we through some banana cream pies at cnbc. you got a little -- obviously schmuts on your jacket from it took exception. i think that everyone should come in under criticism because we all should have seen it more. admittedly this is a terrible one and everybody got wrong, i got a lot of things wrong because i think it was kind of one in a million shot. but i don't think anyone should be spared in this environment. so. >> jon: so then if i may -- why were you mad at us? >> no -- because i was under the impression that we thought we were being unfair. >> no, you had my friend joe on and joe called me and said jim, do i need to apologise to you. i said no we are fair game. we're big network. we've been out front and we've made mistakes. we got 17 hours of live tv a day to do. but i certainly --. >> jon: maybe you could cut down on that? (laughter) we're going to go away we're going to come right back with jim cramer right after this. (cheers and applause) with at&t, strong can turn a simple lunch break... ...into advanced economi

>> watching cnbc. >> indeed, you will, because daniel zhang will be on cnbc on a first on cnbc interview. one not to miss. five drivers using uber have been arrested in hong kong for lacking the required third party insurance. they searched them in the city confiscating documents and hardware. three staff members were also taken away. undercover officers used the ride sharing app and found illegal use of vehicles for hire. uber stood by it's drivers and said it would work with authorities. >> every couple of weeks there's some negative story associated with uber and their expansion plans in asia or in europe as well. but despite these head winds you look at the recent valuations, now at $51 billion. why are investors excusing this negative news coverage and saying they'll be able to get through it. it's still a company worth a valuation. >> i think because long-term this kind of company should be very beneficial for governments. we discuss it a week or so ago. the way they can really produce congestion in major cities. if ride sharing takes off it's going to be great for congestion. grea

the cnbc rapid update first read coming in at 2.9%.'s the fed where they are on their outlook there. they're at 1.9% for the whole year. we don't have to do much to get above that fed forecast and meet their forecasts. still much data to come. friday's jobs report along with the august jobs report we'll get the first week of september could be key as will several inflation reports between now and september. 16th to 17th meeting. kelly, if the data hold up it should be enough to prompt the fed to act perhaps in september. >> i was going to push you, steve, if you didn't say. we had a question mark there if the rate hike's on track. like dennis lockhart was saying it's still going to happen? >> jobs coming in high wage movement. you don't want to see inflation declining. we had a little bit of a bumpup there. we'll see what happens with the pce indicators which are the fed's preferred inflation indicators. all of this could derail. you say if it comes in the way the fed forecasts, is it enough? they'll tell you we have another piece of t

this is a cnbc special report "markets in turmoil."ow, once again, here's kelly evans at cnbc global headquarters. >> the dow jones industrial average is now in correction territory, down 10% from its trading highs. one-third of that index, some of america's best known and largest stocks are even deeper in the red. in fact, they are in bear market territory, meaning they've dropped 20% or more from their most recent highs. we'll start over here with chevron plummeting over 40%. in fact, 42%. the biggest decliner. even caterpillar, intel, not related to the commodity story we were just discussing, 30% down, exxon, walmart down more than a quarter and apple all down at least 20%. and if you own exchange traded funds, the most popular is the espy which tracks the s&p 500 and the index has lost 5.5% just last week. another popular etf, the qqq fell more than 7% and small cap russell lost 4% last week. that's a look at how the biggest name stocks have been hit. what can investors do to make sure their money is safe? let's ask same stovall a

we through some banana cream pies at cnbc. you got a little -- obviously schmuts on your jacket from it took exception. i think that everyone should come in under criticism because we all should have seen it more. admittedly this is a terrible one and everybody got wrong, i got a lot of things wrong because i think

