goes more fintech if they're finding more ways to compete you know, you wonder. >> i also wondering whether or not the data provided by people going to booking restaurants or searching restaurants could be valuable to customers. >> that would be great for everybody. dom, thank you very much, sir. have a nice weekend, kelly. >> you too. all you viewers, the same. thank for you watching "power lunch. "closing bell" is right now. thank you kelly and tyler. welcome to "closing bell." a ruling in the epic/apple battle, sending shockwaves the dow looking to avoid a losing session in a row. >> i'm wilfred frost let's look at what is driving the action a federal judge ruling that apple can no longer -- directing customers away from in-app

purchases, and august producer prices came in hot, rising versus july, and more than 8 percent over the last year, and energy is among the top sectors today as oil prices go up a bit. sara >> well fred, in just a moment, the ceo of kroger joins us exclusively on the back of the company's earnings the stock get hit hard today, despite a beat on the top and bottom lines, and the kreismt oh beckon dickinson on their sportphone covid test. mike santoli has it moving a bit lower in the last hour or so, but nothing too pronounced in fact, that decline in apple accounts for all of the s&p 500's down side right now.

ex-apple, it would be about dead flat what's interesting is we can debate whether this $60 billion is justified but what is interesting is we just containment off of one of these real chases higher when apple starts to break out and trend higher it has a tendency of people piling in. where it takes it right now is back to the top of the former range. so it brings it to an interesting and neutral spot a lot of times it's a short-term trend line, so it makes a bit of

sense that it would -- here's the s&p 500. you see it really sagging a bit. mostly just a stall. i think you have about -- we're only a percent and a half below the record highs, but it has been a bit subdued, lethargic. not creating a ton of momentum we are marking the 20th anniversary tomorrow of the 9/11 attacks. it did hit close to home, and the market was closed for four days after that tuesday attack if you want to look from back in that period, and i want to emcompass what led before it, and it was in the midst of a bear market. this really is what we're talking about right here

you did get a 7% to 10% decline. also the same magnitude of decline that the dow had, in response to the pearl harbor attack massive rally though it was not to be the case, but even though everyone at the time was say the economy will never come back. it's somehow going to restructure consumer mindsets for a long time. you wouldn't believe the kinds of grand proclamations going on. it still followed very similar rhythms to the way a down trending market have tended to be extraordinary events get metabolized by the market in have similar ways. >> more on that coming up

through the show back to this week's market action, kind of amazing when we look at all averages, and now a fifth straight day, that we're down so little >> it is remarkable. it's obviously about a small majority of stocks and volume to the down side each day we also went up in this fashion back in late august as we were clicking to new highs. it shows a very compressed day-to-day volatility. we do have options expirations next week. we can talk more about it later, but we've had a pattern in recent months, around the 18th or 19th of a month, you getting a significant low and then a pop up back higher maybe people are bracing for t that. >> apple also the biggest component in the s&p that isn't helping today mike, thank you. we'll see you soon

shares of kroger you errorer as well. the grocery giant also raising full-year guidance now joining us is rodney mcmullen. hi, sara thanks for the invite. >> it seems that the problem is the margin story can you just expand and explain why margins came in light. organized crime is more prevalent than a year on two ago, and those things were about

half when you look at the two together, we actually had a very good balance between growth and operating, og & a and operating margins as well. >> so where does that go especially this issue about organized crime, which has impacted a number of successful retailers lately. >> actually we're working with other retailers and working with industry groups as well. i know the government is starting to focus more energy on it as well we have a great partnership with the fbi and local crime units it's one of those things -- but we're also engaging with others as well an avril lot of that product is eyly sold on the market

>> one initial thought, when looking at a margin miss was you might be having trouble passing on higher prices from the raw materials inflation that we have seen across the board to consumers. what is happening there with the prices consumers are paying? how much are they going up how much will that continue? >> yeah. if you -- within your question, obviously, about two thirds of our customers are concerned about increases in cost. for the most part, we're able to pass those costs through in the places where we're not really as part of our strategy, where we continually offer a customer a better and better deal, as we get processed changes to be able to afford it. overall we're able to pass it through. we are starting to see a bit higher inflation as we predicted and thought we would >> is it only a bit higher, are you fearful, more so, say, this month than a couple months ago,

that it could be more pronounced and prolonged? >> i love the question right now we would estimate 2% to 3% inflation in the last half of the years for us. if you -- that's about 1% higher than where we thought it would be when we started the year out, so slightly higher, but not a huge amount. so we certainly think it's something that's not out of control. it's something very manageable >> i don't know where that fits into the transitory discussion, but we'll leave that to the fed. rodney, the sales were strong, stronger than expected, so what does that tell us? is it because of the covid delta wave, and people staying at home more or is it something more sustainable? >> it's something more sustainable. one of the things or customers are telling us in our research they enjoy cooking, cooking at home they enjoy the time with their families they like showing off some of

their new skills what we are finding is the customer enjoys it, feel like eating at home is more affordable and healthier as well if you look at the covid -- the delta strain, it was fall nating, earlier in the month the digital business had slowed down, but almost all those customers moved to fill stores, later in the month, a lot of customers moved back to the digital experience we have found our overall ecosystem, we call it seamless, worked exactly as we hoped quite a random next qu question

