altria is taking a hit, the u.s. of marble or of cigarettes reported earnings this morning, plus a $4.5 billion charge related to its investment in juul. the stock initially rose on the news but now is down more than 2%. our next guest says the market may be relieved that this charge was not higher. princeton,sight from kenneth shea. this is an investment that altria made, $12.8 billion for a 35% stake. when you say it could've been worse, there are issues here. could there be another shoe to drop, more write-downs? kenneth: there certainly could be. the reaction today was kind of a we know theat, stock price has gotten hit over the last month or two, as the headlines over e-cigarettes have been poor. today's recognition of the $4.5 billion write-down is a recognition that some of the assumptions that altria made when it made a purchase are coming down in tandem. it's all 20% annualized growth in the e-cigarette category for the next five years, margins approaching that of its own cigarettes. those things will have t

so altria is launching iqos. it will also have kiosks where you can buy the device in these stores, you can test the product. they show you what it looks like, how to use it, and walk you through it and there a person can buy the device they'll sell the heat sticks which are basically stubby cigarettes that go inside at 500 stores throughout the atlanta region but you can only buy this product at the stores. >> do they avoid a lot of the regulatory issues that are in play for cigarettes already? or are coming into play with vaping like age restrictions and flavors, you know, they're trying to ban the flavored vaping products? >> what makes this unique is it already went through the regulatory pathway so the fda reviewed the application for about two years before it came to the u.s. with that it acquired strict marketing restrictions including where it could be sold, how it could be sold, how they could advertise. every time they want to market the product, they need to submit the plans to the fda 30 days in advan

. >> as comes as altria raises prices. shares rose more than 1% on the news.land has more. >> marshal borro maker altria is increasing prices on combustible cigarettes. the company says packs cost 8 cents more, toki% increase effect next weeks according to wells fargo and the third price thnz this year. is as the t momentum towards vaping appears to be slowing over increasing health concerns. thcdc are elsing new da data showing vaping deaths increased to 3and lung injuries increased to 1re00. cie sales have been on steady decline in recent years but aerktdd to wells fargo analyst other companies are expectseto hike prices a well. she writes, we expect tobacco stocks will react favorably though this lis price increas ie nc affirms the industry's continued strong pricing power. icing will remain a critical growth.of revenue and earnings ia shares down 10% year to date. one drag on the stock, altria juul.5ake in e-cigarette maker for nightly business report, frank holland. >>> mixed results f honeywell ere we bin the market foc tonight with the conglomerate repo

altria took the position last year. >> i think juul should be a prescription product like that ad welgd be a prescription product. >> i point out none of the vaping illnesses are traced back to juul. >> thank you for that. >> also, it's been six weeks since the white house floated this idea of banning flavors so far, nothing has happened "squawk" talked to a congressman this morning still pushing for limits or a ban on mint and menthol. >> you cannot. then juul is always quick to say, if we don't, if you pull us, then the chinese will flood us with ones you know, it's the usual wrachlt maybe this thing -- wrap, maybe this thing shouldn't have been born maybe it should never have been born >> well, a smoking replacement is not a bad product you are hooked on tobacco. >> your complaint is with the fda. >> they watch your dog, they would be mortified how they allow what a 15-year-old michigan girl? >> we went there we talked to them. that's amazing part of the story is that -- >> it was the best >> second to david, of course. >> we should go to rick. >> we are going to get the chicago p

altria is $45 a share.te on a resolution to formalize the impeachment probe. you will see it unfold here in the next hour. first though city banning foie gras. chris coombs, serve this is delicacy in his restaurant. he has strong thoughts on the ban of in new york. ♪ unbreakable ♪ engagement rings now 20- 40 percent off shop unique bridal styles at zales, the diamond store stuart: a presidential tweet concerning the federal reserve. here it is. people are very disappointed in jay powell and the federal reserve. the fed called it wrong from the beginning. too fast, too slow. they even tightened in the beginning. others are running circles around them and laughing all the way to the bank. dollar and rates are hurting. our manufacturers, we should have lower interest rates than germany, japan, all others. we're now by far the biggest around strongest country but the fed puts us at a competitive disadvantage. china is not our problem. the federal reserve is. we will win anyway. that is not having any impact on

