margins will be lower. you have to think about a stock trading on a five-year basis on really a performism basis at the highs in the last five years. . >> nobody cares about. because they buy the stock because of a few product. they think it will sell. nobody cared about the metrics. >> will they hold the stock based on that? >> the point is it's approaching the highs, right, seven or whatever, people are made whole? >> these holders, these top ten holders, these guys are thick in the game. people will sell apple last when each individual stock, two-thirds of the overall market trades with the index, right? people seem to hold on to apple, white knuckle. that's the last thing they sell. >> we have to go back to 2012, it was getting killed. let pe zell tell you something, it was a sentiment trade. >> fourth quarter this year will be the time to sell. >> there is enough in this quarter for bears to spell they haven't done it yet. >> josh lipton just spoke with apple ceo tim cook. so, josh, what did he say abo

we have 85% gross margins on our core product.is we are going to spend a lot more on marketing, but our cost structure allows us to shift spending from other areas to marketing without having a big effect on our ebitda. i think that was a big surprise for people, that we were able to maintain an even race slightly our ebit -- and even raise slightly our ebitda. >> you just hired a new chief marketing officer. what is the number one goal? that we are excited about that. we haven't had a cmo -- >> we are excited about that. we haven't had a cmo for four years. we operate in about 190 different countries. when we think about stepping up marketing efforts, we want to do that in an integrated way. we want to build brand. we want to get stronger on the pr front, even with database marketing. the complexity of doing that across the number of markets we operate in is quite a daunting task. we didn't have quite that capability in task -- in-house. by bringing him in, his first task will be trying to make sense of a three-year plan for us a

the pies come with a huge 80% to 90% margin, but the retail stuff, it drags along a 20% to 25% marginand so every square foot that we utilize to sell low-margin product isn't gonna help us make money. what i need to do is to convert that space into faster-moving products like pies. so here's what we need to do, box it up and get it out. >> all right, box it up, get it out. >> yup. >> no, we haven't made a final decision on that. have you done your demographics on people who want to come in and get slushies and pie bars and key lime soda? >> i'm gonna get you whatever you need for amnesia. remember what i said, if we don't make it, we're not selling it. we all agreed on that. >> tami, you don't think people should have opportunity to buy these things? >> not here. it's all this same [bleep] that they have everywhere. >> i don't, uh--i don't agree with that. >> if we don't make it, we don't sell it. period, end of discussion. i mean, we need this to get done, like, today. >> where are we gonna put it? >> we're gonna liquidate it, but we need to start-- >> but why don't we leave it on th

i look what is going on in gross margins. gross margins up 200 basis points.u look at what that potential can do. that shows prime members by amazon that is going well. if you look at north american segment margins, right around 4% for the trailing 12-month quarter show u.s. business is running well. a lot of these invests are happening internationally of the we have to get it to play out. that said i would like to see little bit more focus on profitability. i think the company has to focus on that. i think market is giving a clear warning shot today as well, we need to see that in the results. cheryl: no matter what, people love their prime. you can't argue with that. david: i love the prime. you have to get rid of products not making money. people hate profit losses. there is nothing -- cheryl: that is true. david: nothing wrong with hating a loss. >> gentlemen, thank you. david: thanks, gentlemen. so far it has been a fairly december earnings season. more or less. are companies reinvesting money and are they actually hiring people? we're talking to three hi

regulators impose mandatory daily margining with its uncertain liquidy margins. it also recognizes the efforts of the cftc. as a recent coalition survey shows, it doesn't work for most end users. end user treasurers have long used widely accepted risk reduction techniques that net exposures within their corporate groups so they can reduce derivatives outstanding with banks. however, the innerternal centralized treasury units they use are set to be designated as financial entities subject to mandatory clearing and margining, even though they are acting on behalf of nonfinancial end user companies otherwise eligible for relief from these burdens. although i focused here on two main issues, end users are concerned about the web of at times conflicting rules from u.s. as well as foreign regulators that will determine whether we can continue to manage business risks through derivatives. our fear is that cross-border regulatory uncertainty and conflict could put fmc and other american companies at an economic disadvantage. the end user exemptions from margining and cle

