been a significant day in terms of a rally for the major averages with both the s&p and the nasdaq poised for fresh record closes. we are now in the closing bell market zone. commercial-free coverage of all the action going into the close. >> commentator mike santoli here as always to break down the crucial moments of the trading day. and we've got josh brown as well let's get to bertha kooms, first of all >> the employee health benefits gav nation firm, according to our colleagues, sherman has hired goldman sachs and morgan stanley to explore going public. according to the sources, they are exploring going public this year the venture-backed firm is

valued at some $620 billion. comcast is an investor in accolade it's been a busy year with one medical filing it's s-1 last week. >> bertha, thank you so much for that let's turn to iran and how rising tensions in the middle east are impacting energy stocks eric is at the commodity desk. wild 24 hours. >> that's right, wilf, volatile 24 hours prices jumping 4.5% overnight. obviously you see the red behind me, prices dropping this morning as president trump said iran appears to be standing down. wti settling below $60 a barrel. that's its lowest price in almost a month energy stocks moving in lockstep energy was the only sector in negative ter forefor much of the day. in fact, eight of the ten worst stocks in the s&p 500 are energy

names, including marathon, phillips 66, and several others. back to you. >> eric, thank you mike santoli, the other thing to note when you look at the energy complex is the u.s. inventory numbers we got today were larger than expected build, josh. i'll send it over to you with that point. >> you know, this is now a permanent feature when we talk about commodities and energy and oil, the flexibility of the u.s. oil field complex, and it seems limitless and sometimes it is, and when we don't have enough drills out there and there is a commodity price spike, the reaction time is much quicker in 2019 than it was in even 1999. that's just a new reality. >> just with regard to the stocks themselves, the expiration stocks down as a group today, they've had a little bit of a run, bouncing off of very depressed levels very low conviction, though. people are like if this is going to work this year, let's try it. but with crude backing off, it's

not like feels like they love these businesses. >> the inter-day chart, we've had a pullback in the last couple of minutes. >> there are some reports out there about possible action in the middle east. not anything we've been able to confirm. but the fact is the market has pulled back, as you can seement we were at session highs about five, ten minutes ago. >> we're at levels not seen since 11:00 a.m. today this is unchartered territory. >> the pullback likely because of some of these reports >> we'll keep an eye on that macy's is posting higher than expected holiday sales. >> so macy's says that holiday sales for the month of navy and december did fall 0.6%, but that was better than what most analysts were expecting for the holiday and also an improvement from the trend that was seen in the previous quarter macy's shares are up by about 2.5% they were up significantly more

than that at tauphe open. the retailer says they are closing 28 macy's stores and one bloomingdale's as part of its annual review. we are expecting results from bed, bath & beyond it will be the first time that we will hear from the new ceo and investors are anxious to see what he has to say about the turnaround plan for bed, bath & beyond. >> it's been a strong couple of months for that particular stock. josh, where do you stand on macy's, possible turnaround or not really >> anything is possible. i don't think it's too late for macy's i don't think they're in quite such dire condition. it's just for me it's too tough of a stock 82% of the s&p 500 as we speak is above the 200-day average virtually everything is working.

take a look at the transports. iyt is your etf there. this is an extraordinarily interesting level. if you pull the chart back a little bit, you can see we've been consolidating below the 200 level on the transports since january of 2018. it would be remarkable for them to burst through here and confirm the new highs in the dow jones industrial average, if in fact that happens. that's a whole new segment of stocks that are working. why would we be fooling around with things like macy's unless we're deep value investors. >> unless you see it on a call option of it's not going to die very quickly the stock got valued, a rapid decline and 8% dividend. >> interesting to see the breakout in transports >> think about how many stocks, airlines, railroads. what am i doing with bloomi

bloomingdale >> a boeing 737 plane flying from tehran to kiev crashed overnight just minutes after takeoff. fill phil la bu has the details. >> we don't have answers right now and it's raising questions among people about what actually happened with this plane crash it did happen two minutes after it took off. ukrainian international airlines 737-800. that's not the 737 max that's the previous generation the 737 ng, 176 people on board. iran is saying it may not turn over the black box that's one of the issues that people are saying that sounds a little suspicious. the ukrainian airline 737-800 was built in 2016. it had a relatively young engine and young fuselage boeing has delivered approximately 8,000 737 planes