with actually american buyers, p.e. buyers. first, year take on that, if you've been interested on expanding into a new geography, but more what you think implies for the core valuations of your business in the u.s., and whether you think there would be more consolidation to come in the years ahead. >> the question, to me, is one of those where we're looking at over time, kroger has been aggressively merging with other companies, and when we find the right company with the right values and markets where we're not, we're always interested, but at the same time, our total shareholders return model is built around an 8% to 11% annual performance. we don't have to do mergers in order to accomplish that, but we would certainly by open to any time of whenever the right opportunities would exist. >> that would be something, if we got him to say he's going

overseas in the interview, wilfred. he didn't say no >> he didn't say no. rodney, this week, the part of the announcements on making tests more available selling the at-home tests at costs. tell investors what that will mean for sales and overall what that means for the business and whether you're able to access enough toss that is we actually need. >> in terms of accessing enough tests, i know the federal government is working hard for all of us to have access to more tests throughout covid, we have done everything we can to partner with the administration, and we partnered with president biden's team on trying to get america back on track, and past covid. we supported the community immunity giveaway. we've been able to vaccinate almost 7 million people so far, and this is just one more step

of something we felt like we could do, in terms of testing, and we have amazing healthcare professionals, and we're able to do our part to help america get back on track. we were happy to partner with the administration finally, warren buffett's berkshire hathaway raised the stake in kroger during the quarter. has there been discussion? interaction with the berkshire team and buffett himself >> obviously berkshire hathaway owns north of 8% of the company, so we have regular talks with the two of them. we continue to work very hard to make sure we do everything can to make them look as smart as we can. >> rodney mcmullen, thank for

you joining us the stock is down, but still an outperformer thanks, sara. after the break, we just spoke about at-home covid tests. now you can get results on your smartphone at home the ceo of becton dickinson will join us. you're watching "closing bell" on cnbc.

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welcome back testing may soon ramp up as president biden wants businesses to ensure that workers are vaccinated or tested weekly. joining us now is becton dickinson's ceo. talk us through how this smartphone test works. sure we're pleased. good to see you here today it's our first at-home test. it is also the first smartphone-based test. essentially in is a minutes, you run the test, use your smart phone to scan. it using the algorithms on the app, and then you can digitally transfer the results to your

employer, to the school, it automates the interpretation process and reporting process, which i think will be really important, as you think about employers, schools and others doing more testing, digitally closing that loop is a big deal. >> i guess the main issue with any at-home test is the actual putting it up your nose part and making sure people do that properly i guess this doesn't solve for that potential problem, if people just touch around the edges, so they can get themselves a negative. >> we have really smart scientists, and they solved that topic as well. not only do we detect covid, but also tests the level of nasal protein in the swab. if we adopt detect nasal protein, we don't give a covid

result you have to get a proper sample to get a result to show up and be able to share that. again, if you're a school, a business, you're anyone else who is relying on that test result, we have designed our test so you know someone has done the swabbing properly, you allow the smart phone and algorithms to interpret if it's positive or negative, and you don't rely on someone writing down the proper answer it's automated and transfers that result digitally to whoever needs the information. >> thomas, more broadly you've been in this testing business for a while. i talked with rodney mcmullen from kroger and asked if they'll get enough access to these tests with the biden administration ramping up testing i we able to manufacture enough tests to comply with that? >> we took steps early on to add capacity

pre-covid, we had used to have capacity to make 12 million rapid tests in a year. we can now make 12 million of those tests in a month we're prepared to ramp up. we have quite a bit of capacity, so we stand ready to certainly increase that production the other tests that we're increasing production of right now, is we look ahead, is a very unique product we recently launched, which is a 15-minute test for flu and covid as we approach the flu season here in the fall, the question that many will have this year used to be, do i have a common cold or do i have the flu? i think this fall or winter will be, do i have the flu or do i have covid having a combination test is going to be important to allow that differentiation, particularly in 15 minutes right while you're with your physician. so we have started shipping that

product. i think that's going to be a really important tool in fighting covid and the spread of flu as we get deeper into fall and winter >> what is your user expectations of the flu season >> i've learned in my 20 years being involved in trying to predict that, that's a very difficult thing to predict certainly there's a number of people that are projecting it could be a more serious flu season i think it's better to be safe and sorry and prepared in the event it is a more serious flu season obviously it was extremely light last year tools like this will be an important part >> thomas, thank you for joining

us. >> thank you for having me. a couple soft sector, including a weird pairing, technology at the bottom of the list apple is weighing on the dow, all down for the week. nasdaq is do you think about half a percent still to come on the show, what does today's big apple ruling mean for shareholders? a top analyst tells us the potential long-term implication, and how it could actually be a positive for the company as we head to break, check out some of today's top searched tickers on cnbc.com. ten-year yield on top, as always, followed day by big movers, affirm, apple on that judge ruling crowdstrike, and the d jes duri arageowon we'll be right back.