we'll start with a look at the shares of altria the u.s. tobacco company is up. expected profits and revenues. altria also did say it would have to take an accounting adjustment to lower the fair value of its investment in e-cigarette maker juul by 4 1/2 billion dollar remember, altria paid $12.8 billion last year for a stake? juul labs. then there are shares of estee lauder which are down 5% or so -- 3% now, 15,000 shares premarket volume the cosmetics and personal care company posted better than expected profits in revenues, but estee lauder cut its full-year profit forecast due in part to a slow down in china and the effects of the hong kong protests it raised the dividend 12% sealy is up fractionally they've been moving around premarket, roughly 1500 shares of premarket volume. the mattress maker posted better than expected profits in sales thanks in part to stronger sales in north america and improvements in gross profit margins. and, of course, we've got shares of apple which are up about 2% or so premarket. roughly 165,000 shares premarket. as you can see

dreamliner took off from new york and landed in sydney almost a day later the journey was a test for altria long haul routes which the airline is hoping to get off the ground so if you can stand the jet lag the story is for you. week 2 for the already very soft. cover $16.00 right place a light touch down in sydney off to 19 hours and 16 minutes in the. competing the longest commercial passenger flight to date and it's jenny hoff way around the globe the quantize boeing 787 dreamliner covered 16200 kilometers. the test flight with 49 passengers and crew on board was conducted to see how ultra long haul and travel can affect pilots crew and passengers. after taking off in new york the crew kept on the cabin lights to reduce jetlag instead of dimming them as there's no money down on a night flight i'm feeling wonderful because i've followed the passages of the advice to the passengers which was to immediately go on to sydney tottenham the moment we stepped on the plane in new york we did special exercises in the cabin crew fix assizes to refresh and revive the passengers we had special hydrat

little improvement the dow is now down less than 200 points let's get to altria, the tobacco companywrite down on juul >> reporter: that write down on juul investment as all trtria se down 2.5%. altria says it sees long term potential in the e-cigarette maker. >> we did not anticipate this dramatic of a change in the vape category the lung injury was something we had not predicted. >> altria beat on revenues and maintained it's 2019 guidance. back to you. >> frank, thanks so much it's about a third write down from their initial investment. probably more than that from where it got to in their minds the first six to eight months of this investment which felt very, very strong for the company. >> it felt like a win initially. the markets seem to believe that too, it was actually a way out of permanent decline in tobacco volumes. to me that's what the market is trying to adjust to right now. if it turns out you mostly have the old business of altria then it's kind of a milk the dividend yield until the volumes continue to bleed lower >> some uncertainty about what will happen in that va

did altria replace the ceo? down 1%, 2.55%. sorry. back to you. melissa: gerri, thank you. neil: shares of general motors take a hit today. the company recalling more than half a million vehicles because of an unsafe brake malfunction. to jeff flock in chicago with the latest on that. what is the deal, jeff? reporter: the big problem, some of the most profitable vehicles. that is not good news. they settled a strike. that is all great. they lost $3 billion on the strike. how much they would lose on this? we don't know. the vehicles involved are suvs and trucks model year 2015 and 2020. new ones, chevy suburbans, tahoes and yu cons, the drugs they make money on. chevy silverado and gmc sierra. it is faulty sensor, causes speed to be first interpreted and automatic breaking. to another automaker, ford. ford workers continue to make ford trucks there. there will not be a strike with ford. they reached a deal. took three days. why? because ford has a better relationship with gm when you come down to it. why is that? there are more gm. there are fewer workers in the u.s. than fo