they're hoping to get ahold of the black box, but given the circumstances of the geopolitical situation in iran there's discussion that may not happen and we may not find out the cause of this crash. take a look at shares of ge. its joint venture partner, it makes the engines that were on this plane but the circumstances here are so weird that a lot of people are increasingly saying, within two minutes of taking off, it goes away. that is not usually what you see when you have a mechanical problem. >> have to see how this one unfold, phil thank you for joining us and of course boeing is down almost 2%. shares of grubhub are moving today on reports that it's considering a possible sale. let's get to frank for more on that. >> grubhub is surging for than 13% today following the "wall street journal" reporting the company is considering strategies, including a possible sale as competition increases.

i spoke to grubhub and they say they don't comment on rumors door dash has become the industry leader with 37% of industry sales last quarter the ceo blamed in part clurs using multiple services for grubhub's profits declining by 40% the stock has fallen 30% over the last year. back over to you. >> thanks for that let's have a check in on the s&p 500, still up on the day the session highs, a little bit of pressure into the close that might be on unconfirmed reports from recenters of a blast in baghdad. a significant gain on the day and a significant gain from where the futures were overnight. >> not unanimously positive. up versus down volume, you see it's about 50/50 a lot of the selling in the energy stocks, as well as semis are weak on the day. that's something to keep in mind this was not a kind of all in,

let's buy everything type of rally. here is software versus semis. this is one month -- or ten days rather that shows you a comeback in software it's a 20 percentage point outperformance over the last six months this is more about a gap being filled the vix had been pulling back. i still think there's volatility because people are skittish about this tape with the indexes at the high. >> we've got less than two minutes left to go let's send it over to rick santoli for a check on bonds. >> some of the unconfirmed reports are pushing yields down a bit, price up. look at the 24-hour chart. just amazing overnight 170, popped 18 basis points, all maturities are still higher in yield on the session 24-hour boons, they're getting closer and closer to the highest yields since may of last year. and finally a two-week chart of

the s&p 500, mike has been talking about it boy, 2020, stocks really pushing up yields, and as far as the nasdaq, bertha, even with the setback, 91, obviously a new historic high. >> and it's all about software mike talked about it software and communications have really been propelling us forward. although tesla today among the new high list as well. tesla almost hitting $500, doubling over the last three months health care is strong as well. smile direct having a big day after announcing they're expanding in hong kong walgreen's, though, at the corner of disruption in both retail and health care its earnings missed, its outlook was flat and the company continues to grapple with trying to turn the ship around here over to bob. >> microsoft, apple, home depot, ca caterpillar all off of their highs. i like constellation bran, that was a good number.

and samsung over in korea, they reported stronger than expected preliminary numbers. good start to the earnings season there's the closing bell we are well off of the highs on the day in the last 15 minutes or so. the dow jones industrial average still up 160 points. the s&p 500 3252 >> welcome to the "closing bell." i'm wilfred frost. >> and i'm morgan brennan, along with mike santoli, senior markets commentator. >> they win the award for the loudest gathering in quite some time the s&p 500 closing high, as bob pisani just said significantly higher than where we opened and more importantly than where we were overnight in the futures market >> we had fresh record intra-day

highs. it looks like a fresh closing high for the nasdaq as well. not so as we see stocks settle for the s&p. crude lower, gold lower, and also defense stock which had rallied overnight like some of the other safe haven plays tied to the geopolitical situation. joining us to talk about the market day, chief investment officer at boston private wealth and still with us, josh brown. first we go to mike santoli. >> morgan, i think we've all been talking about the resilience of the market i think clearly the market has kind of maintained its trend, but also saying perhaps we didn't get enough in this little pullback, in this little mini scare over the iran conflict to really take the wind out of the sales of the overoptimism that we came into the year with look at apple going up a percent and a half, on nothing but the

fact that we're not at war and tesla going to 500 and alphabet going above 1400, it seems as people are piling into the obvious stocks such as a grab and i'm not saying that's a problem, but it means that maybe we're at risk of having a true melt-up. >> shannon, do you think that the market has shown impressive resilience to start the year and what do you take away from that? >> i think there hasn't been much of a change from 2019 and 2020 if you think of it in terms of an accommodative central bank and continuing development in economic data. that's not going to be upset by the issues we're having in iran and i think we're going to continue to see strength in those names that were winners for folks last year. >> josh, what do you think of the session we just had here huge reversing from the 400 drop in the futures overnight. >> i agree with everything shannon said even though the calendar has turned over, people haven't

