cfa institute. let's measure up. hey ron! they're finally taking down that schwab billboard. no. schwab, again? index investing for that low? that's three times less than fidelity... ...and four times less than vanguard. what's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management. >>> hey there. we are live at the nasdaq marketplace on this expiration friday the guys are getting ready behind me. while they are doing that here's what's coming up on the show. >> it's got to be the shoes. >> shoes. >> shoes. >> actually it's the high level executive depart oous weighing on nike shares we will tell you what it could mean for the stock when it reports earnings next week. >>> plus -- ♪ another one bites the dust. >> pretty much sums up what's going on with bitcoin. that crushed a number of bitcoin stocks, except one we will give you the

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cfa institute. >>> a new record high for north america dak and apple. tech has been on a tear. >> tech has been leading again one of the things we've seen is to follow and pete booet the market, you have to beat tech. if you have in the apples of the world. we like googles as well. those are the companies you need to be in to actually play this the fame >> nothing's changed here we are back again tech is leading. faang names are leading an apple is not that far away from a trillion dollars in market cap i think when we came out today, the it was like $99$924 billion >> people view tech has not exposeded to these tariffs an you're seeing this interesting dynamic where as they grow bigger, it's sort of feeding on itself and the money u that's coming in continues to buy these stocks and they have the growth prof profiles an if you think the economy is going to slow, they can grow through it. >> this was down in the 150s during the february low, so a month ago, you could have picked it up for 150 in change. the intraday was at 150. >> i think jon got it clo

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cfa institute. >>> welcome back to "fast money. the facebook fallout continues today as strikeout me over the company's data practices sent the stock reeling this week. we have got team coverage of the story. julia boorstin, bob pisani on wall street. julia, let's start with you. >> facebook hosted a packed internal meeting in -- this afternoon facebook issuing a statement saying quote merrick cheryl and their teams are working around the clock because they understand the seriousness of this issue. the entire company is outraged we were deceived we are commitmented to enforcing our policies and will take whatever steps are required to see this happens. facebook shares closed down 2% on among other things facebook saying it expects a letter from the ftc with questions about misuse of data facebook saying quote we are aware of the issues being raised but cannot comment whether we are investigating. we take allegations of violations of our consent decrees seriously as we did in 2012 in a case involving google. this comes as leaders in

cfa institute. >>> welcome back to "fast money.musk is in everything from artificial intelligence to the space race at the south by southwest conference in austin, texas. julia boorstin joins us with the details. >> reporter: hey, melissa. elon musk drew a packed audience, very interested to hear his updated timeline for his plans for a human colony on mars >> we are building the first ship, the first mars interplanetary ship, right now i think we'll be able to to do short flights, short up and down flights, probably sometime in the first half of next year. >> reporter: musk did acknowledge that his timelines can be ambitious, which drew some laughter. he said after mars has infrastructure in place like glass domes, that there will be an explosion of entrepreneurial opportunities, saying that mars will need everything from iron foundries to pizza joints to bars musk also raised red flags about artificial intelligence. he warned that ai, he believes, is more dangerous than nuclear warheads, although he did praise the potential for a

cfa institute. . >>> welcome back to "fast money. drop box, pricing its ipo leslie pick is in the newsroom with the details. >> pricing the i porks po at $1 a share. above the range that it bumped up earlier in the week that's according to a person familiar with the marry. that source poeld me it was 25 times oversubscribed such hardy demand might come as a surprise in today's plummeting market here what brought investors in the tour a small float. only 9% of the company is being sold in the ipo. small floats tend to yields pops on the first day of trading. that alpha becomes more critical following a selloff like we saw today. additionally drop box got a huge vote of confidence from sales force, which is buying $1 hub million in a private placement nod to the $756 million ipo. if you recall, sales force bought mulesoft this week for $6.5 million investors think buying drop box ipo could yield the same outcome although my sources the me a takeover by sales force or anyone else is unlikely to happen any time season also note, drop box

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cfa institute. >>> here is president trump. >> and now they're starting to come back.ou see what's happening with chrysler, with foxconn, with so many other companies wanting to come back into the united states but we have one particular problem. and i view them as a friend. i have tremendous respect for president xi we have a great relationship they're helping us a lot in north korea. and that's china but we have a trade deficit, depending on the way you calculate, of $504 billion now, some people would say it's really $375 billion. many different ways of looking at it. but any way you look at it, it is the largest deficit of any country in the history of our world. it's out of control. we have a tremendous intellectual property theft situation going on which likewise is hundreds of billions of dollars and that's on a yearly basis i've spoken to the president i've spoken to representatives of china we've been dealing with it very seriously. as you know, we're renegotiating nafta. we'll see how that turns out many countries are calling to negotiate better trade deals b

