honeywell are in while exxon mobi mobile, pfizer and raytheon are

out. the billionaire tilman fertitta will be here "power lunch" starts right now the dow making major moves to keep up with the changing times and the changing economy bob is looking at the moves and how they will affect the markets. >> bob >> a bit of a shake up in the dow but the moves make some sense. let me explain why let's take it piece by piece first we have salesforce.com replacing exxon mobile the apple split has reduced the tech weighting in the dow and we need more technology sales force reflect the growing importance of software overall in the u.s. economy. you don't need two oil companies in the dow you don't need exxon and chevron with energy only 3% of the s&p one of them chevron will do. let's look at the dow industrials.

pfizer is the lowest stock price in the dow the price would be even lower. another reason to move it away amgen is reflecting the growing importance of the biotech space. this sounds like two industrial swaps and they are theytheon overlaps a bit with boeing now, again, these changes are conservative but not baffling. look at the dow shake up here. the stuff that's being added is nicely on the upside today that's kind of interesting the stuff that's being deleted that's exxon, pfizer and raytheon, all three are on the down side. everybody is betting the stuff is coming out of the dow the dow has very little money index to it. i wouldn't put too much emphasis on any of these moves today. in fact, if you look at actual

amount of money that's linked to the dow jones industrial average, it's about $31 billion. that's nothing compared to the s&p 500. there's about $11 trillion that indexed to the s&p look at that difference. 31 billion versus 11 trillion. it's really the s&p that matters in these types of things we like to follow it because we all love the dow back to you. >> i guess we love the dow some of the time, don't we. thanks very much quincy crosby is chief market strategist with prudential financial. quin quincy, why we care so much about the dow? it's not the one the pros like you follow that is one reason why we see this change taking place next week one reason why pros don't like

it why does it have such weight in the public's mind? >> it just does. it's main street's index another thing, what is really interesting is when we get calls from around the world to give a comment about the days market performance, they ask about the dow and we follow up and see where we -- it's the dow you know what happens when the dow makes a new high that big round high. the market stop. the balloons come out. it's the dow it represents america. it represents old america and more and more it's representing new america as it moves more and more toward technology even honeywell they want to be software industry it's changing, evolving and main street loves it. >> i guess, paul, it's really a question of history and really good branding behind the dow

here in part because apple which in term of its price will be quartered. >> yes i think the sector weightings go more in line with the s&p 500. hopefully it will track that index a little better. the additions and the sub str subtractions aren't the big story with the way the dow be look it's the split of apple that will be 4 for 1. so far this year, apple is contributed about 1500 points to the dow. post split, if the stock went to zero between next monday and year end, the negative impact would be about 850 points. if that happened, it wouldn't happen apple would still have a 2% positive weight on the index for the entire year just because of the stock split. stock splits are meaningless for

a company fundamentals for the dow, they mean a lot as far as the individual companies are concerned, bob was talking about it earlier and quincy was just mentioning it. there's not a lot of money index to the dow so it's a seal of approval one year later they saw declines on median basis. the stocks tend to go down more often than they didn't stocks, the stocks removed saw similar inventory. >> let me make sure i'm understanding because i was going to ask you should i buy these stocks that are going in because they are going in and sell the ones that are going out. you're telling me, that history

tells the us that if you buy the ones that go in, you lose money over next year if you buy the ones that go out, you lose money over the next year >> yeah, you lose slightly less on immediate ymedian basis and e ones that come out for stocks in the last 20 years, you look at united health which has been great success story the stock did well after it was added. then you have stocks like aig and bank of america which shouldn't last six years in the index because they went down so much and had such low prices so they got removed you wouldn't read too much into these additions and subtracti s subtractions just going back to 1999, we were talking how the dow likes to wait and see how things progress microsoft and intel were added in 1999 when those stocks were near their peaks now we're getting into software

with the first software stock added to the dow that's something to watch going forward as well. >> right we just answered the question, should you buy them as a group are the ones going in, is there one or more of them that you like as a potential investment even though history suggests that the median is that they decline over the next year >> i mentioned honeywell it does well as the economy heals. it's a strong company. they are cutting costs they have tremendous cash flow the dividends are atraktractived you have a new ceo who is more and more transitioning toward software company they want to be in both camps and seem to be successful. i do want to mention what about