changed their minds about how much they wanted to be invested in u.s. cap and world names. today's session is a wild one. i like to look at the style and factor etfs to get a sense of where the real strength is beyond just apple, microsoft so what's interesting today is you have this new all-time high and a new record high in the momentum etf and at the same time, new record high in quality. qual is the best way to look at that so you've got high quality companies with strongbalance sheets, good earnings, working really well. and then you've got this whole contingent of momentum stocks doing the same thing. >> with huge overlap >> no doubt. and so when you think about that, you say to yourself, what are investors long if not those names. those are the names. what's been working through 2019 has continued into 2020ment i

think shannon nailed it. >> what do you think of defense stocks, shannon? >> so i think if you've already been in defense stocks, you probably have been therefor some time. we've had holdings for several years. if you think about insulation from trade policy, you've been in defense if you want industrials exposure so i wouldn't pile into those stocks here. i think they've already performed pretty well. but if you've been holding them for the last couple of years, there's no harm in holding onto them here. >> let's dive into the top story of the last few days, iran overnight iran retaliated for the u.s. killing of general qassem soleimani, launching missiles at two military bases housing troops in iraq tt president trump addressed the nation saying no americans were harmed in the attack and iran appears to be standing down. and just in the last hour, an

unconfirm unconfirmed reuters report >> will ferd, yfred, before the retaliation last night, the president was talking about striking as many as 52 targets, there was a question of whether he would strike cultural sites or military sites. none of that has happened since the attack last night. in fact what the president said today is no americans or iraqis were hurt in the strike last night. he said americans should be grateful about that. and he looked to find an economic stick that he could use as leverage in this overall negotiation with the iranians. here's what he said. >> as we continue to evaluate options in response to iranian a aggression, the united states will impose economic sanctions on the iranian regime. these powerful sanctions will remain until iran changes its

behavior >> no indication from the white house wore the treasury department of what specific sanctions the president has in mind here. no paperwork has been released to us about what's going to be imposed. and as you know, the united states already has punishing economic sanctions in place against the iranians one thing to consider here is the idea of secondary sanctions, which is an idea that has been kicking around for a while not clear whether that's where the administration is going to land, but the idea would be looking at other countries, third-party countries that are doing business with the iranian regime and finding a way to clamp down on that as well again, not clear that's where the administration is going to land, but that's one idea that's sort of been out there as you talk to folks about what it is the president might do at some point we presume the treasury department will give us a readout on what exactly the president has in mind here >> aman, thanks very much for that mike, in terms of the easing risk towards this, bonds

reversed as well that continues to correlate strongly with gains. >> it was actually a pretty mild risk move, but it was not dramatic it seems as if it was pretty orderly all around and if this type of back and forth with the attacks, if it's not going to be transmitted into the markets, it's very hard to see it sustainably mattering that much, except as a way to cool off people's mood a little bit and give people pause from piling into the market but it seems like today kind of changed that because people saw no impediment most of the day. >> isn't it interesting that gold and oil are diverging so oil is not getting going and gold is off to the races anything even close to related is big they are all over these names.

>> i think shannon, that also begs the again what happens to the collar from here >> what happened with the collar last year, we saw a lot of moves and it basically closed flat our view is the collar will continue to remain stable. i think if you see any move out of treasuries, which you could see over the course of the next month, which you could see as yields increase in europe, i think that's going to bode well for non-dollar investors outside of the united states >> the world bank out with its 2020 global economic forecast just moments ago as well the report predicts global growth of 2.5% as investment and trade head winds abate after weighing on sentiment last year. the report is positive, estimating growth will accelerate to 4.1% in emerging markets, while slowing to 1.4% in advanced economies. we'll have one of the authors on "closing bell" later on in the

show, so stay tuned. meantime, mike, what do you make of this? the commentary reminds me of some of the stuff we heard from the fed recently. >> absolutely, and it fits in with the dominant mode of what people think could happen this year if the u.s. was a shelter from the global slowdown, clearly the better growth on a rebound is going to happen also. >> they weren't particularly encouraging about the rebound expected to be seen in europe. there was a theme coming into the end of last year, europe is coming out of the woods, physical stimulus, et cetera >> that is true. it's more of the market's perspective in europe, it's kind of less bad and that's good for financial assets, but not a huge driver. >> thank you so much for joining us great to see you both, as always up next, we head out to the consumer electronics show for an interview with the ceo of john

deere. we'll weigh in on new technology in thegr aicultural space. "closing bell" back in 90 seconds.