. >>> tobacco company altria has cut the value of its investment in juul labs by $4.5 billion but the move lowers the valuation of the company from $38 billion-$24 billion. the ceo of altria said they did not expect the recent spate of vaping related lung illnesses that has sickened more than 1000 so far and that stricter regulations on vaping would curb juul's groesbeck >>> stocks are falling on wall street as investors ship to it cautious stance following a record high for the s&p 500 yesterday. thanks for leading the decline. tech stocks are down. the dow jones is down by 200 points losing more than three quarters of 1%. the percentage drop is not bad. only half a % on the s&p. the nasdaq is down by one third of 1%. >>> wildfires can bring out the best in people and also the worst. of some folks are posing as firefighters and other officials in order to gain unauthorized access to the contained fire burns him. >>> some residents were still being affected by the fire even though they are allowed back home. we meet one man with no heat in his house he was forced to drive around in hi

juul's valuation has slipped by more than a third, altria group down 2.5%, and, of course, the numbersp continuing to rise when it comes to deaths and illness due to vaping. should have been a happy halloween for etsy, instead growth worries are weighing on the stock. brokerages cutting price targets right and left. what are they citing? the effective sales tax and free shipping. it9 city, home of the handmade knit caps and all kinds of crafts down 16.5%. still at $44.07 p. i need to look here at what we're seeing on the right-hand part of your screen. dow jones industrials down 237. the markets are continuing to tumble in the final hour of trade. it really began about two seconds after the chicago pmi, the purchasing managers index, which is a regional manufacturing index, crash landed to a nearly four-year low. this morning it came out, and then the chicago purchasing mores index -- managers index, as you dig into it, fell to 43.2, well below what economists had expected. and then the new orders component, particularly horrifying, it hit its lowest point in more than ten years. just

notable earnings reports scheduled for today include kraft hiepz, pinterest, sprint, estee lauder, and altriastreet it was a fed-fueled rally yesterday. the s&p 500 hit a record for the second time this week closing up nine points. the dow rallied 115 points yesterday, and the nasdaq gained 27. >>> boeing's ceo faced a second day of scrutiny about its grounded 737 max plane. yesterday lawmakers questioned dennis muilenburg about new documents in which a boeing engineer had safety concerns about the max before a deadly crash last october. muilenburg acknowledged mistakes were made. some lawmakers attacked him for his $30 million sam salary last year. muilenburg said he does not plan to resign. >>> ford motor company and the united auto workers have reached a tentative deal on a new contract avoiding a strike. the proposed four-year deal includes $6 billion in new investments and the creation or retention of 8,500 u.s. jobs. the deal must now be approved by union leaders and members. both groups are expected to meet tomorrow in detroit to vote on the deal. >>> pugot maker chrysler and fiat are

we reached out to tobacco giant altria last yea prpg purchasing a 35% stake in juul for nearly the companykely faceni quest during the earnings call on thursday. for "nightly business ranort," holland new york city. >> before we go another look at the final numbers on wall street. e dow rose 115 points. the nasdaq added 27. and the s&p 500 was up 9 to another all-time high. and that is "nightly bu fness report tonight. i'm sue herera. thank you for joining us. have a great evening andnge'll see you tomorrow.♪ ♪ ♪ ♪

altria's a self-described high-tech entrepreneur and the owner of a corporate website development company called ultra net. so police say that he was kidnapped from his pleasure point home. we do know he was kidnapped. >>during ed possibly intended robbery and we don't know what led to his eventual murder. >>the sheriff's office also says that they have there have been arrests in this case and more than one suspect remains at large. well in air bnb run told gone wrong palo alto police are looking for 3 people who they say attacked acton robber property owner over the weekend. so a bay area man says that he rented his home right along tennyson avenue to 2 people. but late saturday night he was alerted when the smoke detector went off he drove by he found nearly 30 to 40 people at his property have any party. that's when he asked them to leave into people pushed into the ground they stole his phone and his wallet. another guest to help him get back up but as them and called police he was confronted by a 3rd person. >>24 hour 911 dispatch center did receive a 911 call they could hear voices

. >> and citigroup upgrades altria to a neutral it has been a sell at the firm the analyst thinks thecrackdown could actually benefit cigarettes altria also owns a 35% stake in the e-cigarette maker, juul. that was a deal done last spring $38 billion is where it valued the company at the time, if i recall, for that 35% stake $12.8 billion. but as i reported yesterday, there was a trade done of a fairly sizable stake in juul on the secondary market at $90. that's down from what had been $300 a share where some people were buying and selling this summer, which was well above where even altria got in, in the spring so it's down a lot and these guys in the private market, steve, do not mark things appropriately, sorry, they just don't. >> they don't. a friend of mine invested in elm joey and told me that afterwards and i said, why don't you tell me about that? i would have put money into it the investment went up like tenfold record time. some of the best investments you make are the ones that you miss. so i would be crying the friendship, i don't think it would have broken apart, but i d

