producers including the country's largest alcoa with profits being eaten away alcoa is asking the government for a waiver on canadian aluminum so that it can continue to meet demand for its products artie's alex joins us from toronto alex thanks for being with us again as always we know that the trumpet ministration imposed ten percent tariffs on foreign aluminum including that would come from your arm up there from canada for what the president called national security reasons i'm not so sure about that but why is oco asking for an exemption from the move. look at we we talk about a thousand times canada in the states especially if you look at world wide the way their systems work but canada the states were pretty integrated so alcoa like the whole aluminum industry in the steel industries are integrated between canada and the states now a coal is coal is a hundred thirty year old company in some would think you know they're going to benefit by the borders being closed down and alcoa feeding aluminum to the american people but that's kind of a tough one to how thorough i should say much of

alcoa makes aluminum for beverage cans in canada and with new plants opening in the u.s., alcoa saysis not enough to fill orders. trump administration slapped tariffs earlier this year. the goal to prop up the u.s. industry. it helps some companies and hurts those relying on foreign metals. u.s. companies pay import tariffs and many raising prices or cautioning as they get hit by high costs. it is unclear if alcoa will get an exemption. wall street journal is slamming the process. want a steel exemption? meet your new commerce overlord and they create new opportunities for cronny capitalism. the editorial board unhappy with the tariffs plan plans. >> regardless of your viewpoint, they have a way of getting in there. >>> still to come, a frightening sight from behind the wheel. more on this deadly explosion caught on video just ahead. >>> plus, what the high stakes special election in ohio could tell us about the november midterms. gimme one minute... and i'll tell you some important things to know about medicare. first, it doesn't pay for everything. say this pizza is your part b med

that is it that is the most frightening pattern in the entire chart book alcoa traced it. just when i thought we were out of the woods what was happening aluminum quickly became a glut he could control his own company but not the price of a commodity itself still aluminum over the course of the next few years, was able to get alcoa much less dependent on the commodity. but that was only after the completion of the brutal head and shoulders pattern. remember, again, mea culpa one of the things i admire about technicians is there intellectual consistency an inverse head and shoulders signals a real chance for glory. in 2013 a lot of people thought the economy was taking off and investors went to the food and drug stocks. caterpillar, united technologies, you know the kind of rotation, that kind is usually the death nell for stocks that typically go higher only when the economy's slowing. however, tim collins on an off the chart segment said, you know what, take a hard look at pfizer the world's largest pharmaceutical company would be the kind of company i would shun but if y

alcoa is the raw alcoa aluminum maker. they're not doing that well. the last quarter was not a strong one what have they been hurt by? tariffs. stewart in new york, stewart >> jimmy, how you doing? is it hot enough for you >> yeah, i guess so. >> caller: i got a good speculative buy on chesapeake energy they're reducing their debt, holding on to cash, and it looks like oil has bottomed out. so i want to get your opinion. >> you know what they sold the utica properties we did our show from the utica properties when the late aubrey mcclennon was alive. i wasn't happy with how much they got and i didn't think it helped their debt, plus natural gas prices refuse to lift. we flare more natural gas than we use so i'm going to have to say ixnay on the chesapeake. it just had a nice move up and i would do some -- >> sell, sell, sell! >> fred in maryland, fred! >> caller: hi, jim pleasure to talk with you. >> same. >> caller: my question is about bioed me which manufactures a heart support pump. >> right. >> caller: the stock has had a phenomenal growth. it ha

david: they were supposed to protect alcoa.heard us. >> so few of these big industrial companies anymore are exclusively u.s. focused. even in an aluminum company makes its lumen am not in the united states. >> you might get a waiver. >> i don't know if the alcoa ceo is on the list. up, the research president and founder joining now in new york. this is bloomberg. coming up, the lira hitting a record low. .0 year yields breaking 20% restoring iranian sanctions. president trump saying anyone doing business with iran won't be doing business with america. foreign exchange reserves rising despite a weakening currency and worsening outlook for exports. ahead of the market open, byures for 5.2% -- firmer .2%. upo-dollar breaching 116 and .4%. the main story of the last 24 hours in foreign exchange. talk of an imf bailout for turkey. the lira plummeting to a record low. investors weighing in on an emerging crisis.