welcome back to "closing bell." it's day three where companies small and large are reviewing break through technology, including the 182--year-old agriculture giant, companies are developing technology to help farmers make critical decisions and become more efficient than ever before.

and john has our exclusive interview with our new ceo, john may. john >> that's right. morgan, thank you. john may of deere and company, parent of john deere good to have you here with us on cnbc. >> thanks for having me. i really appreciate it. >> i've got to start off asking you about how some of these macro shocks are impacting our business we've talked about weather and what a big impact that had last year trade has been an issue. what is this tension with iran going to do, if anything, what you told analysts earlier today? >> sure, we have employees and customers in over 130 countries. we have operations located in around 30 countries, where we have factories and offices and our number one goal is to make sure that we're structuring our business in those markets as times change to make sure that we're protecting our assets, and investing at the appropriate

levels one of the things we've seen as a company, as an 180-year-old company, we've seen lots of changes in trade and political issues one of the things we've tried to do is focus on what we could control. and what we can control is continue to try to develop the best products and the best solutions to serve our customers. >> it sounds like you're saying you're looking to get more efficient in some markets, perhaps pare down the workforce and facilities >> in some cases that might be an outcome if we have a market that's in difficult financial conditions, that might be an option but typically what we try to do is our vision for each of the markets we're in, we have a long-term vision we see markets, because most agricultural markets have a longer terminate to them so what we like to do is maybe adjust the capital allocations that we have in those markets, but continue to invest in

products and services and solutions to make sure that we're bringing the best products to make our customers more productive, more profitable, regardless of what the market condition is. >> let's talk about why you're here second year, you told me that you find talent here, your employees love that you're here. but also from a wider perspective, you've got the oldest install base of equipment out there than you have in a while and you're hoping that customers adopt new technology as a way to stay more productive what are you highlighting here on the technology front? >> so we have lots of new technologies that we're highlighting for the last 20 years, first of all, we've been investing in systems like guidance, telematics and data management, when we believe are the foundation pieces of technology that you need to do precision ago. you need to know where the vehicle is and talk to the

vehicle and you need to process data on the vehicle. today what we're highlighting is that next stack of data, data like artificial intelligence, data like computer vision, data like machine learning. new systems that are going to bring even more value to our customers in the form of productivity and profitability >> i was talking to a farmer from the mississippi delta who you've got here in your booth. i believe he's got around 1200 acres. he's a deere customer. i asked him why customers have been holding off on buying and he talked about the trade uncertainty and said if that gets solved, that could bring a lot of demand into the market and he expects that people would be buying a lot more of your hardware is that the way you're looking at it, too >> first of all, jeremy jack is one of our most progressive farmers. since we started this journey in 2012, he was one of our leading adopters of our precision ag technologies i know jeremy will start buying

when he sees the value for it. but there is no doubt uncertainty right now in the markets, and as a result that has caused some of our farmers to pause but what hasn't changed is the fundamentals of agricultural populations are going to continue to grow, we're going to continue to see improved diets, which means they're going to result in more demand in grains and pro teens. and as a result, we will come out of this. our industry will come out of this because we need that productivity and demand requirement. >> i think jeremy is still buying he opened up his phone and showed me the crops on the phone, coded to exactly where the tractors are and what they're doing. he's a big customer of your technology, even during this period it's great to have you with us, john may of deere and company. i appreciate it. >> john and john, thank you both very much for that. up next, find out on how the

doe reflects the overall market. >> and we will get the outlook for oil prices amid tensions with iran when we easpk exclusively with former shell president john hofmeister. (upbeat music) - [narrator] at southern new hampshire university we're committed to making college more accessible by making it more affordable. that's why we're keeping our tuition the same for all online and campus programs through the year 2021. - [woman] i knew snhu was the place for me when i saw how affordable it was. i ran to my husband with my computer and i said, "look we can do this!" - [narrator] take advantage of some of the lowest online tuition rates in the nation. find your degree at snhu.edu. and when you open a new brokerage account,