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anniversary of the 9/11 terrorist attacks. for those affected by the tragic events, both the personal and financial impacts have been long and broad. contesta brewer with the story contessa >> reporter: the crushing financial impacts of the attacks on 9/11 spread beyond ground zero, and beyond some of those directly affected are feeling the pain 20 years later. >> i heard this crunching of a sound and an explosion. >> reporter: on 9/11, newspaper publisher robert simko grabbed he camera and went outside there were people counting floors, because they knew that are brother-in-law, brother or spouse was on that floor. >> reporter: they received compensation for lost income, but the advocating wonder if it was enough. >> if you were someone who was

just -- someone who was going to be happy just getting something to help you get through the next year, there's certainly the potential there were people who fell through the cracks. >> simko had no way of knowing as he documented, the financial his hi tiny local newspaper would take. >> the most profitable time period was the summer of 2001. >> reporter: 50 or 60 small advertiser in "the broad sheet." >> after 9/11 they were all behind a chain-link fence, so we had no advertiser. >> reporter: many small businesses closed, and "the broad street" struggled for years. last year, robert simko got devastating news. >> i was told there was a fast-growing tumor. >> stage 4 esophageal cancer all that dust from 9/11, doctors told him. >> 9/11 did not end on 9/11.

not a day goes by without one of nigh clients dies. >> reporter: he helps those sickened by 9/11, helping think through the funds. >> they just don't realize they're entitled to the same free health care as the new york city firefighters and cops. >> reporter: he says only 10% of of them have enrolled for help in case they need it simko did, and said all of the bills are covered. >> we still get the daily out every morning, but i think everybody can retire, you know, but who wants to buy a newspaper? >> reporter: i've talked to traders and neighbors who were here before, during and after 9/11, who have not enrolled in

consideration, they say, of those who need it more congress has made the commitment to fully fund these programs, and extended the application deadline to 209 on they're here for the people who still may become victims of 9/11 qilf >> contessa, thank you so much for that coming up next hour, we'll speak with laura manning, one of the survivors who suffered severe burns over 80% of her body she's share her inspiring story of resilience, courage and recovery that's coming up later in the show. plus shepard smith will join us ahead of tonight's special edition of "the news." "closing bell" will be right back thanks for coming. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here?

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let's check in on some individual market movers, shares of buy now/pay later platform affirm, the store's active merchant numbers more that are quadrupled it's up p33.5%. the occ has fined wells fargo for not sufficiently solving their issues guys, i did talk to some sources close to the company, and i don't think they would away with the fact that the home lending business, they hadn't done

enough work to get to the occ to left that consent order. there's no argument they're pleased that the 2016 order has expired, but point to the fact they're well aware there are ten orders still in place. that likely means political comments, but the consent order won't be lifted easily that's why you kind of have seen pressure on the shares umpltsds it seems like a path developing toward getting clear, but we don't know when, and it won't be some moment that just strikes. it's a process are there any more fines are they done getting fined? >> well, an additional 250 from the occ, which is small, in the

sense of a fine in the short term, but just a particular area, they didn't done enough i think they would say we have done a lot and have improved in this area, but the occ takes a snapshot in a moment of time no, and they extend the consent order. only one of those ten orders have rolled over. time for a cnbc news update with rahel solomon. >> here's what's happening at this hour. in florida, the ban on mask mandates on schools is back in effect an appeals court judge has lifted an automatic stay of the ban. the rules means florida can resume efforts to impose fines on school district. the mouse says that four cases are measles are the reasons for the move of the air

irairports landing prince andrew has been served with a lawsuit. the prince denies the charges and says he does not remember meeting her. a power outage that disrupted the subway system for hours was likely by a -- a plastic cover was missing, which was supposed to prevent the button from getting hit by mistake. back to you, wilf. we have 23 minutes left in the session. we are losing a bit of steam at the moment when we come back, bank of america making some changes to senior leadership. as we head to break, here's a check on bonds, the ten-year yielding around 134. "closing bell" is back in a couple

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following the news last month that two long-standing deputies to ceo brian moynihan were retiring, the company announced a slew of promotions today. also, in fact, news of two more retirements. a source close to him says he's keen to stay in place for the rest of the decade

and no one has received the c.o.o. title that said, the standout name is probably dean, now president of global commercial banking is added to his title significant additional roll for him, more akin to other banks, merging those areas. he is 55, and alastair borthwick also got a significant promotion, now is cfo, mean he'll have more exposure to investors rather than clients going forward. if moynihan does complete a decade, there's a slew of

successors there's nine new direct reports, so it's hard to pick out of five are women, two are black, two are asian, and of the eight business lines, at least are led by women. >> they basically still have their finance that's where they took over, and that's kind of fascin fascinating, i find a lot offage station, it's about let's have some clarity >> at 61, he's younger than

others half a percent dawn, straight ahead, a judge issuing a ruling in the apple/epic games dispute. we're going to dive into this sty.or that's next in the market zone

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we are now in the "closing bell" market zone. and charlie is back. we'll kick it off to the broader market lower for week, going down almost 2%. >> sara -- just -- >> is apple. back to you. >> sara, before we get into all of the market's decision, i want to reference why there's applause, and we'll pause on it, we'll get to it in more detail the fdny, the nypd and the port authority will be ringing the bell here. that was them just arriving here

eve. >> it seemed like in the last couple hours, they were trying as to pile up the sandbags we're still below that apple has yearing downward pressure the qqq fell below, kind of brings it back to the august range bigger picture, people are trying to reprice.

charlie, your whole thesis on the market has been one where you worried about inflation, we have a ppi number today hotter than expected, but a step down from last month. and economy has been strong, earnings have been even better than we thought. i will say the market has not been cooperating interest rates are up this year, the barclays ag is down for the year ppi was up 0.7 in the morning, one metropolitan that's an 8%-plus rate that's the highest rate it's ever been at in the last ten years. we have cpi, the full number trading close to 6%.

we have a lot of inflation, we don't think it's transitory, but the market is more focused on covid and a possible slowdown on the economy, and that's been tough on value stocks. >> are you starting to rethink whether that's going to happen >> obviously our confidence has been shaken by how stubborn they've been remember, the ten-year was 0.92 at year end. so 1. 3 is still moves in the right direction. i am coming around to a new thesis, which is basically treasury bonds are a hedge, not an investable asset class. >> apple understand pressure today.