paymentntional 2.5% fees consume half the margin.is my that could be reinvested in the business, pass back and simmers, or tax by the government. of all of those choices, the internet is the worst possible choice. this from mark andreessen. is it realistic to think that the fees will not rise? if it ever becomes a more effective form of currency? >> i think we've just seen the first player of infrastructure. we've seen one percent for companies offering to get cash in and out of bitcoin. we don't know how many players will move on top of that. i don't think zero percent is realistic. peopletty confident that who use bitcoin and businesses who use bitcoin managed to carve off some sort of margin. that will go right back into competing with their competitors. thinkss confident -- i bitcoin might be something you have to adopt because your competitors are, rather than something that gives you a competitive advantage. >> brendan greeley, thank you so much. and they pay cofounder, tony gallippi, thank you for joining us. ♪ >> i'm emily ch

weat the margin we'd say agree. from a visceral reaction to jump in timesa crisis, nine out of 10 that is the right way to go. when i talk about knee-jerk reactions, most people's initial reaction is fight or flight and they run from the latest trouble. but the groups -- gurus are right on that one, you have to jump in on these types of incidents, if you have the intestinal fortitude. >> thanks so much. we covered a lot of ground there . senior portfolio manager at american century investments. olivia and scarlet, thanks for joining me on this. cfo, we- chipotle's will talk about the company's move into non-mexican cuisine. >> intestinal fortitude. [laughter] >> to early in the morning for that. ♪ chipotle reported earnings with impressive results and plans for hundreds of new restaurants. carol massar is with me to look at the numbers with the chief financial officer. thank you so much for being here. carol, thank you for being here as well. >> great to be here. jack, you guys had a phenomenal quarter. revenues up

that commendation drove that strong results, great margins so clearly was a standout.: i know you are saying that is not real business, but they had great sales. touting operating margins good compared to gm in north america, ford clearly besting the rival. for now. jeff flock in chicago, and jeff bennett in detroit. i will begin with you, which one jonejumps out at you with a lon, forward-looking story that appears positive for shareholders? >> definitely ford continuing to push on the accelerator as far as profit margins, ford has a very straightforward story to tell, pushing on the brand. gm still trying to get out saying it will continue to grow with the profit margins but look at how far back is from ford. even at 10% later this year or next year, is still going to lag ford. can ford stay ahead of gm, keep the foot on the gas and keep moving to the head? liz: they operate in very touchy regions like china, like russia, southern europe. just looking at general motors because you are covering the story very closely today and you have in the past brilliantly be at we

they put up a big margin. the ceo said on the interview they will keep margins 55 to sky. peak margins are 65 for this thing. within they get hit, within they go down, they go down really hard. i'm saying they're massageing the earnings. though the earnings don't look bad, if the cycle ends, this enterprise thing was a catch-up. we see it come in more towards the high 50s the stocks will be lower. >>> yahoo is losing early gains on earnings, after what it plans to do after the ali baba ipo. let's bring in the senior tech analyst who is monitoring yahoo's call for us all hours. he has a hold rating, $37 the price. colin, what are the heils so far? >> melissa, this is the lowest revenue gap from yahoo since marissa meyer has been ceo. it's, quite frankly, a dismal core earnings report. it's very much in the turn around mode, marissa is saying it takes time, multiple years, this is still still the case today. they're talking about the daily habits. what everyone is looking for is more discussion on the upcoming ali baba ipo and the proceeds that will come to yahoo. obviously

can go down to your profit margin which is what you have at the end of the day.hink a lot of the challenge is the entrepreneurs don't know where to go for this information. one of my suggests is go look at public company filings. even though they're bigger business, it gives you a sense of industry benchmarks. if you're a restaurant company or service business, you can understand what a growth margin might look like or what a profit margin might look like and compare it to your business and give it a good goal. >> i would ask business owners to dig deeper and think about cost accounting. most business owners are bad at this, don't know how it works. if you're selling cookies and you're making them, renting space in a commercial kitchen, you know what it costs you to make them. you know what your buy is paying. but when you start wholesaling, that all changes. when you open up another location in another city, your costs change again. you may be very profitable in one location or with one product line and you may be losing money in another. that may all be like a