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welcome back we've got an earnings alert on bed, bath & beyond. >> we do want to point out that shares of bed, bath & beyond are halted they will reopen at 45 after but we are reporting a loss adjusted of 38 cents analysts were looking for a gain of 2 cents light on revenues. the street was looking for $2.85 billion, revenues coming

from at $2.76. comparable sales coming in at 3.5% the company is withdrawing its full-year guidance for the year 2019 this is the third quarter so they still had one more quarter left to go in fiscal 2019. they say that sales and profitability will remain pressure but because they have a new ceo and they're going through a turnaround plan and looking at re-engineering things in the company, they think it's appropriate to withdraw. so a very large miss for bed, bath & beyond as they withdraw their guidance under new ceo mark triten. back over to you. >> and we discussed this yesterday, the shares are 67% in the last three months, and with the scale of this miss and with moving the guidance, one can guess how much of the 67%

they're going to give up when they reopen. >> it's a bit of a mess. they finally realized they needed to re-engineer a lot of things mark triten has already ousted six executives, so he's looking for new executives and really a new perspective all the way around but it has caused an awful lot of volatility in the shares as this process has gone forward and the earnings after the bell certainly won't help when the shares reopen. expect some wild moves in the stock price. >> we'll keep an eye on that courtney reagan, thank you let's tend it over to mike santoli for the dashboard of the day. >> a lot of different weights and measures the dow industrials is the oldest one, but how good a job does it do i asked folks to look at the market cap captured by the dow jones industrial average and what percentage of the overall market cap that represents and you can see this is the past 20 years

it's been as high as about 32% and it's kind of fallen down here toward 24% in 2015. and guess what the strike is when they added apple. so what's been going on is a lot of market value in the overall market is accruing to the likes of alphabet and facebook and amazon and companies that are not in the dow and in fact those last two cannot get into the dow because of the high share prices take a look at the one-year of the dow against the wilshire 5,000. there's been some divergence t look at over 20 years. the same two indexes over 20 years. it's ridiculous how closely they match over 20 years when this is 30 stocks and this is over 3,000 right now. so that shows you that owning a chunk of large cap stocks over a long period of time is basically going to be the market. >> the most important difference

whi is that it's price rated and over the last 12 months that's had an impact because of boeing. >> it has and that's why the market cap of the dow is kind of a nonsequiter. >> president trump said it appears iran is standing down after launching missiles former shell ceo john hofmeister tells us where he sees prices heading from here coming up. imagine traveling hassle-free with your golf clubs.

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it is time for cnbc update with sue herera >> hello, morgan hello, everyone. here's what's happening. iran's military is disputing suggestions one of its missiles caused a ukrainian airliner to crash shortly after takeoff in tehran all 176 people on board were killed it happened hours after iran launched a missile attack on u.s. forces in iraq. the ntsb is investigating sunday's deadly pile-up on a pennsylvania turnpike. investigators say a tour bus struck a barrier, rolled onto its side and created a chain reaction the crash involved three tractor-trailers five people were killed and dozens more were injured. heavy rains are washing out roads and causing mud slides in peru authorities say they haven't seen it this bad in almost 20

years. this giant pandas enjoying a snow day in northwest china. obviously wrestling during the season's first snowfall. the pair live in the panda valley facility. >> it looks a little bit more than playful his teeth are sharp. >> the teeth and the claws are sharp, too but maybe they're kind of like brothers >> i think it's super cute and i think we needed this on a day where the news has been what it is >> that's why we picked it, because we really wanted to put a smile on everybody's face because it's a tough news day in a lot of areas so just that's how i wanted to end the afternoon. just for you guys. >> we thank you for it sue herera, thank you very much for that. >> sending you a panda bear hug. president trump speaking at the white house earlier today