>> so, wilf, the decision now is officially in, apple winning on nine of ten counts in this fight. the judge saying apple is not a monopolist apple's indicate adams saying we are very pleased with the court's ruling and we consider this a huge win. tweet -- this is not a win for developers or consumers, epic will appeal. it was not a total victory for apple, either. the judge said they must give options to steer towards options. that could impact their sales, but loads of moving parts here will apple appeal this discussion we don't know. how about consumers actually respond? back to you all. >> josh, thanks so much for

that most seem to be echos the same tone it's obviously a dent for apple. whatever revenue they do get through the app store through these means is pure profit, pretty much. also a bit of clarity or transparency about how dependent they are on active gamers in terms of app store revenue it could also be an excuse to hit apple, test whether this fact in breakout is real i always see apple as a bit of a stability play it's just this financial battleship that's very difficult to penetrate clearly a bit of concern that it may be slowly could compromise apple's, you know, core ecosystem franchise.

>> apple not helping the down, as we go into the close. general motors and toyota, the latest automaker to get hit by the global chip shortage gm is maintaining its 2021 guidance overall toyota cutting the annual production target by 300,000 vehicles, weeks after announcing it would cut september product in japan by 40%. wells fargo is lowering the 2021-2022 outlook to reflect the worsening shortage however, the firm maintaining bullish views, and borg-warner, as its top picks charlie, also one of your favorite picks, i believe. >> absolutely. one of the things we believe in

in investing, if there's a short-term headwind you can be confident will go away in the not-too-distant future, and that is driving down earnings in the short term, that can be a wonderful time to buy a stock. that's exactly what's going on right now. there's obviously a chip shortage, but that chip shortage will be fixed. when that happens there's a lot of pent-up demand. we have empty car lots around the country, frankly around the world. when those chip shortages get fixed, we're going to have a lot of demand for cars, for borg-warner powertrains. i'm very confident about that stock. >> kroger as well, shares lower today despite beating estimates. rodney mcmullen joined is at the top of the hour. here's what he had to say about rising costs and inflation concerns. >> obviously about two thirds of our customers are concerned about increases in costs

for the most part we pass those costs through, we would estimate 2% to 3% inflation in the last half of the year for us, about 1% higher than we thought it would be when we started the year out slightly higher, but not a huge amount we certainly think it's something not out of the control and something very manageability. >> charlie, what do you do with this stock are there supermarket in better shape? like your below somebodier on taking on rising commodities and inflationary costs >> yeah, what we are seeing is the general trend, and it's obviously good for grocery stores, good for someb smuker, d kroger's numbers were not good,

because they were not able to pass along inflation it's going to be a lot more than 2% tore -- or 3% there's real pressure. they were slow to pass along those price increases. >> were you surprised that markets didn't react more? >> ppi tends to not be the biggest market mover i think it's confirming the situation that was in there. sticky high input costs for businesses we're in that window, where we didn't expect it to come down too severely, but bond yields have been firm so maybe that's where it all comes into play, but we're getting probably close to that date, where you sort of want to see the transitory kind of thee have a bit more creedants to it

the option expiration next week may be one reason why people are stepping aside. if you look at the volumes put, this was actually positive at midday, more shares in advancing stocks trading than declines stock, that's obviously more than 2 to 1. i was just talking about the treasury yields. the ten-year yield has sort of picked up and made a bit of progress throughout progress, it's showing you a resistance to going lower.

that's -- it is interesting that the treasury yields are not suggesting some incorrectional slowdown the volatility index, we popped above 21 at this point, so clearly a bit of anxiety building, very much bracing for the potential that we get a built of a volatility storm. session lows, and we have seen these losses accelerate the dow is currently down about 255. obviously apple is not helping today, down more than 3% it's unitedhealthcare shaving it down some strength in names like mcdonald's home depot and every sector lower, led down, the most by

utilities. materials holding up the best. every sector is lower with some declines of more than 1% for pretty much every sector real estate the hardest hit on the week still an outperformers for the year overall the market will go out with a loss five days in a row the dow is down a bit more than 2% for the week, and nasdaq down 1.6%, a down day on wall street, but still coming off the near record highs in the weeks before indeed, session lows at the close, ringing the closing bell just then was the fire and police departments of new york and the port authority to kem rate the memory of 9/11. now we have the bagpipers performing "god bless america. let's listen in. ♪