so we think still think the margins on the o'phone will be in the 40% margin rage in calendar 15. >> brian, from terms of i'm just as excited as the launch of this new phone as you are. you talk about valuation. there is a lot of reasons you have a $105 price tag right now. with all of that cash, what do you think? mr. icahn has opinions, everybody else has opinions, are there companies to plooi buy in the supply chain? are there companies they need with this cash to beld up the rest of themselves or what should they be doing with all that cash, in your opinion? >> in my opinion, i think they should be continue doing what they are doing i think growing the dividend double digits per year will help. most importantly i think is people. i think the company is only going to be as successful as a company as the employees that work for it. in particular the design talent. the engineers, so i would be looking for assets to buy that have phenomenal teams. so at the end of the day, they buy beats. obviously, they have good guys there. i was a little disappointed to see nets go to goggle. i th

the ones that sometimes get past entrepreneurs are profit margin.the dollars but on a percentage, after your cost of goods sold, percentage of revenue, what do you have left over to cover your other expenses? you have to make sure your profit margins are high enough so that you're covering your expenses in a way you can go down to your profit margin which is what you have at the end of the day. i think a lot of the challenge is that the entrepreneurs don't know where to go for this information. one of my suggestions is go look at public company filings. even though they're bigger business, it gives you a little bit of a sense of industry benchmark. if you're a restaurant company or a service business, you can understand what a gross margin might look like or what a profit margin might look like and be able to compare it to your business and give it a good goal. >> i would ask business owners to drill deep near that and to think about cost accounting. most business owners, especially first-time business owners are bad at this. they don't know what it

in terms of margins -- >> yes, exactly, about the margin question as well.ted in this one. >> we've articulated a long-term margin range of 55% to 65%. we're obviously at the high end of that. i think you're seeing some very good costs as we're in a couple product transitions right now. you know, our goal is to keep margins in that range and grow the business. and i think you really see that playing out in the second quarter. you know, we demonstrated revenue growth, top-line growth for the company, and earnings growth that was considerably more than the revenue growth. so, i think you really see our strategy playing out. >> on that note, i want to bring in jon fortt, who, of course, has been going through those earnings now. jon, questions for stacy. >> yeah, stacy, continuing on the margins question. guiding to 66%, which as you mentioned, is above the range that you've given. how much of that is because of the relative strength in the corporate pcs versus consumer? where i'm going with that is, toward the end of the year, we tend to see more consumer stre

those are not high-margin products.e new iphone, it will be larger margins anyway, because you will not be able to spread it across such a large unit base. >> i don't usually do this, but i'm going to rip up the script and do this now. air sales are down, but the book is in the mac division and computers are still selling. i would suggest that people are buying air books and not ipads. i don't think tim cook careful to be just wanted in the store. >> but the reason ipads are not selling well as you do not need to upgrade every year. you have one and it will last for four or five years. air is the in between . et, etc.. i hate that word. >> what is that were? >> i did not make that up. it is a phone/tablet. >> i would be careful to see what happens after the next product launch. >> we should talk about big tech as well. not only them, but bigger companies as well. you've got to look at big tech. the resurgence of oracle, intel, microsoft. >> yes, cisco, microsoft, these are companies that are selling at the discounts ove

. >> but a decent margin business. >> comfortable, but--exactly. >> yeah. >> do you make the ice creamere on the premises? >> no, we don't actually make anything here. we use co-packers, a few around the tri-state area, and we travel to the co-packers when we need to manufacture, make sure they're to our quality control. >> what does that cost to go there? >> a lot. >> i'll bet you they are anywhere between 20% and 30%, yeah. >> co-packers are third-party vendors who manufacture and produce product for small companies. mr. green tea gives up about 20% margin by using co-packers because they don't produce the product themselves. 20% margin on $2 1/2 million of revenue means they're giving up about $1/2 million a year in potential profit by not making the product themselves. >> we have grown 20% every single year for the last five or six years, and the only reason we're not growing more, especially this year, is we physically can't get enough ice cream. there's logistics in the manufacturing and getting the product here. >> and for that matter, since we can't fill certain orders, we're n