but if you have an altria executive, they will try to kill the small businesses, so it is not michael bloomberg funding hundreds of millions of sites, but it is going to be the larger tobacco companies in the future. >> and looking to what the hhs secretary said earlier in the week. >> it also shows that the youth are drawn to flavored e-cigarettes including mint and menthol. currently about 8 million adults use the e-cigarettes, but 5 million children are using e-cigarettes. this is exceptionally harmful to our children. an entire generation of children risk becoming addicted to nicotine, because of the attractiveness, appealability, and availability of these vaping products. so with the president's support, the food and drug administration intends to finalize a guidance document that would commence enforcement to require all flavors other than tobacco flavor would be removed from the market. this would include mint and menthol flavoring as well as candy flavors, bubble gum flavor, fruit flavor, alcohol flavor, and you get the drift. so once the fda would finalize this guidance, we w

i mean,you look at some of the altria comments before they bought juul, they raised these themselvesy have 50% of cigarette share in the market. they felt pressure and they panicked, therefore they needed exposure to that vapor segment because their own offering wasn't very strong. >> juul's valuation right now, as low as it's going to get? >> well, there's still a possibility with the fda compliance policy which is due before the end of october. they remove all of jewel products and if they don't and it's all flavors, the valuation of 24 billion does not seem unreasonable what we need to remember as well, very much tied to the u.s. the international opportunity is very, very small the technology's not good where you have 2% nicotine restrictions the markets, they don't have the distribution regulators will be much quicker to take action and there's a huge round price point where there's markets, et cetera. >> either phillip morris or altria look attractive to you? >> altria, i think they're getting no value whatsoever for juul we looked when you talk to the juul value worth around 4

a lot of change, they placed a former altria executive as the ceo and cleaning house is part of the entireluation haves bes have been l. >> cutting work force does make sense at a time. on average it was employing 300 new people every month over the past year. so the work force is a little at a time and refocusing on these multiple inquiries of the rising teens of vaping. the investigation is going into the company. we got to imagine the type of legal expenses this company is dealing with, taking care of marketing really makes that. >> 80% of their sales were on flavored products. putting a ban on those products really put a pinch in their bottom line and how they go about combatting that. i don't know how you do that without a series of marketing strategies this is what they chosen to do now until the fda comes down one wa way or another >> netflix is testing a future that would allow users to watch conten contents in higher speed judd apatow tweeted, "don't make me have to call every director and show creator on earth to fight you on this. save me the time i will win but it will take on.

altria. >> of course >> this is -- this is the jewel of the coke of the altria empire >> i think it isprice is somewhat similar to what we have seen in jewel i tweeted jewel was trading around 300 the secondary market. >> $300? >> yeah, a share now it is about 90 on a recent trade. jewel. >> really? >> they got rid of all of the flavors that had been so good at attracting young people. hooking young people was so good with these, and now they have stopped. >> writing that on this doesn't necessarily portend good things, jim. >> look, well, because of vaping it is vaping situation they're saying, stifle saying don't worry about vaping don't worry about vaping >> okay. >> yeah, when your kids vap -- come on, david, it is all good thank you, fda thank you, fda, for regulating that business so tightly thank you, carl quintanilla for blowing the whole story so that people knew what was really going on with juul juul, the crown. >> stick around. we have more "squawk on the street." >> bring this thing down we did it! ♪ ♪ ♪ ♪ ♪ i am royalty of racing, i am alfa romeo. >>> coming up in a few m

they represent value and are both yielding well over 5% in the case of altria you're close to 7%.he headline issues are the headline issues. this sector is no stranger to that the underlying fundamentals from a pure stock perspective look pretty attractive. >> all right in other words maybe hold your nose and buy here if it suits you. thank you very much. for more trading nation head to our website or follow us on twitter at trading nation. back over to you >> thank you very much >>> ahead, today's mystery chart. this booming bio tech has nearly doubled this week. we've got the ceo to tell us more about it. u.s. tariffs on european goods going into effect today and the american shoppers who will feel the pain and the retail apocalypse continues why one analyst thinks stitch fix could be the stock that emerges from the retail rubble all this and more when power lunch returns. here, it all starts with a simple... hello! -hi! how can i help? a data plan for everyone. everyone? everyone. let's send to everyone! [ camera clicking ] wifi up there? -ahhh. sure, why not? how'd he get out?