the dogs of the dow. people love to hear about the dogs of the dow once we turn the new year >> thanks very much for your insights we appreciate it very much kelly. let's focus on the dow's newest tech heavy weight a big day for cloud stock sales force. you have earnings after the bell what practical significance do you think that has for investors? >> i just think it's great sales force is a leader in the cloud. they have a charismatic ceo who helps us lead through a lot of the challenges that we been having in the industry i think it's terrific. >> i want to ask as well about there were some critics who said

if they are looking to add a tech name, why not add facebook. why not add alphabet those are tightly controlled founder companies. why is his ownership structure a little more hands off? they are the clear leader, a clear play for b to b cloud enterprise sales mark has really innovated in that area and shown the path that so many other companies have followed. i think it's well deserved >> it does indicate how essential services like sales force have become. let's turn to ternings today and what your expectations are there.

what are you going to be listening for? >> two big picture things. have they been able to accelerate the growth in the business and the key metric is something called crpo or bookings secondly, are they able to show margin upside? one of the complaints is their margins have been stuck in the same area for the last three years. particularly now that there's no dream force, very lit travel no sales people entertaining clients, are they going to be able to show meaningful up side in terms of make money >> we have just been talking about how companies are added to the dow only once they are kind of so obvious that they are almost utilities that's usually after the biggest profit making days have happened

what would main business threats be at this point >> they don't continue they have to keep coming up new products that solve their customers problem and not let the little upstarts come up with better solutions and do a better job serving their customers needs. we'll see if they can squash some of those concerns thank you. >> thank you for having me ty >> should be fascinating thank you. coming up, new home sales surging to the highest level since december of 2006

home prices rise and the housing market continues to be a bright spot for the economy is it a sign american cities are in for more pain we will discuss that best buy reporting a 242% jump you heard me right in online sales. the stock falling from record highs after warning its growth is slowing did the stock come too far, too fast we'll explore that one when power lunch returns after this quk ea icbrk.

the housing market is staying hot as people continue to flee the big cities for the suburbs. reporters are all over this story. diana tracking the migration and steve liesman looking at what the future could hold for the big cities >> reporter: sale s of newly built homes jumped to a 13% high in july. a new need for bigger, more high-tech homes gave the billers a major boost. july sales were up 36% annually causing supplies to drop dramatically and prices to jump 7% the numbers are bigger in colorado where builders like oakwood homes are seeing an influx of buyers across the country but especially in california new home sales were up 80% oakwood builds in several colorado markets and ceo says 7

out of 10 of his out of state buyers are from california >> it's just so much more affordable to live in colorado cost of their work force is going to be less and the quality of life is awesome >> reporter: all this demand is pushing home prices higher in colorado now as the supply of existing homes fall. denver prices were up 7% annually in august it's already been hot for quite some time. i can only imagine >> kelly, there's actually a good bit of research back up the immedia

comedian jerry seinfeld that areas will bounce back people have been fleeing cities during epidemics for just about as holong as there's been citie but they come back mark frong found heavily affected areas recover in price and rent price growth return to their national growth paths within a few years after an epidem epidemic on average they found housing prices in cities hit by pande c pandemics fall 5.5% in first year another 4% the year after. housing and rental prices after a few years rebounded to price that, where else will you see a price chart of housing in in 19th century, if not on cnbc new migrants underpin the rebound as infrastructure upgrades made by cities to enhance the quality of life after the pandemics. technology and work from home present a new and bigger challenge. these technologies have been

around for a while the attraction of cities of social, cultural and economic. the real city killer, violence that could lead to a serious lasting exodus from the metro area >> to me that's why this time not to focus so much on new york but as a follow up this time could be a little different from previous pandemics because you had citijournal last summer calling it the new disorder. you had people concerned about disorder in the city well before the pandemic and anything that's happened this year don pebbles was on the show on friday and he said he thinks it will take new york a decade or more to recover because they were losing affordability and becoming less business friendly coming into this >> i'll let diane field the affordability issue. you can't say somebody is not going to do something until you tell me the price they're not going to do it at.