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cfa institute. transparency. expertise.hese are the building blocks enduring relationships are built on. as investment management professionals, let's measure up. cfa institute. >>> wilfred struggling with the pronunciation of las vegas that happened during the break there's just -- don't think about it too much. the nasdaq trying for its first gain in four days. om up five points now. kate rogers has a look at movers there. >> see if we can hang on to the gains into the close dipping in and out of the territory all day. a strong report out yesterday. gave conservative guidance for the first quarter of 2018 but up near lly 9%. another mover, adobe been on the top and bottom lines in earnings report and a nice feed in digital media segme segment. stock higher by 3% down side in the nasdaq 500. biggers laggard, broad company strong earnings and a bid to take overqualcomm shot down earlier in the week that stock lower by 4%. back to you. >> thanks for that. >>> about 24 minutes to go until the close. joining our "closing bell"

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baker i am joined by gary from the cfa institute.f a thousand firms globally. gary, great to have you with us. done,ird survey you have has anything changed in this time in terms of how firms do brexit? >> it does depend on geography. it is one overall sense that sentiment has started to change. emotion is coming out of the equation of the debate. to the hard analytical facts. i think the further you are away from the u.k. and the media storm and debate, i would say the more sanguine they are about there is going to be a deal. if you are in the u k and europe you are concerned about the outcome. u.k. firms are concerned aren't they? >> they are. whether that is scientific, or i do not know what it will happen, i think there is an element of that. there is confusion where we are heading. that cannot be good for investment. nejra: when it comes to the fund management industry, there could be restrictions on delegation concerned are firms about this? if they are concerned, what are they doing to prepare? >> it is a big issue. they are l

cfa institute. >>> i'm seemo mody with a news alert.loyees have been notified about their positions having been eliminated. 1,000 more positions will be eliminated over the next ten months ceo tom hardy says we have made significant progress executing on these initiatives since we closed the acquisition six weeks ago. keep in mind they fully acquired time back in january separately, meredith says it has decided to explore the sale of time "sports illustrated" and fortune brands. >> already some speculation about fortune. meantime more high-profile voices weighing in on the facebook scandal this. >> yeah. will fred is here. >> jp morgan chairman jamie diamond weighs in on the use of data in particular across a broad range of industries. >> all of that data, location, shopping, sites, where you travel, places you visit, all of that has been accumulated, sold, marketed all around the world. okay, so facebook is a piece of it there are also huge buyers of other data this is not just the data, you have a cute kitten up there. i think people

cfa institute. >>> webb to "closing bell. i'm a ayman jabbers at the white house.t piece of news for the week on bump stocks the president saying he is taking a new step, saying the obama administration legalized bump stocks, we will ban all devices that turn legal weapons into illegal machine guns. back over to you. >> the attorney general announcing regulation effectively banning bump stocks as well. guys, thank you evan and mike for joining me to close out the week a brutal week it was have a great weekend everybody "fast money" starts now. >> "fast money" starts right now live from the nasdaq market site overlooking new york city's times square i'm melissa lee. traders on the panel today -- tim seymour david seabur steve grasso guy adami >>> the high flying semistocks getting crushed this week. one trader says there is more contain to come. >>> plus the rise of the alt coins. the chief officer at stellar will be here to tell us about how he plans to be wall street's favorite coin. >>> a selloff on the street. the dow now firmly in correction territory, after wh

cfa institute. terholders have proven themselves by passing one of the most rigorous exams in the world. demand the best. demand a cfa charterholder. cfa institute. let's measure up. >>> facebook status under fire lawmakers in washington and abroad pressing the company for answers amid a user data backlash details coming up. >>> "squawk box" newsmaker, commerce secretary wilbur ross talks tariffs ahead of his meeting with the e.u he will join us live. >>> plus, saudi's crown prince former ambassador to saudi arabia robert jordan tells us what's at stake as the final hour of "squawk box" begins right now. ♪ ♪ >>> live from the most powerful city in the world, new york, this is "squawk box. >>> good morning welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square i'm joe kernen along with becky quick. futures right now are up and all over the place they're up and down now they're up 90 on the dow and the s&p indicated up 11. the naas take indicated up 34. so treasury y