. >> first off, altria >> trick nobody smokes anymore.supposed to be vaping that saved them. that did not come out to play and obviously perception is reality. even if juul isn't guilty of anything, it's still a perception issue it's a trick >> apple coming off very good earnings report. >> that one is a treat i'm still long on it wearable, the iphone coming back into vogue every one thought hardware was dead services china not as bad. that one is a treat. >> third stock, lyft >> you know how i feel about this one >> you're going to say this. >> this is a trick this is actually, which is great, it's a one trick pony you don't have a lot of levers to pull. not going to be successful for any one of those players if i threw at you, uber, let aes say, you would say also that's a trick? >> i would say it's a trick but not a one trick wopony in was a multiple trick pony. eventually uber fails but they have something to take investors eyes off the ball. >> let's go home builders now. lennar is a stock. >> i was low on it for quite some time. had

altria purchased a 35% stake in juul last year valuing it at $38 billion. at the time juul distributed $2 billion to 1,500 employees averaging $1.3 million per person, a payday that is unlikely to come again. bret? >> bret: thanks. a former medical examiner raises questions over the death of jeffery epstein. we'll have that after this. e with geico's help was pretty fun too. ahhhh, it's a tiny dancer. they left a ton of stuff up here. welp, enjoy your house. nope. no thank you. geico could help you save on homeowners and renters insurance. geico could help you save on homeowners wheyou want relief... fast. only thermacare ultra pain relieving cream has 4 active ingredients to fight pain 4 different ways. get powerful relief today, with thermacare. i'm working to make connections of a different kind. adp helps canyon ranch place the right people in the right jobs, so employees like dave can achieve what they're working for. (danny) after a long day of hard work... ...you have to do more work? (vo) automatically sort your expenses and save over 40 hours a mon

. >> hey, jim, big fan of the show and your track record, quick question on altria do you think the recent momentum we have seen is strengthening longer term bull chase base o ond -- base ds on or a short-term rebound. >> i'm going to reference carl quintanilla's, whatever you paid for steak in juul is too much, and the people of juul should watch the documentary. here's what i have to say about you guys, how can you live with yourself supply can crush the bull, that's why the market sees the impression let's hope we can get through it without too much pain. ray dahlia, and jeffrey, they're the smartest people on earth, why they may be wrong and twitter's recent earnings, ringing too true i'm eyeing the company to see what comes next and the u.s. postal service deals with the realtime demands of ecommerce, can zebra technologies help modernize the 244 year institution. i'm talking with the ceo, so stay with cramer don't miss a second of "mad money" follow @jimcramer on twitter. have a question, tweet jim, send an e-mail at madmoney@cnbc.com or give us a call at 1-800-743-cnb 1-800-743-cn 1

altria's former officer is the new ceo. besides icos, the competition is heat heating up british american tobacco's vuse vibe with a 31,000% sales spike. njoy with 1200% growth. >> a lot of money and more than that at stake there. >>> meanwhile, european markets closing. seema mody joins us now with today's action seema. >> european stocks are higher but the focus really on turkey today. turkey's president erdogan confirming that his country's military operation in syria has begun just three days after president trump said troops are pulling out of the region. most analysts say this only increases geopolitical tensions in the region with the kurds as well as with russia so that's certainly a story european leaders are watching the french eu minister saying france, germany and britain are finalizing a statement that firmly condemns the turkish offensive. turkish currency and related etfs are trading down today. >>> takeaway.com rising after reporting a 90% jump in third quarter orders that's lending support to just eat and d

altria which owns a stake in e-cigarette maker juul is getting pop of 1 1/2% on the news.y the way philip morris has the right to sell juul overseas. it is moving higher by a quarter of a percent. anything more we get on that issue, we will let you know. let's get to the prospect of a brexit resolution. looking suddenly more and more realistic, providing a boost to stocks here at home. united kingdom and eu negotiators are closing in on a draft deal at the same time cautioning there could be problems hitting tonight's midnight deadline. british prime minister boris johnson still needs the approval of parliament. and that would be the same parliament he enraged more than a month ago when he suspended the government's weeks ago, about five weeks ago in an attempt to shoe horn his no deal plan to exit the eu in the very belief that johnson will be forced to make concessions and accept a soft brexit lit a fire under the british pound sterling. look at it right now surging against the u.s. dollar. it was about $1.27 to buy single pound sterling that would be a four month high.