when we come back, asking for an exemption, alcoa joining thousands asking for relief from tariffs plusdia and tech investing a billion dollars in a new tv streaming venture led by jeffrey katzenberg and meg whitman. dow close to session hhs uigp 161. don't go away. are you ready to take your wifi to the next level? then you need xfinity xfi. a more powerful way to stay connected. it gives you super fast speeds for all your devices, provides the most wifi coverage for your home, and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. >>> major american corporations asking exemptions from the steer tariffs. u.s. steel and new corps successfully blocked hundreds of requests filed with the commerce department over the past several months, from companies who would like to be exempt from the tariffs. al co-with a officially asking its own exemption for aluminum we're joined by the center fellow and james pap kik is, all of the bureaucracy entailed in going through this process, your assessment here of how this process is work

strike you all right buyer beware when you're back in the summer travel plans indeed all right chris alcoa our business says thanks for walking us through that. all residents of a small german village are taking a stand after an ugly incident of racism a swastika was chopped on the sidewalk after a young syrian boy was killed in a nearby traffic accident locals have turned out to mourn the little boy publicly and to make clear their feelings about neo nazi sympathizers. many people in schoenberg are disgusted by what happened on the sidewalk nazi symbolism following the death of a syrian child dozens of locals say it's a disgrace and want to send a clear message with their protest. it's absolutely hideous and totally inconceivable i categorically reject this whoever works with symbols like these knows what they mean this kind of thing does not belong here and shouted back no way the nine year old boy was riding his bike here in early june he then lost control of the bike and was run over by a tractor he died a few days later in the hospital witnesses later noticed a swastika at the acciden

pushing for a digital tax artie's peter oliver reports from berlin on the latest developments and alcoa is the large u.s. aluminum company or al of many a company is seeking a waiver for canadian aluminum to come into the country tariff free parties alex pilotage give us the latest from kalonzo on the waiver and how the company is coping with the new rules of reality of doing business across the u.s. to navy and border plus we spoke last time about the difficulty in the electric vehicles faced well today we asked which companies may actually profit in the rough and tumble emerging global market place argues actually banks take a look at potential winners were packed as usual so let's get right to it with a few have. a brewing diplomatic dispute between canada and saudi arabia over women's rights has quickly escalated in recent days and investors are starting to wonder if trade and investment will be impacted on monday the kingdom of saudi arabia recalled their ambassador from canada officially expelled canada's a bass are sending him back to ottawa saudi education officials say they wil

pushing for a digital tax artie's peter oliver reports from berlin on the latest developments and alcoa's the large u.s. aluminum company or alum minium company is seeking a waiver for canadian aluminum to come into the country tariff free parties alex the title of its just the latest from kalonzo on the waiver and how the company is coping with the new rules of reality of doing business across the u.s. navy in order plus we spoke last time about the difficulty in the electric vehicle space well today we asked which companies may actually profit in the rough and tumble emerging global market place argues actually banks take a look at potential winners were packed as usual so let's get right to it with a few have. a brewing diplomatic dispute between canada and saudi arabia over women's rights has quickly escalated in recent days and investors are starting to wonder if trade and investment will be impacted on monday the kingdom of saudi arabia recalled their ambassador from canada officially expelled canada's a bastard or sending him back to ottawa saudi education officials say they will c

pushing for a digital tax artie's peter oliver reports from berlin on the latest developments and alcoa is the large u.s. aluminum company over out of many a company is seeking a waiver for canadian aluminum to come into the country tariff free parties alex the title of it's just the latest from kalonzo on the waiver and how the company is coping with the new rules of reality of doing business across the u.s. navy in order plus we spoke last time about the difficulty in the electric vehicle space well today we asked which companies may actually profit in the rough and tumble emerging global marketplace argues actually banks take a look at potential winners were packed as usual so let's get right to it with a few have. a brewing diplomatic dispute between canada and saudi arabia over women's rights has quickly escalated in recent days and investors are starting to wonder if trade and investment will be impacted on monday the kingdom of saudi arabia recalled their ambassador from canada officially expelled canada's a bastard or sending him back to ottawa saudi education officials say they

and there's no better spot than gaming right now in this space now, take a look at the second one, alcoa it's the upstream part of the spin off of those two companies and this one also hit multiple times today. the 44 and the 45 strikes in going out all the way august 45s then they were hitting in september at the 48 strike i mean so a lot of volumes in these as well nearly lly 18,000 of those i bought these as well i'll probably be niese about a week, judge, the prior one >> thank you in two minutes, we'll give you the game plan for next week. a lot of earnings are on the docket include iing retailer, macy's e walmart, in order strorm, plus, cisco, nvidia, industrial, deere, we'll set up up for the trades. first up, courtney has a look at what's coming up on "power lunch. >> it's a packed show. more on turkey, plus a turkey steel importer who's about to get crushed courtesy of president trump. then we'll talk to one soybean farmer who doesn't want the aid. he just wants the trade. and why the housing market is to feel a lot of pain in the second half of the year all coming up on "power