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cnbc's phil lebeau's got some of the highlights.l. >> melissa, just a few minutes a ago there was the first quest conference call for ceo elon musk about the company lowering its production and delivery guidance for this year. remember going into today, the previous guidance was that tesla would deliver at least 55,000 vehicles this year. however, during the earnings report and on this conference call tesla is now saying the guidance is lower, between 50,000 and 55,000 due to the challenges of bringing up production of the model x, which will be on the same assembly line as the model s. here's elon musk talking about the challenges they will be facing in the fourth quarter. >> we do think it's going to be quite a challenging production ramp on the x. and if we are faced with a choice of deliver great -- the only way to deliver great cars. we don't want to drop to a number that's greater than our ability to deliver high-quality vehicles. >> the conference call has been under way for about 15 minutes. it will continue now for at least

eastern time here on cnbc. up next, the banks getting some very big upgrades, but it wasn't enough to save them today. could that spell even more trouble tomorrow? plus citi standing its ground and saying the fed will raise rates in september. we'll hear from the strategist who made that bold call. and later, the cramer-coined fang stocks may be your best places to hang out. facebook, amazon, netflix, and google, fang. they closed mostly higher. we'll tell you what it is about those names that's got investors so excited. stay tuned. >>> cnbc's breaking coverage of the sell-off continues. a slew of upgrades on the big banks today helping to send the sector higher initially. but even those upgrades couldn't keep those stocks higher. jpmorgan closing just about at its dead lows. dom chu's got the details on all these big calls. dom. >> upgrades galore here. let's talk about bank of america first. you can check out what's happening with the chart. at least for the day. you can see here we did, yes, lose a lot of mo

here is your cnbc news update.eign minister sergei lavrov meeting with his armenia counterpart in mosco-- iranian counterpart in moscow. the dent at practice of the dentist who killed the lion in zimbabwe has resoaped. saying in a tweet -- it's beginning to see patients again. palmer, however, is not at the office. >>> when two robbers attempted to rob a store armed with a foot-long knife, the casher responded by pulling out a much larger sword. he got into a quord fight before the robbers gave up and escaped. they're still on the loose, however. >>> tracy morgan is coming home. the comedian who has been recuperating from injuries he suffered in a vehicle crash last june, will guest host of "saturday night live" broadcast on the 17th. it's been a long year of recovery for him. that is the cnbc news update. >> i'm glad to see tracy morgan getting back to business and going home to snl, but could we please get back to the sword fight? the guy has a sworn and attacks just randomly robs a storey a guy has a bigger swor

you're watching cnbc, first in business worldwide.n the meantime, here's what else is coming up on "fast." >> looking for bargains? we've got four dow stocks that traders say may have found a floor. we'll tell you what they are. and later in the hour, fear is in a bull market as the vix goes on an extraordinary run. but if history is any indication, it could be your signal to buy. and we'll tell you what it is that has bulls excited when "fast money" returns. up to five times faster than dsl from the phone company. call 800-501-6000 to switch today. perks are nice. but the best thing you can give your business is comcast business. comcast business. built for business. no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. o

let's bring in your colleague jim cramer, the host of cnbc's "mad money." jim, we're all looking at this through our own set of lenses, through our stage in life, how close we are to retirement. what should we do before we start moving money and making big decisions? >> well, first, if you're 100% invested, that's probably a mistake here. i do believe there's more down side. if you are borrowing money to own stocks i think you're really on the wrong path and you've got to sell tomorrow no matter what. but otherwise, lester, if you've got cash on the sidelines, depending upon your age, you've got some options. we should go over them. i think there are some great opportunities here. >> you're suggesting there's more down side, though, in the near future. play this out. just play the week out for me. what do you expect? >> i think this is a contagion, in other words, we're importing it from other countries. the record is actually not that good on contagions and what they do to our stock market. 1997, 1998, 2011. we had declines that were double-digit from when

find us on twitter @seema cnbc.e'll be reading out your comments later on. >> coming up on worldwide exchange, more on today's market turmoil. find out why burger king is reaching out to mcdonald's in the name of world peace. >>> china steps in with another cash injection. this is following the fifth rate cut in 9 months. >> roller coaster ride set to continue. u.s. futures pointing to strong gains for the dow just a day after the blue chip index staged it's biggest reversal since the heart of the financial crisis. >> the oil price continues to take it's toll on transocean. shares slumping ove