continues to rise with 18 confirmed deaths in more than 1,000 confirmed cases across the united states altriaeleased another cigarette that's supposed to be safer for the consumer iqos just went on sale >> we just lunched for the first time the first market is atlanta. they opened a store in an upscale mall you can buy the device and the heat sticks which are the little tobacco sticks that go inside the device interestingly you have to be 21 years old in order to enter the store. they check your id when you enter and ask you if you're a current smoker they say if you're not a smoker then you will not be allowed in. >> the market is extremely limited for this device. it's very limited and you can only buy it at that one store. they will be opening another store as well as kiosks around the city you'll be able to buy the heat sticks at about 500 stores but you can only buy the device. >> it heats tobacco. it does not burn it. what do you get when you inhatie do you get nicotine? is there smoke or vapor that goes into the air and might affect you or your child or what >> they call it an aerosole

these are the names that matter in this space, altria is moving higher on this news, up 1 1/2%.hillip morris gets outside of u.s. sales of juul also moving higher, possibly on the belief that the regulators will stop breathing down their backs on this issue at least for the moment. we also have this, what was supposed to be the largest initial public offering ever, a big oil company, it has now officially decided to delay the planned launch of its ipo, this according to the financial times, moving about 40 men outs ago here -- minutes ago here. the company wants to wait till it can provide clarity on its most recent earnings after that drone attack last month cut its production in half. those familiar with the matter stress the announcement is a delay and the ipo has not totally been pulled. let me get back to brexit. i will tell you why because we see a nice move in our markets at the moment. some of that is this relief rally, but we should tell you that the wall of endorsement for prime minister boris johnson's compromised deal to exit the eu, the european union is already sta

. >> we told altria. i know there is a lot of investors that don't vest in tobacco.ion has been untenable for us we are seeing at the state level. i live in massachusetts. we have a stop on e cigarettes right now. we replaced it with kroger i don't love the consumer stapl stapl staples world. we think they really use customer customer an alityics to keep their prices low >> your big trade? >> i did i gave you guys the heads up great brands, international growth opportunities dtc opportunities. they will grow, middouble digits i think they'll continue to generate cash and return to share holders. i took the money from mcdonalds. took my profits and put it in this one >> final trades. >> joe, you are first? >> semis pushes hard and is working for me teradyne going towards $60 that's a seminame i've mentioned in the past. >> do you have a name for us >> broadcom. gives over a 3% dividend yield >> does that mean you own it >> i do. i'm happy this apple news has it going higher >> trex. we actually like the housing market we like the repair market here this is what we bou

. >> caller: i want to know how to trade altria over the next four weeks and through their third quarter earnings release i expect earnings to be in line, however, not sure if they'll take an impairment charge for their $12.8 billion investment in juul now or wait until their auditors push it until later this year. the stock has lost $15 billion since the start of the year and also the stock's lost $62 billion in market cap. it's doomed! >> well, why would you want to own it what's the catalyst here are people going to start smoking again? i mean wing that what they did with juul -- remember, i would rather have my kids drool than juul what my kids did with juul was not right. and i'm trying to be diplomatic about it no, i don't want to be diplomatic they tried to hook a whole new generation on tobacco. and i don't have a reason i want to own the stock i've got real growth stocks that don't kill anybody i think that's a better theory on why you should invest and am i angry about what happened with juul i watched carl quintanilla's documentary and you bet i am and i haven't started seethi