those rates remain below where they were at times when cities have done well the hope is from all the articles i read this is a temporary phenomenon linked to the epidemic it may go away when the shutdowns end. >> do we know, just quickly, whether jerry wrote that column from his house in the hamptons >> probably. if you go back, there are wonderful stories. grenwich village had a boom time when they fled manhattan they were fleeing a cholera epidemic

sg kwhast happeni sg. >> kwhast happwhat's happening . area the story over the past 25 or 30 years have been the growth of going out in hay market in virginia and frederick in maryland and beyond. what is the activity in the suburbs right now? what are the prices doing? is there a lot of pressure upward on prices in d.c. >> there's a lot of pressure you have to separate steve is talking about new york city new york had a lot of problems before the pandemic ever struck. that was very, very high prices and also incredible over building of condos, apartment rentals. sky high prices for thousands and thousands of units it's like what happened to miami back in 2006 you look at d.c., it's a very

healthy market a lot of real estate agents will tell you yes you're seeing urban flight from new york city and from san francisco because of high prices there. because tech workers can now work from anywhere in most nay jmajor cities theres healthy growth in the downtown i'm in the city proper right now. you have single family homes where the inventory is low prices are going high and in the suburbs just a couple of miles north of here and south of here, prices very, very strong because there is so little supply. i think you'll have to look at new york city and san francisco as very separate entities to the rest of the country. yes there's some urban flight but not nearly what we're seeing in those two cities in the rest of the country >> also as you consider d.c., it is not as vertical a living environment as new york is you've got a lot more neighborhood like the one you're standing in right now where they are single family homes.

>> reporter: exactly that's what people want now. you're seeing a ton of remodelling in neighborhoods like this one. people expanding, putting in backyard, tiny homes to expand spaces you see more construction downtown those condos might suffer a little bit right now but d.c. always comes back from whatever it gets into you see more violence downtown d.c. has been very popular because of the protests and the black lives matter action that we saw downtown and writing it on the street down there people are really feeling good about the city now you're seeingpeople moving int the downtown as well as into the suburbs. i think you have to go city to city and look at what's happening. new york city, san francisco, very different entities. >> thank you very much we appreciate the time today and the insight. for more on the future of american city, we'll talk to tilman in houston. he'll explain what it takes for his businesses to survive and thrive he's coming up shortly

tuesday's with tilman. facebook a record high getting a new price target the traders will tell you if there is still time to buy should you chase the face. more power lunch next. ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪

welcome back we're getting news on teva pharmaceuticals. >> stock is down about 4%. that's coming off news from a bloomberg report teva rebuffed a settlement offer from the doj earlier the charges may be felt as soon as today that's according to people familiar now you see the stock down closer to 5%

it's been rapidly falling in the last couple of minutes the story has been going on for quite some time. we had the news in july about how the judge was going to put that case forward and we knew teva would be the first company affected here. we see the charges my come as soon as today. back to you. >> thank you tyler. over to you. >> the bulls are getting more bullish on high flying stocks. analysts getting street high price targets to facebook, apple and chipotle today nvidia with a street high target last week. let's bring in your trading nation team for a tuesday. todd gordon of asent the ubs facebook call, quint, do you agree with it or not >> i like the call i think you can trade further upside in facebook it's not an overly high momo

stock until today. i think traders can catch some upside i think it's on its way to the trillion dollar market cap club. >> it's already broken higher they beat by 25% we already moved higher. the current target is about 18% away from current levels which as the company is growing, we don't see an issue for that. we do own the stock in our opportunity strategy we were in that range heading last quarters earnings we think facebook and instagram are reflecting the dom naninant players. facebook is the go to for small business advertising dollars there's nowhere else to go

plus we think the advertising budgets for facebook will grow you come out the other side of covid. that will be a driver for new initiatives plus the new facebook and instagram shopping app they incorporated shopify into we're bullish. we hold it not adding here but any pull back. it would be attractive to us >> all right todd and quint, thank you very much we appreciate your time today and your thoughts on facebook. for more trading nation head over to our website or follow us on twitter @tradingnation. still ahead, it's time for our weekly special tilman tuesdays the chairman and ceo joins us next to talk about the uncertainty facing restaurants this fall. stay with us stock slices.