i think 200 bips of margin expansion is possible.hese are the key things to look at. >> they raised prices over the past year, in part because coffee prices or coffee bean prices have gone up. how much should we focus on that? >> i think it's something to keep a look at. but i think some of the attention has been a bit overblown. coffee costs represent about 15% to 20% of the overall cost good sales for this company and only 10% at the store level. so i think that, you know, it's something that obviously will have an impact. but i think it's something that they could mitigate through pricing increases and other levers they have at their disposal. the other thing is there's usually a lag effect because the company locks in prices, usually 12 to 1 months out. not going to have much of an impact on fiscal 2014. might be an impact on 2015, particularly in that channel development segment. but something that they can offset with price increases and other things going on. >> r.j., real quick geographically, they had a great quarter last ye

they are making decent margins.us these numbers so we have to have analysts guess. they get margins of more than 10%. interestingly enough, adam jonas from morgan stanley estimates this year 100% of general motors profit will come from the u.s.. they still have issues in your rep am not doing as well as they could in asia. -- in europe. get 100%like they will of global profit from the u.s., which is not about thing because they're doing so well here. it is the same across the industry. europe will start to contribute positively to ford earnings and general motors earnings as the macro economic picture starts looking better. >> we will hear from general motors tomorrow. >> i will interview the cfo tomorrow morning at 8:00 and you will hear from ford, we and your show. >> matt miller with the latest on gm earnings coming tomorrow. ist, why michelle obama under fire for pressuring schools to serve students more fruits and vegetables. ♪ lex you are watching "market makers." -- >> you are watching "market makers." this g

the two margin profit profiles of these mps could not be any different. alibaba gain wildly popular in amazon being unprofitable. >> in the book about it, it is jeff bezos wasn't ready because it wasn't done yet and it's too early. are we not giving jeff bezos enough time? now we understand why you did it this way? >> if you look at the revenue numbers, those continue to go up and to the right. but they continue to pour that money back into the business. 10 or 15 years, if there are delivery drones dropping off packs of groceries or whatever -- look at the profitability line. >> those crazy people on wall street can make whatever decisions they want to make about the stock and we can call it crazy at a certain valuation, but when you look at the way amazon runs its business, they are clearly running it to grow bigger. the operating profit margins show that they are going to run this business model for as long as they can get away with it. only time the stock matters to the company is when you think about the employees who work there for some par salaries

their margins are getting compress compressed.tores are beginning to bring organic products in. i think the bad news for this thing is probably going to continue. and i'm inclined to make a bearish bet and take advantage of the fact that the options market sees so much uncertainty. i'm looking at the august-january spread. 80 cent is what they're commanding. if it drifts down to 5.5% below where the stock is today, it will be a winner. >> and with whole foods, mike is not optimistic. what do you think, stacey? >> well, implying about an 8% move. it's moved more than that. you're getting the earnings for free. the options aren't even suggesting it could move like that. you both have an opinion on the desk. >> some sharp moves in the last quarter, some people suspect that the bad news has been baked into the stock price. i think it will move a decent bit, but not as much as last quarter. >> and industrials, they continue to be one of the market's worst performing areas. what's interesting is that options traders think it will get ev

. >> they don't need no stinking margins. homage to who? eli wallich was mexican in real life now jewish. >> comps up 77, that's the best quarter internationally in two years, jim. >> you know what? i have doyle -- last time he was on, there was a down beat thing. i say, cheer up. i say that to dave cody. come on, man, a great number. it's a franchise model. let's put it this way, i think dominos is a good quarter, last time down because they had good things in a conference, and this looks like a terrific quarter for dominos. it is a giant user of social media and has the greatest ad. you never speak to them if you don't want to, and i love it. i have the baseball app on my pc. david, when it comes, you don't even need to deal with the tip. you put it right on the computer. >> what's a pc? >> what's a pc? >> politically correct? >> what's a pc? >> i'm not familiar with that term. >> there's only four of them on our desk right here. >> oh, these things. >> did you have the app on your cell phone? you can. what about your table

low margin and high-volume..,d park runs city which has more than 30 locations in the new york area. welcome. tell us how the business model works. >> the market is not complicated, very simple alternative to the emergency department. we are accessible and provide access to patient. not on the fifth floor building you cannot ever get to but next to your subway station. we are street-level. >> do you take insurance? yes, we do. >> you paused. one of the issues is i feel it could cost you 10 grand to get your kid seven stitches. >> i paused for a second. we take most commercial insurances. currently we do not take medicaid. there are plans to take them in other offices but we take all commercial insurances. rex is that is a insurance companies -- what would an insurance company rather do, presumably not have someone go to the er? >> basically co-pay. the co-pay may change depending plan. patient's insurance basically just the co-pay. >> how serious of it condition could you treat? >> 80% of the doctors are er posi