[ cheers and applause "god bless america" played after the bells were rung by the fire department, the police department, the port authority of new york and new jersey, commemorating the 20th anniversary of 9/11. markets did close at the session lows today 0.8% for the s&p and the dow,

all 11 sectors were in the red charlie is still with us, and robert nobles joins the conversation >> it picked up and got concentrated the nasdaq 100-type names. it seems as if the rest of the market couldn't withstand that we talked what would qualify as a purely routine pullback such as we have seen up to this point this year. what would be a bit out of the ordinary one of the pullbacks, down 3% from the high gets you to the 50-day average we bounced there about six, eight times this year. we're almost there basically 4425 on the s&p. so maybe that's what we're headed for we'll see if that playbook

actually aplays again. it seems again there was some caution of the pace of growth. cyclicals seemed like they have taken some of their punishment, and ready for a bounce, but it hasn't come through this week. >> robert, i know you've been watching some of the risk factors coming for washington, the death ceiling, potential higher tax legislation, do you think that's having an impact here, or will do so? >> thank you for having me on, sara i would say right now, the market is not explicitly focused on those items they're aware of any potential tax legislation, but it's too early to know exactly what the details will be. we foresee a lot of horse trading to occur before any legislation is passed. from our focus and what we have

seen, the market is likely to have higher earnings from corporations in spite of all the tax increases that may be bandied about. >> charlie, when you have these down days, does it make you think that the cyclicals are due to bounce more or those big tech names that have led us mo low. do you stay fairly firmly focused on your names? >> yeah, we've even go the a whier gap between value stocks and growth than we've had before as i mentioned, the last five months, growth has outperformed value. we've got borg-warner, we talked about before, trading at nine times earnings, so we still think they have support through their earnings that the large-cap tech names don't have. there's nothing to prevent a stock trading at 30 times earnings to go to 30 it's hard a stocktrading at

eight times earnings to go to six. >> robert, where are you looking now? it says you like secular growers, does that mean technology >> yes, it does we like companies that have a pricing advantage against its company, companies that can raise prices, and companies in growing markets. to diversify a portfolio, we would be leading with technology, health care and consumer discretion. as people go back to work, they're going to spend more money. technology has become the bedrock of portfolios. they have found it's essentially for business formation, productivity, and actually for the survival of their own business we would continue to believe the large-cap tech is the right place to be. we're in the middle of a productivity revolution that everybody has to realize i have to have technology to offset higher input costs and higher

wages. charlie, how are you feeling about your financials, which i believe is lazard and goldman sachs? i know you always think that m & a will continue, but do you ever worry we are peaking out on things like that >> obviously we worry about it, but every we're hearing from ken jacobsen and the things dave feldman have said is the backlog is in excellent shape. >> frankly the need to make strategic moving is producing a big backlog. we think we're going to have a record year. it's going to be very good for goldman and lazard impts so we are very bullish on these names. >> mike, did you want to weigh in there >> no, i don't doubt there will be something close to a record m & a.

securities issuance will be at a record the capital markets levered financial institutions have really outperformed. i wouldn't necessarily push back i'm not sure it's a market-wide catalyst we have it in the background, pretty healthy m & a the buyback story is well underway and all of that is for the good. it's much more about tactically up 20% coming into september, how much had to be taken off the table, and did we lose a bit of earnings momentum here for some -- a bit of deferred selling is the way i would put it i would be very careful to not automatically say the tone has changed. it very much also looks like some of the previously brief and shallow pullbacks that we've had. >> which a lot of people were expecting. senate democrats are take

aim at buybacks. ylan mui has a new proposal. >> that's just one of two you this options that democrats unveiled today to pay for the package. first is a 2% excise tax, it's sponsored by sherrod brown and ron wyden. i'm told they expect to raise $100 billion over a decade they say the goal is -- and the 2% tax would not apply if the buyback is used to fund a employees pension plan or stock ownership plans. the second proposal is says the i.r.s. has a -- wyden wants to prevent partnerships from shifting income. he saysthese adjustments could raise $172 billion over a decade without technically increasing taxes, but already the business

community is pushing the chamber of commerce says they obvious invest into growing any businesses and jobs. it's unclear if the democrats can meet their self-imposed deadline of writing this bill. one deadline they cannot avoid is september 30 to continue funding the government i'm hoping the hose hopes to have a short bill last through early december so they can get the other legislation done and completed before they have to deal with a government shutdown. back over to you. >> we'll pencil that in. thank you, ylan mui. mike, why do you say buybacks wouldn't be derailed. no doubt they've been a huge force for the bull market the past few years they have helped boost salaries a lot of executives. >> first of all, if it happens,

if you add up the numbers, a trillion in buyback is about the pace we've been running about. it's a 2% take, so i don't think it would change the ultimate motivation there's no doubt that the tax code has become rewritten largely to the benefit of people who control capital. >> it seems, and also soak up the dilose that's a big motivation for buybacks. >> one could also wonder why this isn't ahigher rate, if you're just looking at equalizing to what dividends have to pay. ultimately it is a return of money to shareholders. in that sense you could argue it's income -- >> dividends are paid after-tax

earnings. >> 2% is still much lower for a dividend i just think it's an interesting area that might see the gad close going forward. if people did pay dividends more than buybacks, it removing another potential conflict anyway, i'm being told we have to wrap on this. we'll see where it goes. thank you charlie and robert good to see you both >> thank you sprinkler on his first quash's results and how his clients deal with the uncertainty of the economy reopening. plus an analyst weighing if knowledge the judge's rulings. what it means for the company, and for shareholders the stock was down more than 3% today. we're back in two minutes. let's open your binders to page 188...