on cnbc. that does it for us on "closing bell." let's send it out to the gang over there at "fast money." melissa lee. straight over to you guys. >> thank you, kelly. "fast money" starts right now. live from the nasdaq marketsite i'm melissa lee. breaking news tonight. stocks surging into the close ending just about at the highs of the session. rebounding from six consecutive days of declines. both the dow and the s&p posting their biggest percentage gains in more than four years. the dow ending the day up 619 points. so tonight we ask a very simple question. did we just get the all-clear to get back into stocks? guy adami, what do you say? >> i wasn't here last night. and if i had been here last night i would have said yesterday's price action was the worst of the last two weeks and there's a good probability that today we blow through the 1820 level on the down side. i would have been 100% wrong. with that said, is it enough? was the move down to 1845-ish enough to make a double bottom off t

cnbc's dom chu has all the details. hi, dom. >> can i just say first of all right now that that was just about the best segment i think i've seen in quite some -- i'm just saying i know that i'm killing time here but all of us in the newsroom that are still here were all trying to figure out whether or not it was a housewife or -- >> it's a tough game. it's shockingly difficult. >> some of them we got wrong. back to business. i'm sorry about that, guys. but anyway, like i said, it's tough for these ipos, some of these high-profile names like shake shack, el pollo loco, etsy, all down double digits in just three months as the rest of the market has held up rather steadily. rather. but some hae hedge funds are seeing some opportunities in these beaten-up recent ipos i guess you want to call them there and that they're scooping them up amid this kind of selling spree so that the journalists over at cnbc pro took a look at symmetric i.o., a data base of hedge funds. they looked through regulatory findings and found that fit

that's the cnbc news update this hour.ee, kelly. >> i was just going to say, another excuse for tomorrow's cup. >> there you go. >> thank you very much. >>> the olympics in rio just a year away but the people in brazil taking to the streets not in celebration but in protest against corruption and a recession looming there. tough times for brazil and it could mean tough times for emerging markets investors. we'll examine that next. >>> and later we'll show you how the railroad industry is trying to get safety back on track to prevent big accidents caused by oil tanker trains. you're watching cnbc first in business worldwide. ♪ 800,000 hours of supercomputing time, 3 million lines of code, 40,000 sets of eyes, or a million sleepless nights. whether it's building the world's most advanced satellite, the space station, or the next leap in unmanned systems. at boeing, one thing never changes. our passion to make it real. ♪ our passion to make it real. in the us, three in ten college students drop out. but how can you spot who's

cnbc will tell us what to watch for today. but first, nbc's carl quintanilla explains how we got here. >> it was by wall street standards an historic drop. the dow falling by more than 1,000 points at the opening bell. titans of american business crashing. home depot down 20%. general electric and jp morgan down 21% before recovering. it left economists, traders -- >> the noise this morning created confusion, it created a little bit of chaos. >> and even cnbc news anchors stunned. >> these are -- >> these are enormous moves. >> by noon there were signs of stability but the concerns that prompted the sell-off remain. some believe stocks have gone too long without a meaningful correction. that's wall street lingo for a 10% decline from the highs. some believe stocks are too expensive. the dow has risen for six straight years, only once in history did it make it to seven. >> we usually get a 10% correction usually once a year and we haven't had one in a long while. >> one big concern -- the slowing economy in china. a big importe

that's the cnbc news update., guys. >> you wonder if they might make a call to somebody else, sucker punching is a totally different thing an fighting on the field. the oil close right now we make a new six-year closing low for oil, at 43.13, the previous six-year low 43.46 on st. patrick's day march 17th. you have the china news and concerns about global demand and you have far too much oil being pulled out of the ground all over the world than we need and this is pretty insane. we crunched some numbers and we realized that since one barrel of oil is equivalent to 42 gallons, one gallon of oil then is about $1.03 based on the price we did this to 30 minutes ago. according to the international bottled water association, who even knew there was one, a wholesale gallon of water is $1.21, meaning that oil is cheaper than water. bob pisani at the new york stock exchange, $10 for a big bucket and if it rains it's cheaper than that. >> that's a great stat and indication how much oil prices have collapsed, or how expens