it's all about the iphone carrying the margins because as i foiphone goes, so goes margin. ipads couldpside. max could provide upside. remember they came out with that lower priced imac toward the end of the quarter. i'm not sure if any of them would have made their way into this number. there could be some little benefits if the iphone catches up, but if the iphone doesn't, then that's going to take the lead. >> on microsoft, before we run out of time, sometimes when a company restructures right before the print, people think oh, they're trying to load it so they can go in and explain bad news by saying well, we're already on the case. >> yep. >> is that what's happening at microsoft? >> what's interesting, one of the notes i read said it's going to be a very confusing print with all of the restructuring and the algos might get it wrong, i think there's bound to be more computation than anything. you're nodding. do you agree? >> yeah, i think that's right. guidance is important. i think people's expectations have been set based on intel's earnings being good. the pc is holding up. mic

shape with the 4 million positive excess margin, but when you do the margin analysis and that includes cash flows coming in, and a big part of that are future premiums. both the premiums as well as these incremental premiums which we said by 2017, the incremental premiums will be between 350 and 300 million and that all counts for the margin and the margins were more than adequate as of 9/30/13 which was the basis that we did. these are 50,000 of those approximately see holders are on claim. it has nothing to do with future premiums. the premium increases, it's just what do we think is our best estimate of the net present value of the claims we're going to pay for these 50,000 people? and they're on average on claim for three or four years. so it's that 3.5 claim reserve that we have a much larger act of life reserve which is the reserve we hold for the bulk of the 1.2 million policyholders and that reserve is about five times the claims reserve and it's the claims reserve that we're focused on. >> that's important for people who were in the stock. you have to understand these are very

people say the margin of error is 100,000. we started to see people pull away from importance of the jobs number except for the trend. is that a fair statement? >> i wish that would happen. it's been my desire in 15 years of reporting economic data for people to look more at the trend than the number that comes out. i don't think that's true. i think you're talking to some optimistic people who think that that's the way the world should work and it's the way it is working. i don't think so. i think this number comes in where it comes in and people throw out this notion of the 95% confidence level plus or minus 100,000. i look at three-month averages and six-month averages and things that move around and not change your view in one fell swoop. you look at the jobless claims approaching that 300,000 range. don't just take one number. that would be a great development in our market but i'm afraid you got these guys out there with itchy fingers and by the way, it's not guys. it's trading within the number moving. i'm afraid we're

low-margin with strong growth.lative investments are in devices and video content and may be expansion into china. >> do you ever struggled to keep together the long-term strategy plan? it seems that they have so many new products and acquisitions. what does this company want to look like in five years? >> well, i don't necessarily struggle with what they want to become. i think they want to be -- the everything store. they want to be involved in all things retail. i worry about the level of execution and risk. amazon -- someple of the groceries, of these carry very high execution risks. this is what i worry about. the overall vision -- there is no reason that they cannot have a lot of products. , one of your colleagues, asked the question? what if they get to $200 billion in revenue and still do not have a profit? they obviously lost a few million dollars. what if that is the case? can you imagine a world in which now, amazonars from is making $200 billion a quarter and still no profit? doesn't matter? >> i think

these are the people who are most marginalized in the workforce today.we need to expand it to include those people. we need to expand it so people who are working honestly, which they are, they actually can make a living. we can solve this problem, bill. we don't have to have fiat telling walmart to pay more per hour. and more people into homelessness when they lose their jobs. we can solve this or any of the other wage subsidy ideas. >> don't you think the big capitalists, the big owners have a moral and an economic obligation to their workers to help them make a living that is sufficient for their families? >> i think that people should examine exactly what their motives are. and i will, we talk to people in every sphere of life how thauld they should treat their fellow men and women. i also understand economics enough to understand that when people start to pay more than the market dictates they demand for labor and the people who will be hurt the worst who are most likely to be thrown out of jobs are the most marginalized to begin with. >> would you