after iran launched missiles at military bases housing u.s. troops in iraq overnight. >> we suffered no casualties all of our soldiers are safe and only minimal damage was sustained at our military bases. our great american forces are prepared for anything. iran appears to be standing down, which is a good thing for all parties concernedand a ver good thing for the world >> oil markets fell sharply off the back of those comments and earlier today when there were some signs that possible fears of escalation may have been overdone john hofmeister, former president of shell oil company, joins us now overall, john, what has been your take on the way oil prices reacted to the upside and now pulling back with these tensions with iran? >> there was an initial fear,

but traders do a good job of managing, whether it's the go-in or go-out of the trade what happened is people realize the industry is much more resilient overall from a supply side than it has been in a very, very long time there's been so much technological development, i can remember a decade ago having discussions among ourselves in the oil industry about we've really got to rid somehow of this opec overhang because it destroys the reputation of an otherwise good industry. and so the resilience of the industry has been a focus of really the last decade, and whether it's the u.s. shale and the success of the shale activity, whether it's the discoveries of brazil, whether it's the developments that have improved efficiency in well production, there's just so much more strength on the supply side in the industry today that it's hard for traders to exploit the

geopolitical event that might be taking place. >> and of course we haven't seen anything that has happened as these tensions have ratcheted up in recent days that has actually affected the supply. so i wonder what you think from a fundamental standpoint, the demand/supply balance looks like this year and what that does mean for prices. >> it's a little bit heavy on the supply side, which is why the prices are hanging in the 60s and 50s. if there was real shortage, if there was real concern out there, let's say six months, 12 months from now, we would see a much higher and a more volatile upward pressure than what we're seeing but i think there's confidence that the supply side will deliver against what is really a rather slow growth demand side and as long as that equilibrium stays where it is, i think we can predict fairly stable prices there's always the case, if iran

did something really, really foolish, like trying to shut down the strait of hormuz, then we would see a gigantic spike because earl nearly 20% of the world's oil goes through every day. that would be foolish on iran's part and it would further discount them as a nation of the world, because they would simply be fighting the whole world, not just the united states and so i doubt that they would do something that extreme. but they could and prices would respond in an extreme way if that were to occur. >> john, given the u.s.'s increasing energy independence, how many years away, are we decades away, if that sort of action was taken, to not seeing a significant price reaction at the pump in the u.s. >> i don't think we will ever be completely free of imported oil

in the u.s. until we have so electrified the fleet and made the other uses of oil so efficient, which maybe could occur in the next 10, 20 years, that we could completely ignore the middle east. the middle east is a big factor. it is the heart of global oil production and while the u.s. is now the world's biggest supplier, the u.s. is also the world's biggest consumer and we can't supply enough to meet our own consumption we consume 20 million barrels a day in the u.s. and we produce less than right around 13. so there is the natural imbalance and so that's always going to be the case based upon how our refinery system is organized. refineries are built around the type of oil, so we have u.s. refineries that are built around taking the type of oil that comes from the middle east or venezuela or wherever, and you can't just put any kind of oil

in a refinery and get the products you're looking for. it's got to be structured in such a way so we have this inherent obstacle to complete independence. >> john hofmeister, thanks for joining us w >> announcer: cnbc is sponsored by comcast business, take your business beyond at comcast business.com

the world bank cutting its outlook for global growth, issuing a forecast of 2.5% global growth. it also forecasted that growth rates for advanced and emerging markets would die verge even further to 1.4 and 4.1% respectively here to break down the numbers, world bank director of development prospects and one of the authors of this report thank you for joining us today one of the things that got my attention is the fact that you stated this rebound is not broad-based and that actually a third of emerging market and

developing economies are projected to decelerate this year where do you see the strength, where do you see the weakness, and why? >> so first of all, there's modest acceleration in growth and this is good news. so a large part of this acceleration is going to be driven by a small number of emerging and developing economies, and these economies, some of them had resessions, some of them had deep slowdowns last year, so overall we see growth picking up and that is good news. trade tensions, financial conditions remain, and relative to where we were last year in january, we are in a much better shape. we are coming out of 2019, global economy saw lowest growth since global financial crisis. so the modest acceleration is

good news. at the same time, we downgraded our forecast in advanced economies and emerging economies. of course growth projections are weaker, but there is acceleration and that's welcomed the development. >> what's your forecast for the u.s. and what are the key swing factors you're watching for that could make it weaker or stronger than expected? >> so for the u.s. there is moderation in growth we are expecting growth to be around 1.8%. relative to last june, we actually marginally upgraded u.s. forecast by about pount 1 percentage points. we think that the manufacturing and investment growth could pick up in light of the developments. >> we will leave it there. the you so much for joining us. >> thank you >> up next, ghosn on the record.