you are watching cnbc, first in business worldwide. >> announcer: the cnbc real-time exchange markethot is spob sored is by interactive brokers. >>> little more than 90 minutes left into the trading week. take a check on the nasdaq here, just about at the flat line, down by four points. 4,808 is our level right now. among most active here, activision blizzard, intel, and shares of apple. >>> mylan is one big step closer to acquiring its big rival perrigo. >> what happened this morning is mylan shareholders voted in favor of this deal with perrigo. it is a $33 billion deal. two-thirds of the votes cast were in favor. that accounts for more than half of mylan's shares outstanding. next step is to mylan to start a tender offer to perrigo shareholders which it needs to do by september 14th. perrigo for its part has continued to say this deal undervalues it and they are confident that their shareholders will not tender the amount necessary. recently, interestingly, mylan lowered the threshold of the amount of perrigo shares that needed to be tendered from 80% to 50%. more than half of per

that's your cnbc news update at this hour.hat a handsome couple. >> i wonder how many magazines that wedding will sell. >> oh. >> thousands. thousands. >> a lot. we wish them many many many happy returns. >> we do we do. >>> let's talk about gold. they probably exchanged a little gold there at the wedding. we're going to talk about gold prices right now, up $4.20 on this down dow for equities. people may be moving into gold a little bit but what a ride it has been for gold and not in a good way for most of the year. >>> silver copper palladium and platinum round out the metals that we follow here at this hour. 3 out of those 4 are higher by just a little bit, silver up 1% on the day. >>> dominic chu has a "market flash." >> shares of herbalife rallying today, beating inging analyst estimates. raising full-year earnings guidance even in the face of a stronger dollar. but herbalife has been a roller coasterish trade but it has been showing signs of life in the past six months. a very controversial multi-level marketing company.

eunice yoon, cnbc, beijing. >> our thanks to eunice.ere's confidence enough in the chinese market to stabilize it, right, mike? >> well, there is, although i wonder how much it matters that the confidence extend beyond the chinese borders at this point. it probably matters for global investors but for purposes of the chinese government they're probably happy just to kind of keep the story straight internally. >> sarah? >> i would just watch a few key dates. i couldn't hear eunice very well. but thursday obviously is the big world war ii parade. they've been trying to stabilize their market as a source of pride for that. then in three weeks there's the big diplomatic visit to the united states. that's going to be very important as well as china makes this messy transition to a more market-based economy and finds itself having into the veen more to try to do that. >> and just getting the data in a reliable way is difficult. there was an interesting note from don cohn after paying a visit there talking about how does even the chinese figur

f cnbc, first in business worldwide. coming up this hour. >> this is the fabulous life of filthy rich billionaires. okay, robin leach, we've got you covered. because we're here in the bay area taking a look at some of the most luxurious homes san fran has to offer. from wine sellers into fint pools. we'll take you behind the real reason this city is on fire when it comes to real estate. plus serving up a burger with a side of options. no, not extra pickles or special sauce. we're talking shake shack's new options that officially came to market today. but they could cause indigestion. and we'll tell you what it is that has some traders upset. coming up after the break. ♪ no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you t

you are watching cnbc. we are first in business worldwide.ut what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. >>> hi, everyone, i'm sue herera with breaking news. the national labor relation board has dismissed an earlier ruling that would have allowed college athletes to unionize. they dismissed that historic ruling that basically said that college players were employees that were entitled to form what would have been the nation's first union of college athletes. but the nlrb says that unionization could throw off "the competitive balance between teams and setting different standards for practice, pay and other conditions at union and non-union schools." an historic decision that would have let the athletes form collective