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welcome back, every one. here is your cnbc news update. wisconsin republicans are calling on democratic governor to do more to halt violence following the police shooting of jacob blake. basketball star lebron james says the shoot sg a stark reminder of the challenges facing black americans >> we are scared as black people in america black men, black women, black kids we are terrified you don't know you have to idea you have to idea how that cop that day left the house. we don't know if we woke up on this side of the bed if he woke up on the wrong side of the bed in pittsburgh a 1-year-old

is dead after being struck by a stray bullet two officers rushed to control the bleeding the bullet went through a window and two walls before hitting the boy in the head. you are up to date that's news update this hour ty, back to you. >> that is tragic, tragic story. >> it really is. the oil market is closing for the day. eric has the cnbc news at the commodity desk >> you can see the green right here behind me finishing the day hire with wti notching its highest level since early march. hurricane law are is on the top of the mine for traders with oil producers cutting more than 1.5 million barrels day of output from the gulf of mexico from the storm. that's nearly 14% of the total output in the united states according to reuters if laura makes landfall as a

category 3, it will take refiners 2 to 3 weeks to restore full operations. kelly, back to you for most restaurants marks the end of the summer and their peak business. many major cities indoor dining remains closed and the fear of more shutdown looms. amid that uncertainty you have consumer confidence at its lowest price throughout the pandemic and if that wasn't enough, hurricane laura is barrelling toward the gulf coast where the virus has disrupted many businesses. joining us now for our weekly check in, tilman it's great to have you back. welcome. >> how are you today >> we're good. the hurricane looks like it's headed toward the houston area

what the happening down there? how are you preparing for this i have so much in the houston area, the amusement park, seven hotels in the area and don't talk about how many restaurants. then you've got lake charles which is shut down now the gaming commission just shut us down and all the light company people have moved in to restore power. they've got 350 rooms. if it cuts right in the middle, maybe i'll get lucky if it goes west or east, i'll get buried in lake charles we have so many different properties we have over 130 properties in the houston gal area >> are you saying what did i do this year? why me >> believe it or not, i am

as long as everybody stays healthy, everybody that is physical, we can always fix. that's always the outlook we always had for hurricanes down here we have been through so many we have been so demolished before it's hard to believe this is all happening the same year and right when the kids are going back to school and business was still pretty good because they're not going back until after labor day. >> what are the latest trends down there because some of the data is a little more encouraging. we had red book retail sales they turned positive year on year we had the housing data really strong the tsa flier checks it shows with the pred of covid in the south an west, the economy is doing okay. how would you characterize things >> it's better in the restaurant industry you're still negative, double digits still even where you're open, 35, 40% because you're only 50%

in texas on your busy nights you cannot fill up your restaurants you could if you could open up most of the states, very few are at 100%. california, you can only patio dine and in new york you can only patio dine. even if chicago they are saying we're at 25% a and when we get down to 100 cases a day, we'll let you go to 50%. the mayor of new york, nothing no guidance. it's almost like he wants his legacy to be, i want everybody to move out of new york. i don't want this city to survive. he is doing nothing to communicate with people many the industry or anybody. it's the most maiamazing thing e seen from democrats and republicans alike sayingon what's happening to our city

i don't know what this guy's legacy, he wants it to be. obviously, he doesn't care about new york city. >> no new york state and new york city, the case count is way down the hospitalizations are way down we have gone days with maybe one or two deaths across the entire state. i know a lot of people must be thinking, what are you waiting for. what are you waiting for? >> that's what we all are, 100%. i have restaurants in other parts of new york. i'm up in hamptons i'm in great neck. i'm all over but in new york city, our mayor has decided that i want to see as many businesses possible go out of business.