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shares of sprinkler falling today after posting the second quarter results last night it was the company's first report post-ipo. joining us is the ceo and founder. it looks like things were solid. >> first off, thanks for the opportunity. we had a phenomenal quarter. which really was a promise to the street

we have a good business, and we're happy with how the quarter turned out it's going to take a quarter or two for the model to get in sync with our models, and i'm sure that will work out >> new company, adding 70 customers, what are they getting? what are you doing for them that's different than some of the other software service providers that we have seen come public lately? >> sara, we provided a unified platform for all customer-facing functions across 36 -- and we work with some of the largest companies in the world the key

distinction is you can bring together a unifieded architecture for would be -- your customer care, you can put it on a sprinkler product. >> talk us through your customer retention, and more importantly where you would like to be in, say, three years' time in terms of the mix of the total revenue, but between the big customers, perhaps adding many more smaller customers, too >> we've been very focused on the largest companies. we've been targeting 10,000 of the biggest company so far we're now expanding to the next 30 thousands, which we call the second sector of our growth. we're a very am aboutitious

company, and it's focus to focus on one segment, and like, big company that standardize on sprinklr's marketing product >> how do you view the competitions is this a salesforce that would go head to head with you, or a smaller company? >> we are -- we're creating a new category of software that we call unified customer experience so this is designed to work with platforms like salesforce and adobe. what we are doing is having to buy point solutions for all the little things that you need to have to make modern channels work you can buy sprinklr as a

platform, and we help you go to best of suite. >> so what would you do specifically you listed some of those social media platforms. what would you do for one of the companies that is one of your clients in their social media space? you management their social media for them total? >> let me give an example of a customer, like microsoft or siemens. what we do is, now he, from customer care to marketing on all of these channels, they deploy sprinklr across markets, sometimes 70, 80 or 90 markets where customer care teams are logging on, marketing teams are logging on, posting own media content, running campaigns and doing customer -- and feedback management on the same plate

form we unify markets, we unify these functions across all of these channels >> with everything moving online with covid, what was the impact and how does that play out >> well, covid has been accelerative every company we know of is doubling down on digit at acceleration it's been a tailwind for sprinklr we saw an impact to the business, but in the third quarter and fourth quarter, we saw business come back in fact fourth quarter of last year, we exceeded our pre-covid projection so we're off to a great start. i think it will be great over the next several years. thank you for joining us

good to see you. >> thank you very much. ahead, is there any chance the corporate tax rate will stay at 20% mike will look at what the markets are predicting. plus doordash, grubhub, uber eats gearing up to sue new york city on fees details on that are coming up next all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader

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welcome back, back over to mike for a look at what the betting markets are saying this is where the current money is laying its bets on the tax rates for companies. , after that tax cut of 2017 right now the scenario it gets raised to that range 25% or maybe a bit above that. it's toggled around recently this would essentially be status quo, it seems the most likely scenarios are status quo we were in the zone here, where that was expected for a while

it seems as if it's not make or break. >> you see down here will the debt ceiling be lifted by october 1st? they thought, yeah, sure most likely it's brings manship down to the wire, but it suggests that the month of september could have a game of chicken or suspension about whether or not that's going to ham.

i wonder how deep these markets are. >> always a good question. so any increase is almost terms to be 25 great stuff, mike. thank you so much for that lauren manning, who suffered severe burns during the attack shares her unbelievable story about that tragic day. in honor of the victims, cnbc is telling the stories of those who were there that day. >> it makes me think of my two friends that were members, who we lost, and count less families, and the children who never met their fathers or mothers.

i would like to think or fortunate i am that i was able to make it out that day, and also, you know, like i said, i was able to watch my kids grow up, teach my kids. i think about that a lot as a father that, you know, my friends never saw some of their kids grow up me deal! yeah, it's kind of our thing. huh, that's a great deal... what if i'm new to at&t? cam, can you...? hey... but what about for existing customers? same deal. it's the same deal. is he ok? it's not complicated to open your possibilities. with at&t, everyone gets our best deals on every smartphone like a samsung galaxy z fold3 5g.

tomorrow markets the 20th anniversary of 9/11. other shep smith is at the south pool as the nation remembers that day shep >> hi, we've been remembering here on cnbc all day since "squawk box" this morning, just hearing mark haines, the late mark haines, and his very calm, facts first delivery of the day, just a appoint yarn reminder this is a chamber of commerce picture-perfect day in new york city, really low humidity, low 70s, 9/11 blue sky exactly like it was 20 years

ago, but now the reflecting pools behind me, maybe the most tone-perfect place in, spectacularly gorgeous, a perfect place to just come and rye flect on what happened that day, to remember our heroes, the accomplishments we have made since, reflect on the rebirth that's happened down here. there's a lot of preps underway. the nypd reports we're at an elevated threat level, as frankly we are every year at this time, but no specific threats to new york city you see some of the prep rise taking place this was outside our workspace today, where the bands were preparing, all for tomorrow's ceremonies and remembrances just outside the 10 how, which lost six firefighters that day. all of the readings of the names, a familiar ritual, and they'll all by live on nbc, on msnbc, plus our streaming

service nbcnewsnow.com tonight on "the news," large letter we're going to honor those who died, reflect on those who led us through we'll go to the 10 house to talk to some firefighters who survived and are still there this day, and we'll meet some people just in the womb when the attacks happened, and whose lives of course, and the lives of their families we'll do that tonight at 7:00 eastern, cnbc. back to you. >> shep, thanks so much. to the ongoing coverage here i'm very completioned so way we're jon by a special guest, 9/11 survivor and former canter fitzgerald partner laura

manning. of course, cantor fitzgerald lost so many of their employees that day please tell our all yen 9 extraordinary immediately as the first plane hit. >> i was there in 1993 visiting a client so on 2001, i walked into the building working there a number of years. i went to the elevator banks the first plane had exploded far above. the jet fuel was ignited i was enveloped in fire as it burt out of elevator banks i was being pulled back, and eventually backed up -- and i

was almost thrust outthe doors with hurricane-forcewinds. i struggled, and dropped and rolled at that point there were certainly so many brave people that day i was helped by a former lehman brother, and he stood by me. it's been a long tough road. burned 82.5%, so after a many years-long recovery, but i am graced with the blessings of being alive. it's astonishing to hear it doesn't show. right now you look unbelievable.