we'll tell you what the tech titan told cnbc earlier today. you're watching cnbc. first in business worldwide. in the meantime here's what else is coming up on "fast." >> announcer: airfares are coming down. but that could be bad news for the airline stocks. we'll tell you what it is that has the entire space feeling the turbulence. plus trouble for commodities could bring quite the polish to the gold trade. a look at just how far the yellow metal could run and how to play the looming bounce. all that and more ahead on "fast." >>> welcome back to "fast money." oil falling today and falling just as quickly, airfares. cnbc's phil lebeau's got the details. phil. >> melissa, the july cpi data came out and a lot of people who looked at the airfare data and said whoa, a decline of 5.6%, that is the steepest monthly decline in the cpi data when it looks at airfare in 20 years. part of the reason? the ripple effect from low jet fuel prices. the cpi data is collected from the fares posted on sabre and other reservation systems. and you have the major carriers becoming much

here's the cnbc wrap it up date. last quarter 2.3 revised up twice because of better construction spending and better factory orders and now at 2.9, 2.3 to 3.1. the third quarter, we just got the auto sales. that's the first number we use for our tracking survey coming in again at 2.9 with a range of 1.9 to 3%. who is your favorite economist? here's where the people who submitting to our survey. action economics and deutschebank and immediate's, mark zandi and hfe at 2.5% and morgan stanley still pretty pessimistic at 1.9%. very early days with the strong auto numbers reported so far but some economists see them as a early positive sign for the consumer and the revisions have been in the right direction. take a look at first chart and what you see the first quarter originally reported minus 0.7. there's the first quarter there. there's the first reported number on the second quarter, 2.3 and now 2.1 and there's the first look at the third quarter. now take a look at where the fed is. they have revised down their fore

that's a cnbc news update at this hour.ack over to you. >>> clearly the stock market is front and center for many people. it's been one hell of a week really as we look to the weekend. stocks trending lower following the jobs report. on the up side today, let's mark that though. up for the nasdaq, tech firm nvidia up 10%. viacom up 2.5%. after all the weakness we've had within the sector. keurig which has also had a lousy week managing some small bounce there. both of those stocks there are down 20% for the week. on the downside, micron technology, biogen and charter communication they see in negative territory. >>> stocks falling to session lows then with the dow headed for a seventh down day. now down 3% for the year. the s&p 500 is retesting its 200-day moving average. what's important to point out here is that we've done this twice this summer. on both occasions you see the way in which the market rips higher. because people buy the dip. jim cramer said though that investors are now reluctant to buy the dips. so can you

that's the cnbc news update this hour. back to you, melissa. >> that's amazing, so i've speechless. >> good for them. >> an amazing story. >> he's a pioneer. >> yeah. >> final oil trades crossing for the day and let's get to bertha coombs. sub 40 close for wti. >> yeah. we saw oil get close to $40 early in the session. we're closing off those highs. nonetheless, looks like the last trades here are above $39 a barrel. that's a substantial move up from yesterday's lows. of course now the focus shifts to the inventory numbers, and analysts are expecting to see a build of up to 2 million barrels in crude inventory. they are expecting to see a decline in gas line inventories but gasoline is sitting out the rally because you have the bp refinering in indiana restarting, so some of the bullishness that we saw for gasoline coming out of that market, but, of course, guys, if you are in the midwest that's very good news. you could see a bit of an ease on prices that have moved up while that refinery has been offline unexpectedly. ba

in a cnbc exclusive, we are joined by john levin.be many others forced to follow? here's the big risk? >> i don't know from a specific standpoint, kelly. but i think that where you have lots of leverage and commodity prices is where the dividends will be or with relatively low coverage of the dividends. that is not true of the major industrial companies. i was watching your screen. you know, the pfizers, johnson & johnsons, walmarts, all are well covered, backed by cashwell. it's a stock by stock, industry by industry thing. >> what do you make? we closed up 619 today after these really sharp declines of prior trading sessions. >> what is going on? >> i was hoping you were going to tell me. you have better information. the -- i think my -- what's going on is a lot of different things. but i think that it is fair to say without question to try to add value that for three, four, five days, we have had intense selling. you've got values down to very low prices with cash flow and yield. and this was sort of a reflex you see in any bear m