cfa institute. >>> welcome back to "fast money. an earnings alert on broadcom. let's get to josh lip ton in san francisco for the details. >> the ceo began the call by talking about the company's fundamentals wire infrastructure, that could include chips for networking equipment. $1.88 billion. that was up about 10% year over year, down squent sequentially wi-fi and blue tooth, saying he would expect a larger than typical seasonal decline in q 2. there was a lot of tension about what broadcom would say about qualcomm the cfo had choice words for qualcomm listen >> indeed, i have to say, we are touched by the iss report issued last night that continues to recommend the broadcom independent nominees and by our understanding that based on the vote tally as of today the 11 qualcomm nominees are only garnering between 15 to 16% of the outstanding shares. not necessarily something to celebrate down in san diego. >> so mr. krause taking a shot there at qualcomm's leaders. melissa, the company saying it will continue to seek out potential m&a targets. one change, it say

cfa institute. you know what's not awesome? gig-speed internet. certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party. broad com dropping its bid to buy qualcomm they say it's disappointed with the outcome but will comply with the president's order. you're looking at qualcomm stock. actually up marginally but come down big time after that blockage just 24, 48 hours ago mortgage applications rising .9 of a percent last week according to new figures from the mortgage bankers association. due to a jump in new purchase applications while refinancing declined average 30 year mortgage rate grows four basis points during the week to 4.69%. that's the highest in more than four years u.s. air lines carry a record number of passengers this spring according to industry trade group groups, airl

cfa institute. let's measure up.together and you put your lives on the line, you do have to surround yourself with experts. and for us the expert in gas and electric is pg&e. we run about 2,500/2,800 fire calls a year and on almost every one of those calls pg&e is responding to that call as well. and so when we show up to a fire and pg&e shows up with us it makes a tremendous team during a moment of crisis. i rely on them, the firefighters in this department rely on them, and so we have to practice safety everyday. utilizing pg&e's talent and expertise in that area trains our firefighters on the gas or electric aspect of a fire and when we have an emergency situation we are going to be much more skilled and prepared to mitigate that emergency for all concerned. the things we do every single day that puts ourselves in harm's way, and to have a partner that is so skilled at what they do is indispensable, and i couldn't ask for a better partner. >>> welcome back to "squawk box. let's get to jim cramer is joining us now

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cfa institute. let's measure up. you know what's not awesome? gig-speed internet.hen only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party. we have thoughts from daniel rosen, good to vuio here, dan. >> great to be back. >> do you agree with the assessment, a lot of people in papers are reading this is maershed response from china is it, and why would it be >> i have breaking news for you. people are still operating with tremendous amount of confusion here the announcement the chinese put on the table today of these countertariffs are not actually connected to the 301 case the president signed yesterday what the chinese are talking about presently is connected to the steel and aluminum tariffs that were announced a couple weeks back, and finally, the exemption list became clearer this week. so $

cfa institute, the exams are coming it is over there, away from us. everybody uses it, right?ortfolio managers what their hedges look like. most everyone is getting them from diversification. diversification is a risk mitigate or. -- mitigate or. not only does volatility rise for correlations rise as well. diversification is challenging and hedging comes in and the best hedges over the last 10 years post crisis has been to own treasury. that is in flux. people are concerned that the almost free lunch of owning duration, which rallies when stocks goes down, that has stopped working and the correlation between stocks and bonds -- tom: are the parity guys at risk? >> a lot of that is overblown to some extent. not all of these strategies are painted the same way but yes, it you can idea risk your equity portfolio into bonds safely and of a comes a rising bond yields are a part of the erosion of equity prices, that story changes quite dramatically. this is where macro risk advisors come in, we advise how to use derivatives to hedge. there is missed selling of derivatives and option

the press release that cfa put that says for decades the national food policy conference has been a washington institution and a unique collaboration between consumer advocates, the food industry and government. the conference is organized by the consumer federation of america as a highly anticipated national gathering for those interested in agriculture, food and nutrition policy. this is, this purposeful intersection is important. media often taints consumers and industry as adversaries, and they do so subtly in how they characterize consumer response to new initiatives that government is rolling out versus industry response. and there's an important role for every group to play, but as regulators we stand at the intersection of where consumers and industry meet. we play a really unique role in that regulatory space. with all partners in agriculture in feeding the world, and from a food safety perspective it's incumbent upon industry to produce safe food and products. we have the safest food supply in the world as a result of industries commitment to do that. consumers expect safe food, and as our gover