e has no idea what he's doing the industry and the poor workers that cannot work that are no longer getting the $600 stimulus. mayor de blasio hasn't missed a check. he talks about i was the mayor of the people. he is not the mayor of the people it's all about himself and for some reason he does not care about new york all he has to do is let us open up and if there's any rise at all in cases, shut us back down again. >> can a city, what does this mean the fact that in new york city, you're still out of business, basically with indoor dining one of the main appeals of the city is the ability to go out and enjoy with your friends, a meal in a restaurant on a cold

winter night, folks because there's no much else to do in new york city on a cold winter night. i guess you can think of some things, but owe no whyou know w saying >> some of my best times are on cold winter nights when you go out to dinner. there's a reason all the people that are leaving the big cities and people are letting them go go work anywhere it's like the mayor doesn't care that everybody is leaving the city it's like, hey, don't let the door hit you in your behind. i want you to leave my city. i want my legacy to be like this there's no reason for him not to let us open up at 25%. most -- you got to remember, most restaurants in new york city do not have patios. i've only got a few of my restaurants in new york city that are even open with a few tables outside because most of them don't have it because it's

such an urban environment there. if they let us open, people want to go out. for some reason, i just don't know why it's shame because statistics improving all over the country with covid we're keeping it below 45,000 cases a day in this whole country and deaths under 1,000 we just need to keep opening it open people's business started to come back and every time it starts to, we do something else to pull out the rug from under us >> a lot of people are afraid with flu season coming and the traditional time that viruses spread i think there's a lot of fear and hesitation about reopening at the wrong time. >> does it make you think differently about where you want your restaurants to be located or once this blows over, we'll

have huge pent up demand and people will want to go to restaurants because they will the be so thrilled to get back out again. >> we're all looking into the future and hoping that, remember, the leisure business is over with on september 7th. after september 7th, all your leisure restaurants are slowing down and this is when your conference business, your convention business and your business travelers starts up again. you're not going to have that traveler and the conventioneer in your business cities anymore. that's where you're start seeing retail in the hotel industry and restaurant industry really start

hurting again. >> that's a great point. the difference of the seasonal time will make for you always great to hear from you. thanks for your time, sir. >> thanks, guys. >> we'll check back in with you. ty, did you say my name or am i hearing things >> i wanted my son to ask tilman a question >> go ahead, tyler >> when does russell westbrook come back. >> say it again. >> i heard it. >> you hear it >> i hope he comes -- obviously we need him back i hope he's feeling good they will try him out tomorrow and hopefully he will come back tomorrow if he's not feeling right, the worse thing you can do is bring somebody back because we definitely need him friday and sunday if there's a 7th game i'm with you great question let's just hope that he's feeling good tomorrow morning. >> all right

we wish you luck the games have been amazing. good to see you. >> thanks, guys. >> thank you >> all right >> get out of here >> thanks a lot. coming up, power movers, peanut butter, blue jeans, e-commerce plus american airlines warning of thousands more job cuts will the government step in with even more money and will it be enough to save those jobs. we'll be right back.

welcome back markets may be lower but the power movers are higher. we're starting with gap. it's up more than 8%

doubling their price target to $24. the analyst is bullish on athleta. the stay at home trend continuing to be good to smucker. some of its brand seeing growth include jif peanut butter. we're all doing a lot more of that at home big commerce went public on august 5th at $68 a share. one of strongest ipos of the year the strength topped $100 share today. it's up 27%. its teaming up with facebook to offer customers the ability to buy something and check out directly with instagram. there is more news i can use it's like kelly geared power movers ty >> thank you to the bond market we go

rick is tracking the action. >> 15.5 was the two year auction yield that tied the lowest which was last month as well look at a two week of two year it's a tight range on short maturities when you move down the curb, you get a little action. they tradely briefly if you look at 10s minus twos that steepened the curve the range over the last couple of days have been 47 all the way up to 55 on that trade finally, look at a month to date at the dollar index. it's only down about a third of a cent add in the previous month of june where it got its clock nasty move down from 97-98 the point is the dollar index has stabilized kelly, back do you >> thank you, sir. coming up, tough times for

american airlines as they face even more job cuts times were supposed to be good for best buy with people loading up on computers. the stock is down after earnings today by nearly 5% we will get to the bottom of it next on power lunch. good morning, mr. sun. good morning, blair. [ chuckles ] whoo. i'm gonna grow big and strong. yes, you are. i'm gonna get this place all clean. i'll give you a hand. and i'm gonna put lisa on crutches! wait, what? said she's gonna need crutches. she fell pretty hard. you might want to clean that up, girl. excuse us. when owning a small business gets real, progressive helps protect what you built with customizable coverage. -and i'm gonna -- -eh, eh, eh. -donny, no. -oh.