the embattled former nissan chairman speaking out today just one week after fleeing japan his one on one interview with cnbc, straight ahead in, or heldk in, or heldk especially by something like your cloud. it's a problem. but the ibm cloud is different. it's open and flexible enough to manage all your apps and data securely, anywhere, across all your clouds. so it can help take on anything from rebooking flights on the fly, to restocking shelves on demand, without getting in your way. ♪ ♪

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embattled former nissan chairman carlos ghosn is speaking out, holding a news conference this morning, and later sad down with cnbc contributor with michelle ka rusy cabrera, just one week after his infamous escape from

japan. michelle will share more on what he had to say. >> the events in lebanon with carlos ghosn are part of his intensive campaign to try to rehabilitate his reputation and try to convince the world or the court of public opinion that he is an innocent man, now that he's not going to face trial in japan after this incredible caper that got him out before my interview, he spoke with the press for two and a half hours doing a news conference that was sometimes in english, sometimes in arabic, sometimes in french, sometimes in portuguese, using documents, he said that proved his case and when he sat down with me, i focused first on getting out of japan. the incredible story of sneaking out, getting on a train, flying in a box inside a private plane. i asked him just how did he manage to organize that. >> well, i did myself, with the

help of some people that i got to know. but as you know, i'm not going to develop this because i would expose them and you can imagine that i'm not going to take any risk with people who have really dared to give me help into how to leave japan without creating any trouble, which was the case. >> and when you finally got out and got to lebanon >> it's a rebirth. it's a rebirth i mean, the first face i seen was the face of my wife in the house of her parents i can't tell you the joy i had to just be simply with her, after spending nine month of not being able to talk to her, not being able to see her. with absolutely no end in sight for this kind of ridiculous ban that they put on me. it has a special taste so in a certain way it helps you put back priority in your life about the people who are the most important, what you should

be doing i'm a different man today. >> how much did it cost? >> i've seen a lot of numbers circulating in the press i think they are very generous in general. >> too high? >> yeah. >> reporter: we talked about a number of other things as well, particularly the charges that first got him arrested in japan, whether or not he and nissan understated his income by a large amount although, about whether or not he directed money through a vehicle aman that might have ultimately ended up for his personal use we discussed those extensively and you can see the entire interview on cnbc.com. back to you. >> michelle, it was a great interview. thank you for bringing it to us. it's pretty amazing the fact that he said the cost to basically make this trip that have been reported were essentially too high i think they were in the six figures from everything i was seeing >> i have seen some as high as

$20 million. i think that's probably very high but when you read about the details as to how many scouts had to go out and check airports throughout asia to see where were the weakest links in security i mean, just the logistical costs were very high but some numbers were extremely high, and he's suggesting it wasn't quite that much >> michelle, what did he have to say about his colleague, greg kelly? because we've all sort of sat and watched and amazed at the legal process in japan and wondered, well, if carlos ghosn was a u.s. citizen, would the u.s. be fighting with the japanese more clearly for a sort of process of law, a process of justice that u.s. citizens understand more. and of course we forget about greg kelly, who is a u.s. citizen. >> i asked him about that. i said do you feel any guilt about the fact that your

subordinate and your codefendant is still back in japan and he said during the news conference that he felt great admiration for greg kelly, and he said the fact that he was still there and fighting the charges, that he hadn't actually confessed or gone through the process of coercion that he accuses the japanese of trying to induce on them, that he was an honorable man i said did you try to help him to get out like you did for yourself, and he said i couldn't even talk to him i wasn't permitted any communication with him, suggesting that it would have been impossible to help greg kelly get out in the same way. >> michelle, thanks so much. safe travels coming back let's focus and have a look at bed, bath & beyond. we brought you their earnings at the top of the hour. significant miss on both lines also removing company guidance this stock had been on a tear after huge declines, before it was up 67% over the prior three

months it's down about 15% and down about 22% immediately when it opened mike, down 15% is not small, but relative to how poor the results were and how much it had rallied in the last three months, this could have been worse? >> yeah, since august it's from 8 to 16 and now back three or $4 of that. there's an instinct to say maybe this is a kitchen sink type event, try to clear the decks with a new ceo and just lower expectations to rock bottom. on the other hand there's not a lot to look forward to you just passed through the holiday season when are we going to see any traction how much does the store base have to shrink a lot of unanswered questions. still ahead, inside the musk empire, today we're getting a unique peek with an interview with elon musk's mother, and chairman of iac and expedia right here on "closing bell.