that is your cnbc news update, kelly.nk you very much, sue. >>> two stocks enter and one stock leaves. apple and procter & gamble are our buy the dip finalists. find out which one in correction territory you the viewers think is the biggest buying opportunity here. >>> ufc champ ronda rousey has been des sim nating her competition. find out whether her next fight will shatter pay per view records when we speak to lorenzo fatito. stay right here. g you have to wear this thing? ♪ can it tell the flight attendant to please not wake me this time? ♪ the answer is yes, it can. so, the question your customers are really asking is, can your business deliver? >>> let's take a look at the dow today. the nasdaq was a weak lent down and crude as well here. it settled down around $44 and change. and a couple of stocks that got hit particularly hard today, tesla settling down a little under 9%. fitbit after the gross margin concerns down more than 13%. viacom reflecting real weakness was down 14% today. >>> we've been counting down to

swing higher after they take more action to stem the volatility but emerging market investor tells cnbc intervention is not the solution solution. >> they are desperate to try to keep this market up and they're trying every rule in the book to do that. unfortunately as you know the more they do the more uncertainty is imposed on the market. >> it's official puerto rico defaults on a debt repayment for the first time ever. the government's debt spiral warning comes to fruition. >> putting the brakes on profits. toyota calls china a difficult environment while bmw warns of slowing sales. >> coming up on the show he's a man with a plan. obama talks tough on climate change. what would you give the president for his birthday which, by the way, is today? the numbers are in and it's not looking good for hillary clinton. stay tuned as we unveil the results of the latest wall street journal poll and angry gamers. why the app ruffled some feathers, later in the show. >> welcome to the show. it was an ugly start to the month of august with stocks falling across the board. the dow losing 91 points.

how did cnbc find you guys?from previous stuff we had done a documentary we had done on this bull deal about wild bulls. he got with char la and they came down and talked to us and we talked about our life and they were like man, we would like to do something. >> if somebody comes to see you and they have an idea what's the first question you ask them? >> we like to find out a little bit about the person immediately find out about their character. we believe that with the wrong person, any business the best business in the world, can be ran straight into the ground with the wrong person. >> i hear this from a lot of bankers who say, gosh they keep trying to regulate and regulate and regulate and banking needs to be based on trust and a code of ethics. >> it's like people's farms. they're regulated too much and they're shutting people down too early. you see how everything dipped, especially in our industry it dipped. a lot of times they pull the trigger too fast. >> a lot of pain in your industry now. >> we had

after the regulator takes more action to stem the volatility but the emerging market investor tells cnbc intervention is not the solution. >> they are desperate to try to keep this market up and they're trying every rule in the book to do that. unfortunately as we know the more they do the more uncertainty is imposed on the market. >> putting the brakes on profits at major auto maker. bmw warns of slowing sales. >> analysts worry they're stalling on reforms. this despite delivering better than expected second quarter earnings. >> hi everyone i'm seema mody. coming up on the show he's a man with a plan. a clean power plan as obama talks tough on climate change we're asking you what would you give the president for his birthday, which by the way is today. the numbers are in and it's not looking good for hillary clinton. we unveil the results of the latest nbc wall street journal poll. plus angry bird produces angry gamers. find out why the app ruffled some feathers later in the show. >>> let's show you what greek banking stocks are doing and they're open now for a second day after they wer

here is your cnbc news update this hour.agreement will allow iran to use its own experts to inspect a site allegedly developed to develop nuclear arms. critics have claimed it's built on trust of the iranians, a claim the obama administration has denied. >>> authorities say 27 bodies have been recovered from a site where a passenger plane crashed over the weekend. all 54 were killed when the plane slammed into a mountain in bad weather. >>> jared fogle left the court after pleading guilty. he will pay $1.4 million to 14 minor victims each receive $100,000. he will register as a sex offender. his prison sentence will be between 5 1/2 to 12 years. his wife is seek divorce. the couple have two children. >>> they will not rehear the appeal of former illinois governor rod blagojevich on his corruption conviction. his only option is an appeal to the u.s. supreme court. he's serve 14g-year prison sentence. that is the cnbc news update this hour. back to you. >>> time now for street talk. our daily dive. you need to hear about it. y