translation, more spending, more margin pressure, a less forgiven envimt for bezos.alk margins for the quarter under pressure to the tune of 15, maybe 150 basis points plowing money into the business. >> seems like a stretch, this argument. i look at amazon, the stock is up a bit since may. the firephone doesn't seem to be blowing the doors off by any stretch, but amazon is one of those platform players right now we talk about as being one of the big pillars of this tech renaissance and thus far, investors have continued to believe that overall story. so maybe sort of like herbal life, it seems like a little bit of a stretch. shares coming back after people are -- >> i'm not sure herbal life -- >> turns, in terms of the argument against, i am saying, a little bit of a stretch. a little bit of a stretch. >> you will acknowledge that the price cuts at web services are remarkable. yes? >> but also driven by amazon and their belief they get a certain amount of share and build a business on that. the chief ins sta gate other than instigator on and that and google changing

. >> it's about margin, price cuts at web services.perating margin, they say, maybe half a point, maybe a point and a half and persist two to three quarters. >> if you've liked amazon up to this point. >> it's not like a big stumble that necessarily would cause you not to like them. maybe in a case like amazon a geopolitical situation that tends to get people's thinking away from riskier stock, but we've had some geopolitical situations in the past few weeks, over the past month amazon stock continued to perform. what's it going to be knocking them off their perch? this quarter, i don't know. >> the long-term shareholders are saying, the way they look at it, look, we can see very expensive investments that are long-term investments like the kindl phone, tremendously expensive. the kindl aws, these huge bets, the grocery business. say, look, we can see billions of dollars going into those. exclude that, and the core business looks pretty good. still growing at a nice rate. we know where jeff is putting the money, know he's disciplined o

of safety do you have your margin of safety is five percent that's not a very good margin and if you're below what the market is saying that's telling you that there's potential overvaluation for that stuff now we only have a couple of seconds left i want to ask you you know in case of a common james or these guys you know if you're out there and you're looking and you're interested in shit is it better to wait and buy him when he becomes more appropriately price or should you buy him now because his growth potential is so high what do you think well you know that's the interesting thing you know one of your favorite guys michael lewis he wrote that whole thing on the oakland a's how they got to prominence because they were actually looking at buying low and selling they weren't going for the superstars they were going for a team top. getting players on the cheap and as a result performing in other teams from a financial perspective and even on the field as well and you know you get a book or movie made about you if you do that there's a bonus there to your ad thank you so much as alway

to the extent that minimum margin requirements lead to more conservative margin levels during normal and exuberant times, they could help avoid potentially destabilizing pro-cyclical margin increases in short-term wholesale funding markets during times of stress. at this point, it should be clear that i think efforts to build resilience in the financial system are critical to minimizing the chance of financial instability and the potential damage from it. this focus on resilience differs from much of the public discussion, which often concerns whether some particular asset class is experiencing a bubble and whether policymakers should attempt to pop the bubble. because a resilient financial system can withstand unexpected developments, identification of bubbles is less critical. nonetheless, some macroprudential tools can be adjusted in a manner that may further enhance resilience as risks emerge. in addition, macroprudential tools can, in some cases, be targeted at areas of concern. for example, the new basel iii regulatory capital framework includes a countercyclical capital buffer

. >> and without margins coming under major pressure. >> we've seen this before.ets really bullish into a new product. people stop buying the old product and then apple disappoints. i wouldn't be running out just on this upgrade. >>> our next guest is looking at another stock many investors say is expensive and way too expensive. that's amazon. bill nygren is a five-star portfolio manager and was named one of morningstar's ultimate stock pickers. he said you've probably got it all wrong on amazon. he joins us live from chicago. good to have you on. >> thank you. >> stock's way too expensive. lack of profitability gives you no reason to buy the stock. it's gotten ahead of itself. why do you say differently? >> i think when you look at a company like amazon, you have to distinguish between it and a steel mill. a steel mill decides that it wants to pursue growth, and it's building tons of plants and equipment. and that spending only comes through the income statement over a 20 or 30-year life of the equipment that's being built. in the case of amazon, they're spendin