welcome back american airlines announcing more job cuts to go into effect on october 1st we have the details. phil >> kelly, we knew there would be substantial job cuts at american i think when people hear the number 40,000, they sit there and think, wow, that's a lot it is a lot. we knew it would be a lot out of a company with 140,000

employees. so these are all the jobs that will be cut as of october 1st. 28, 29% of company's overall staffing it breaks down like this you've got 19,000 front line workers who will be furloughed/terminated. 17,500 furloughed. talking about pilots, flight attendants 12,500 are taking early retirement packages. the president of american airlines wrote, we must prepare for the possibility that our nation's leadership will not be able to find a way to further support aviation professionals and the service we provide they're making reference to the cares act and the possibility of another $25 billion to ensure jobs through march of next year. well, if that doesn't happen and it doesn't look likely at noiths point, they're going to furlough 30% of the flight attendants when it comes to pilots, they're furloughing about 11% of the

pilots one last airline note. take a look at spirit airlines they announce they had have reached a deal with their pilots where about half of the pilots will agree to fly fewer hours in order for them to avoid furloughing 600 pilots there we're in that period right now where the airlines are basically laying it all out there saying here are the jobs they're going to be eliminating starting october 1st. >> so grim talking to a friend around here whose daughter job may be on the line really difficult for people. thank you sir. shares of best buy up more than 130% from the march lows more americans work and learn from home, we need to buy computers, right the stock is falling after the company reported results has it gotten too ahead of itself th'sig aerhi at rhtft ts. we made usaa insurance for veterans like liz and mike. an army family who is always at the ready. so when they got a little surprise... two!? ...they didn't panic. they got a bigger car for their soon-to-be-bigger family. after shopping around for insurance, they called usaa -

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shares of best buy falling 7% in today's session. an all time high just yesterday.

following what has been a big run in the stocks since the march lows the electronics retailer reporting a 242% increase in on line sales in the second quarter as stay at home trends shift consumer spending to the online channel. the company's ceo warns that those growth trends may not last so is best buy still a good buy? let's talk to the man that covers the stock welcome. good to have you with us the report yesterday was nothing short of spectacular you just raised your price target to 130 from 105 so you look like you think this is a good long term hold >> absolutely. look, there are three certainties in life, death, taxes, and best buy selling off after they report earnings these were great numbers sales were up 6% operating margin is expanded 190 basis points that beat consensus by 67 cents.

in addition to that, management said for first three weeks of august sales were up 20% so these are great numbers this is what always happens with best buy >> what about the concern that this -- that they may have benefited from a particular sweet spot in their business that is going to be very hard to replicate as the year continues and next year takes off? >> i don't agree with that whatsoever the reason the sales were strong in august is the fact that kids aren't going back to cool. if you're going to be doing home schooling, you need a pc, you need a tablet pc if you're spending more time entertaining at home, you probably need a new tv proubbly need video games. when you get into the back half of this year, you have new iphone 5-g, that will be a big sales driver then you have a new video game

console cycle that starts later this year. i see the tail winds continuing through 2021, frankly. >> you are also have a repurposing of the stores to help with same day or next day fulfillment. they become fulfillment centers right out of their stores to get the product to the user quicker. >> absolutely. and that is a great advantage for best buy they're going to make them almost distribution centers on steroids and that will allow them to do same day delivery, next day delivery and that allows them to compete with the amazons of the world. >> anthony, thank you very much. one of the great come back stories in american retail anthony, thanks very much for your time today. >> thank you for having me

>> i'll have to add that the. >> all right h folks, thank you all so much for watching "power lunch. there you see the industrials taking it a little bit on the chin with the smallest of declines. the other market afrnls are higher right now >> yes, thanks for watching "power lunch," everyone. "closing bell" starts right now. >> thank you and welcome, everyone to "closing bell. david faber is in for wilfred frost f we're in the green, it's a record high. we're watching the s&p 500 and nasdaq look what the is driving the action in the final hour of trade. >> the dow shake-up. david is all over the significance of the