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maye musk. elon musk's mother is out with a new become but she is not the first of the musk family to come here on "closing bell. >> i'm hopeful that the first people can be taken to mars in 10 to 12 years the first thing that matters is having a self-sustaining city on mars. >> how soon will you go up, do you think personally. >> personally i think much, much later in life. you know, what i'd like to do is

a trip around the moon. >> i'm fortunate to have two amazing brothers have have been incrediblery supportive. the advise they gave me is to be laser focused and to be determined, and diligent and to not be fearful of failure. >> and of course maye musk has fame in her own right. an international superstar and author of woman makes a plan just newly at it joins us on set welcome. >> thank you >> are you going to mars. >> well, if all my grandchildren are i would have to follow them. >> watching about the clips not because of the clips of course but you must be incredibly proud. three incredibly successful children do you haveny tips how to bring up successful children like that and keep them grounded on the way to the top. >> that's certainly in my book to keep them independent my parents kept us independent my brothers and sisters and i i are all entrepreneurs and now my three children are independent

and make their own stigss and they are responsible for their own decisions. >> if we look at elon in particular, clearly the one on this network that we talk about, the most given his business ventures what stage a in his upbringing did you realize the extraordinary level of geenz that he has and proven since >> about three. >> age 3 give us a particular anecdote that highlights it. >> you know, the thing is he could reason with me as an adult. whereas you know i'll make a decision and he could reason and i'm saying, wow, he is only 3. how does he figure it out? and then i think when he was 8 when he read the encyclopedia britainica and remember everything i can read a book and. >> i was 9 when i did that. >> right >> so photographic memory. >> yes, yes. >> wow and in terms of the different ventures that your different children have, how involved are

you in and i think what are you most excited about. >> i go to the premiers of passion flicks a and the big green fund raiser one on march 19th it's plant a seed day again. that's going worldwide with elon i go to. >> launches. i have been to cape canaveral and other launches if i'm not there i'm watching on my ipad. >> there's been a lot of ups and downs throughout the rise to the top. and elon's listed company tesla is one of the highs at the moment as i'm sure you know with the share price. do you think he feels the pressure during the down days, the high profile moments of press coverage when he is under pressure does he feel it. >> his goal is to transition to clean energy and he has to stay focused on it and otherwise he wouldn't be successful with tesla. >> and to enjoy his time as

well, including dancing. did you teach him those dance moves? >> well, don't give me credit for those beautiful dance moves. i'll tell you, the way when things went in china, i would be dancing if i was him, for sure. >> absolutely sure it's been a very successful launch of the production facility and tell us as he will about the book there's many lessons in here including your own work in terms of diet methods and so on. what are the lessons people can take away. >> you know, i'm getting a lot of comments from on social media is that many women are in difficult positions and situations and they are unhappy and i've been in those situations i didn't want to talk about it in the book. but my children said, talk about your struggles and i did it and then i can give advice to other women so maybe they can struggle less. >> well, maye musk thank you for joining us a pleasure to hear more about of

the story and the book is out now. a woman makes a plan." we are out of time pretty much here on "closing bell. reminder, markets closed about a 0.5% higher. that does it for "closing bell." >> "fast money" begins right now. >> yes it does morgan and wilfred live from the nasdaq market site in sometimes square. this is "fast money. i'm brian sullivan your traders are tim seymour. dan nathan and guy adami and chris ver own head of technical analysis at strategy as partners carlos ghosn speaking out. we have insights from our interview request the fujt, former leader of nissan. constellation brands investors fired up the investment in cannabis may be not as bad as once feared while the rest of the industry follows suit and bed bath and beyond, bad