tell us how much that required to get through the initial aftermath, the loss of so many of your colleagues the loss of 658 of my colleagues, among them very good friends, others that were throughout world trade 1 and world trade 2 was incalculably difficult, but i focused that i was given a slim chance. my desire was twofold, to avengeal of my friends and colleagues who did not even get et that slim opportunity that i had to fight and to come back to my son that day.

i skreeismd to him that i would not back, and so that was the beginning of a journey that lasted move than half a year in the hospital, and countless years of recovery and additional procedures >> lauren, i read somewhere that the doctor who is head of the burn center said you had about a 25% chance of survival, which is not good odds. it's amazing that you're here. how will you be commemorating the 20th anniversary tomorrow? >> yeah he's a tremendous man. it was 25% if i had gotten out of there in less than 55 minutes, so i got out of there less than ten minutes before the south tower fell my odds dwindled for the single digits for months at a time. how i will be commemorating the

occasion tomorrow to honor my friends, colleagues, and what i consider family is with my canter fitzgerald family, as we do every year, with my husband and children >> on that note. what kanter fitzgerald went through, do you find strengths how the company has progressed, and also as you walk through the memorial area, what is there, it took time and unbelieve lows in do you take optimism from what you see there today? >> i think my recovery was in a a very minute way emblematic of

not what my company did, but so many other companies, what the city did, and our nation, and millions around the world helping to support the u.s., the injured and the grieving for their losses i am inspired by the presence of the unmeasured strength that exists within everyone, and continues to enable me to feel hope for a future, though the present is sometimes troubling there's always tomorrow. >> so, lauren, what are you doing now? are you still working in finance? >> i am. i'm still involved in finance, but i am running a revenue start-up -- which is the privatization, in essence, of consumer privacy so in a nutshell, the only people that haven't gotten played in the large ad games and

resdrigs bugs of our data streams are us, the consumer, and we seek to capitalize that and put dollars back in people's pockets. >> it's hard to believe it's been 20 years, but it seems so fresh for those of you who remember it. what do you want future generations to learn about 9/11? >> i would say that it's not how strong you think you may have been or how weak you may have felt in the past it's about the present and understanding the incredible ability you have to persevere and to fail, and you should say any fear you have, own that fear, and use that fuel to power yourself forward

that is all we've got, is the moment we are living in now, and i say every day, you have a choice make it count. >> you are an amazing and inspiring person the thank you so much for joining us to share your story today. >> thank you both for having me. >> lauren manning, former kanter fitzgerald managing director "closing bell" will be right back (vo) this is more than glass and steel... and stone. it's awe. beauty. the measure of progress. it's where people meet people. where cultures and bonds are made between us. where we create things together.

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today, the stock falling more than 3% after a federal judge ruled that the company engaged in anticompetitive conduct under california law the course issued an injunction that says apple will no longer be permitted joining us is tom forte, has a buy, $175 price target tom, what could this mean for the high-margin services revenue that apple gets? >> so when you think about that, the high margin revenue that really contributed to apple's strong performance and multiple expansion, this is the latest in a series of bad news for apple, as it periods to its commission rate for the app store

so this is definitely a chants. >> does this come as a perrine to you >> it really should come as a surprise to no -- talking about antitrust, talking about regulation for apple this is challenging. to your point this would not cusp as a surprise, it's very challenging for big tech

there's great exampling. >> agreed question the hans is yes. the core product, from a profitability standpoint, the iphone is still in the middle of an upgrade cycle to 5g if you think about this, to the to have apps, then that could be a silver lining with a dark close. >> what do you do if this company has been fighting apple on the app store and trying to ramp up the pressure how much ammunition do you think those companies get? would you buy some of their stocks on the back of it some of other like match group.

>> so, sure, my colleague wrote about that, he covers the mobile gaming companies, and it's definitely a net positive. so i think from an app developer standpoint, companies selling on apple, either products or services, this is -- >> tom, just to round it off with a 3% or so decline, but if the chard is interesting did you get concerned that people have kind of enjoy that big run in taking profits >> the good news come before next tuesday, where we expect new announcement, so the stock

could continue to be strong despite this challenge >> tom forte, thank you very much for your take on what it means for apple. i mentioned match group, which potentially went up, popping on that ruling. a match spokesperson says the court got it right and added the monopolistic practices will end only when we bring our laws into the current. up next, though, here on the show today, food delivery fights back they are suing the city of new york city. the reason why and how could it impact the bottom line? straight ahead when "closing bell" comes right back (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique.