think at that time, cisco was the largest stock in the world >> remember when you had the cisco and alcoas of the world when they had earnings >> right it was one of those stock of that eras that what in there like the dotcom era. it wasn't like a fake business this had a huge breakout in february and spent the last six months consolidating now we're at the upper end of that range so from a technical perspective, i think the long-term monthly chart looks extraordinary and you can buy it here. >> other thing, they just put an authorization to buy back up to 10% of their shares. >> yana, the so-called old line, whether they're talking about with cisco or intels or microsofts, which one is the most attractive to you and do you own anything in the names we just mentioned? microsoft you probably own >> yeah, we do i love that we're talking about stocks and it sort of reiterates that company fundamentals matter, and stocks are reacting. increased creativity, and more to resume goods, services, you name it. these companies are in a sweet spot within that, you have security, soft ware, you think a

is worth $11 billion which puts it -- we have a chart saying it is worth more than a company like alcoaes you a sense of how high valuations have gotten in the sector. excuse the pun. there's a lot of argument whether these stocks are overvalued. kennedy really -- barely turn a profit in its history and that will change quickly as recreational pot is legalized in canada. the real opportunity is not seen so much in canopy -- canada for canopy, they will use constellation to expand and they are particularly interested in the u.s. market. the ceo said he will not go into the u.s. until federal law allows it. that could change quickly with the midterm elections if the democrats get control the house. is very eager to get into the because the american market is much bigger than canada. the global medical market is a huge opportunity relatively untapped as well. caroline: fascinating. we will keep an eye on that. we will see how they continue to analyzed. christina, we will thank you for your insight. coming up, gold is posting its longest rally since april. more on whether the trend has room

it spun off recently from alcoa in 2016, most famously underwent a management following that elliot holdsoard representation, and according to sources familiar with the matter elliot has been, those board representatives have been the ones that are pushing for the sale of the entirety of arconic. now, as you can see their shares are spiking upwards of 4.4%. and so we'll continue following this when we have calls out to arconic and the interested parties. >> close to a $11 million market value. with debt it gets up to $16 pillion. >>> shares of apple jumping in the past yiear, and as the stoc rises so does the pay for ceo tim cook josh lipton has the details. >> mike, tim cook today stands to earn a total of $560,000 shares as part of his compensation plan. performance criteria, by the way, cook requested. that's about $120 million worth of stock since cook took the reigns in august 2011 apple stock is now up 300%. in all cook's realized pay today, meaning actual take-home pay before taxes, $702 million, most of which we know he is donating to charity. so how does that stack up against his

look a the names that you know, shreveport mcnaran, alcoa, gold names, gold names keep dropping, 52-week lows again same situation with the energy names. oil hovering around 65 oil services, big drillers, doesn't matter, everything is down 4 to 5% same thing with emerging market etfs weak in general. particularly those geared tiger woods commodities like chilleck or south africa or brazil. special weakness the leaders today, the ten year yield down several basis points. and you see utilities, real estate, consumer staples and telecom. these are the big four defensive names the only four sectors that are in the green back to you. >> thanks bob. >>> how big of a revving are emerging markets right now let's bring in ron and -- gentlemen, good to have you here we had a lot of people tell us don't bother about turkey. china is another story there are chinese bond defaults we haven't seen before how they are going to stimulate the economy because they are starting to see slowdown are we starting to worry. >> the united states economy is very strong so we are immune the all of this. we heard it

steel, free port mcmoran, alcoa, all down. we saw countries that are commodity heavy, trade in the form of exchange traded funds also weaker today. very predictable 1% to 2%, this happens all the time any time china tariffs come in jd.com, sina, alibaba, terrific earnings report on the upside as you see. everybody else on the downside the only reason we're not down more than 4 points on the s&p is generally big tech is holding up fairly well, d micro, invidia, facebook. the story again, not washington, but china and the tariffs. guys, back to you. >> thank you very much, bob pisani from the floor of the stock exchange is the president right if there were to be an impeachment, would stocks sink or is this a tech long stock market ryan dietrich is the senior market strategist and brent is the strategist with wealth management there is an idea that the markets are -- are teflon, there is nothing that can take them down is that the case and is the data historically there to support it >> first off, thank you for having me back sho

. >>> alcoa has asked for an exemption to white house imposed tariffs.he purchase of canadian aluminum it uses to make beverage cans. they say they can't source from u.s.-based manufacturers >>> and a developing story we're following. a catastrophic wildfire in northern california exploding in size overnight it's now the biggest in the state's history. fire crews are working around the clock to contain the blaze it has scorched nearly 284,000 acres of land and destroyed 75 homes. they say it will take at least several more days to contain it. the weather is not cooperating it's hot and dry and it's expected to stay that way. >> okay. want to get back to the broader markets. is the rally broad enough to support new highs? mike santoli is here to join us with that story. >> we hit on it yesterday. it's been a big question, right? you had the s&p 500 less than 1% from its january high. but people have been kind of picking apart this rally since let's say february and say, well, it's too narrow this is a look at the s&p 500 year to date as well as the equal