altria owns 35% stake in juul.nvestors that juul can, if, will, overl com overcome reportt their vaping device is linked to illness as well as deaths. they are taking a charge related to juul of $4.5 billion. so they are addressing this issue in the earnings report and they should again on the call which is about two hours from now. stock up half a percent, maria. maria: lauren, thank you. top story this hour is the impeachment inquiry gaining steam. the house is set to vote on an impeachment procedure today. the white house slamming the inquiry as illegitimate. democrats are pushing back against those claims. republicans are pressuring nancy pelosi to make sure each vote is on the record today. joining me right now is judiciary committee ranking member doug collins. always a pleasure to see you. thanks for being here. >> good morning, maria. maria: let's talk about the vote today. what should we expect? >> what you can expect is a lot of nervous democrats in districts that president trump won because they'll have

merger with altria was a big blow for philip morris and altria going forward.from russia. they did pretty well. in fact they're looking for more growth in vaping, despite regulations we have, all thousands of cases of vaping illnesses, more than 23 deaths at this point. i think the future is, if you look at it, the future is for vaping. stuart: that's what they say? >> unfortunately. stuart: the stock is down 40 cents. 78, philip morris. >>> google has a plan to build a huge new headquarters, it will be in san jose, california. they will spend a billion dollars to build 20,000 homes in that area, in the next 10 years. the mayor of san jose is sam lacoato is here now. you're honor, let me throw this at you. all the wealthy google people will move into your city. they will buy the homes there already. they will create a housing shortage like you have in san francisco and los angeles. don't tell me they're going to build 20,000 new homes. you haven't got planning permission for 20,000 new homes. i'm coming at you pretty strong right from the get go, sir. >> stuart

. >>> it was late last year when altria agreed to buy a stake in e-cigarette maker juul a lot has happenedr regulation in the wake of vaping related deaths >> good morning, that's right. juul has faced a lot of head winds of late, but it's still a fast growing company $ $38 billion is the latest valuation. at investment for a 35% stake and private shares at $250 as the regulatory scrutiny increases following the deaths of at least 25 people that are linked to vaping, it's not clear if that sky high valuation can holdup hedge fund arsena is the latest writing down the value closer to $24 billion. the value on the secondary market could be as much as 20% lower now. pricing shares at 225 or $230. still a tremendous growth story. juul launched in july of 2017 as a spinoff. it has roughly 22% of the e-cigarette maker selling directly to consumers. a bloomberg report citing a person briefed on the numbers said juul expects revenue of nearly 3.5nd billi$3.5 billion however, 80% of sales come from flavored vaping products state bans and health concerns could hit those revenue numbers. unlike uni-y

juul is, put in a new ceo, somebody who came from altria which we know as former philip morris who isthis company. it is cutting 500 jobs. it is actually going to ban flavored pods which is 80% of u.s. sales. you know, long story short, big picture, this was supposed to help adults in theory stop smoking cigarettes. when they developed flavors such as cotton candy and carmel, people said okay, hang on. now you're going for kids. even the trump administration -- neil: don't adults like some of that stuff too? >> i think so. but cotton candy -- neil: eventually going to be, you know for just adults? >> i think mint, for example, they seem to be leaving alone, adults use toothpaste, a lot of times mint. cotton candy, can carmel, trump admin station saying we're banning think, fires are threatening ronald reagan presidential library amid a extreme red flag warning. christina coleman has the latest. christina? reporter: right now we are in, just outside the parking lot of the presidential library. you can see the library right over there. but if you just take a look to my right, you can se

that will be a big one there altria chevron and exxon typically report together on friday.ow getting through that large part of earnings season if you take a look at things so far, as things stand according to data from refinitive, with nearly 200 companies in the s&p 500 reporting, if every single company reports as expected for the remainder of the earnings season, earnings growth will be down about 2%. revenue growth up about 3.5% that's how things stand as we head towards the busiest weekend of earnings. by the way, andrew, that 2% decline in earnings, if you strip out the energy sector hypothetically, right now it's poised for a 39% drop in earnings growth. if you strip that out earnings season could actually be up half a percent this time around worth watching on friday when chevron and exxon report their results. back over to you. >> dom, thank you for that want to talk about at&t for a moment earnings beating by a penny but revenue a bit shy. the company had pushed back its report because of negotiations with elliott management. you're going to look at that stock up