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companies are fighting the new cap on what they can charge restaurants for food delivery. 5% for listing on the app and 3% cap on credit card processings the sue claims the law harms the industry as a whole and is unconstitutional, it interferesh contracts that the platforms and restaurants have already negotiated for its park, the new york city hospitality alliance balked at the lawsuit saying this last ditch lawsuit demonstrates that these billion dollar corporations will use every weapon in their war chest to overturn widely supported legislation and continue preying on new york city rauntds. these big third-party delivery companies use their money and market domination to increase fees on small businesses guys, back over itto you. >> hard to figure out who to side with here, kate, because the big companies like the doordashs and grubhubs say that the law only will hurt the very

restaurants it seeks to support. is that true or are they just posturing >> you can argue it either way i know the delivery companies certainly would argue that they did a lot for small independent restaurants in particular throughout the course of the pandemic who kind of had nowhere else to turn the restaurants will argue that these fees have long been really too high and that they can't continue to be that high because it negatively exacts their business the delivery companies, though, sarah also will say they're going to have to pass those costs on to consumers. it's hard to figure out who would win here one more argument they did make is that the pandemic is not as severe as it was in the beginning and that indoor dining is now open so the restaurants are not as reliant on those third-party delivery apps as they had been early on in the pandemic, and they have other options to go to even if the fees themselves are very high. >> i guess, they need those food delivery services. kate rogers, thank you when we come become a, disney just announcing some news that could give a boost to the box office we'll tell you what it is right after the break.

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we're back, let's have a look at how we finished the day on wall street, basically down

0.8% for the dow and the s&p, a little bit more than that for the nasdaq and the russell down 11%. all sectors well lower utilities the worst performer, materials the best but was in negative territory for the week as a whole, we declined just over 2% for the dow, less than that for the s&p and the nasdaq we've got some news on disney, julia boorstin's got that for us hi, julia. >> disney just announcing that it will have exclusive theatrical windows for its films over the course of the rest of this year. with a 30-day exclusive window for its animated film, which is coming out in november and 45 day windows for five other films coming out in october and december those films include marvel's eternals and "west side story. this shiftto do an exclusive window before releasing films on disney plus speaks to the success of the exclusive release of marshal -- that film grossing

$94 million over the holiday weekend has now grossed $162 million worldwide today's announcement is a reversal after disney simultaneously released "black widow" and "cruella" on disney plus it charged an extra fee for the film it was that "black widow" release which sparked a lawsuit against disney interesting watching the flexibility of studios as they navigate these covid times. >> do you think that will affect the lawsuit? or does it change the bargain at all on that argument >> well, look, that lawsuit is about a contract between a movie star and a studio. this is really about these five films or these six films, so i don't think it will necessarily affect the lawsuit it might indicate that maybe disney made a mistake by not releasing that film in theaters, and it has found that the exclusive theatrical release is so much more profitable for them, but i can't speak to what the lawyers are going to say,

guys >>. >> julia, thank you. looking ahead to next week, investors eyeing apple's biggest event of the year, set for next tuesday, september 14th. tech giant expected to introduce new iphones. could also announce new models of the apple watch and airpods the launch will be streamed live on apple's website as always one reason tom forte told us he still likes the stock despite the weakness today over the judge ruling against apple in terms of the app store im be watching some economic data next week, we'll get cpi, consumer price index for an inflation read that debate is very much live. that's on tuesday, and retail sales later in the week as to what kind of shape the consumer is in, and how much it's slowing the economy, mike. what about you >> all those things very relevant, although i will say in general a lighter macro data week than you might otherwise expect, and we had a ton of fed speak this week, so i feel as if

things are a little bit baked already in terms of what we're expecting next week, which is why i think the market is almost left sort of to its own signals about itself i was talking about this time of the month. i mean, could it be as simple as the last three months we've had the same kind of a little bit of a nervous selloff into this particular third week of the month, and then we bottom, and after about a 3 or 4% pullback, it almost seems too scripted if that's the way we're headed. i also think there's a lot of traders who are fixated on that pattern and thinking they have to at least pay attention to it. >> almost going to hear next week from the tbarclays financil conference on tuesday, be interesting to get their take. the kind of numbers that might give guidance on how this particular quarter is going. we'll be looking out for that. bitcoin actually ending the week down 10% 45k, is still quite a good level, it's just that surge up that it had kind of last week. we'll keep an eye onthat and what it does for broader volatility over the weekend. >> plenty going on in that world

with the whole coinbase drama about its attempt to create a lending product. i believe perhaps s.e.c. chair gary gensler might be testifying next week, which might include some commentary about what the commission's plans might be with regard to crypto at this point >> now, we'll continue to watch treasury yields which were higher today back in the low 130s, nothing extreme. wilford, the only other thing i'll say is we're going to all be commemorating this weekend and following the coverage on msnbc. so many of us live and work in downtown manhattan just a few blocks waway from the site of 9/11, a neighborhood we thought would be tough to revitalize and it's more vibrant than ever. >> i remember coming to see it so soon afterwards, and now as you say, we work here. what a privilege it is to work around here, and what a wonderful part of the city it is as you say, i look forward to all of that coverage over the weekend, and another pause and

shoutout to lauren manning, that interview i found unbelievably moving and what an inspiration she was as with so many -- >> her story, amazing. >> other guests on the network throughout the day and indeed coming up throughout the rest of this evening on "fast money" and on shep's show at 7:00 p.m., we look forward to that ongoing coverage but we're out of time here on "closing bell. "fast money" is next live from the nasdaq market site in new york city's times square, this is "fast money. i'm courtney reagan in tonight for melissa lee. karen fiberman, and nadine, and pete najarian, tonight on "fast. a major move in the metals market, topping the tape despite a big downgrade. how our traders are playing the breakout >> plus, a small world with big gains, how options trades are betting on disney to deliver some serious happiness to investors. and later, our chart