i have high expectations that he is gonna dramatically increase his margins. expecting him to make $3,000 to $4,000 more per car. >> hey. >> how's everything? >> michael. what's up? >> hey, michael. marcus. >> pleasure. >> hey, nice to meet you. >> how are you? >> a beautiful bmw for you. what do you think? >> i got to look at it. >> it's definitely frontline material. >> as long as the number is good, we're in. >> '07, mileage in the 60s. take a look. >> do you mind if i take a look? >> go ahead, go ahead. >> okay. okay. >> the car ran brand-new. >> yeah, these usually do. >> cold a/c, paint is still-- >> they usually do run great. >> [clears throat] good tires. >> it's all up to the number. >> i'm gonna put you on the money. i want to start this off right. 17,500. >> i was thinking more closer to 16,000. would that work? >> it would work if the car wasn't so nice. it was an original owner car. the customers took very good care of this car. >> but it's not like a 30k or 40k. it has 60,000 miles. >> it's retail-ready. 17,500. come on, man. >> 16,500, tops. >>

margins see some of the .y hard to direct sanctions to block those imports. >> you look below the surface and it is not. and this is a major pipeline. we have the story this morning. it is being examined carefully. behind the scenes, do you think the pressure is been applied? >> i don't think we have everything rosy and feeling an indication. the energy is moving slowly and that could be a way off. the have moved quickly. the pipelines my face competition and other companies might be allowed to stop exiting the market. there are plans in europe. can gas?hat we it is no longer the case. how is that not a dynamic? there is a future supply. that is still somewhere. the gas is being affected at the margin and they have your up. europe does not seem ready to start threatening back. >> we are not going to see headlines. everything becomes more difficult. what does that have? >> the projects move more slowly. we have overall tension in the u.s.. -- u.s. do we see a prolonged dispute? will we go into a new winter and

they were marginalized. i think their fate testifies to the risks involved of anybody who wants to achieve high office of not conforming. yes, sir? >> you've been a critic of the establishment policy in the military area. there are other critics like yourself who were once part of the establishment. paul craig roberts from the treasure department, johnson ray mcgovern from intelligence. do you find yourself in a community of critics with these people? do you find it ironic that you are too be marginalized in a way? >> the question is do i find mioses part of a community of like-minded critics? do i feel like i'm being marginalized? i don't think i'm important enough to be mar gallized. i never got off the margins. you know what, i'm serious. i am so grateful. i'm not grateful to be sleeping in this marriott hotel that i slept in for the last 10 days. i'm very grateful that i have the opportunity to teach young people to write books and articles to travel around and talk to you. i don't kid myself that it has

what we call gross margin is dropping. the investment is rising. germany sorts it out and the costs are lower. there is new money coming in and we are not getting a turnover in decline. i think, really, when it comes to the big issue of foreign exchange, there is still no clear answer on when that will be settled. say, and we will play part of the interview in a short time about what they had to say about the french that the one way and treated they got back last week. that is all i can tell you. we will have a look at some of the comments last week. >> we will come back to you after that. the interview in a matter of minutes. stay tuned. earnings willnd be reported in one hour's time. it is the biggest number. the investment in russia. >> we are talking about metrics it has risen to $3.5 billion $2.7 billion. that was the second quarter of last year. subject is russia because bp has a 20% stake and a fistful of cash. know they are in the doghouse and the u.s. has gone access to restricting american capital markets. wey sanctioned the ceo and have

you look at gross margins over year, 42.2%. up from last year.hat's a great, what are you getting sec watching the video? >> for the, i was saying, wow. that's a huge thing. >> it's making you nauseous, it's making me nauseous. >> anyway, go ahead. >> i love. i think it's a great story. i think valuations get in the way. it had a big day on a lousy tape. it's given back that and some in the after hours. i think gopro is the name. you will find the level. i want to enjoy this stock. >> is it a social media stock? >> no, it's a content company. they will make this transition. >> i disagree. >> it's going to be, i'm just saying. >> we should know that the ceo of gopro physical woodman will be on "squawk" in the street tomorrow. >> handsome guy. i'll give thing to back. >> maybe he will answer, how would categorize? content, hardware? >> no one ever does. >> excellent point. coming up, one sector tied close to the economy hitting nine-month lows in the session. the chart you need to see. that's next. later with the broad sell-off, our traders are giv