cnbc business news. >> so is the august swoon over? futures here on thursday pointing to a higher open. the dow is calling for a higher open by 217 points. wow, this after the dow gaining over 600 points yesterday. tech heavy nasdaq which is trading in correction territory up 55 points in premarket trade. s&p 500 higher by 25. u.s. major indices having their best days in four years. ending the session sharply higher. do you believe in the rally? many traders have been saying this is a head fake. ton donald saying yes because they flow to returns. he's bullish there. of course you can give us your tweets at cnbcwex. i'm at seema cnbc and e-mail worldwide at cnbc.com. all right. moving on. mcdonald's says no thanks to burger king's proposal to combine their most iconic burgers creating a mcwhopper. they used print adds on wednesday adding it's arch rival to do so to promote awareness of the u.s. annual peace day. they wasted no time rejecting the idea. he says let's acknowledge that between us there's simply a friendly business competiti

you're watching cnbc. we're first in business worldwide. ♪ no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. >> the chinese central bank announced plans to inject 60 billion yuan. this is to stem further equity declines. let's get the full story from sri live in asia. just for our audience to understand what these are, they were introduced by the central bank in 2013 to reduce fluctuates and liquidity and stabilize intrabank funding costs. the question is will this actually be a boom for the economy? >> i would say no. it was help and it was a good start and it's a good start on tuesday cutting the main lending rate but more is

margaret is a new face on cnbc.nks for having me. >> slb is down 12% over the past three months. you like it. are you using the recent weakness to buy more? >> when we think about any investment, we look out several years. there's been a lot of talk today and over the last month about where oil prices are going next month. we think out for years, not where oil prices are going in october. to us, we say, look. the cost of extracting a barrel of oil from the ground is higher than the current market price which means that unless we believe that we're heading into a global recession or unless we believe that players will be irrational over a longer period of time, energy prices have to move higher. within that context sum ber jchr is still generating plenty of cash flow during the downturn, still buying stock, managing their costs very effectively. there's m&a in the sector so we think they may be poised to gain market share during the downturn. when we think about risk/reward we see modest downside and more up side. >>

that's our cnbc news update for this hour. "power lunch." >>> meantime the final oil trades are settling for the day. jackie deangelis is at the my next. i think we just ran a red sticky at the bottom of the screen. i know the price target shows that oil is up right now but earlier today we briefly broke below that six-year closing low. things are not all well with oil yet. >> absolutely. there's a reason i call you an oil geek, brian. because that point is very salient. we closed at $44.96 but you're right, we touched $43.35. if we can break that level and close under that level probably we will see more pressure. what accounts for the buying that we saw today? probably this buying, the dip mentality, short-term trading and a little bit of a dip in the dollar index. but i will point out that wti had its best day since july 9th. brent is back over $50. it had its best day since june 9th and they both broke three-day losing streaks, so this one is one to watch. >> i take that as a compliment coming from you. thank you very much

you're watching cnbc, first in business worldwide. in the meantime, here's what else is coming up on "fast." [ screaming ] >> yep. that's tha sums up what apple investors are doing. but one analyst says now is a great time to buy and he'll tell us what it is that has him so excited. plus traders have bid up tesla heading into earnings. but there's one thing everyone should know before they buy this stock. we'll tell you what it is when "fast money" returns. [ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, they could save you in out-of-pocket medical costs. call today to request a free decision guide. with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and virtually no referrals

you are watching cnbc.rst in business worldwide. 80% of the poor in africa are rural farmers. 96% of them are doing rain-fed agriculture. they're all competing with each other; they're all making very low margins, making enough to survive, but not enough to get out of poverty. so kickstart designs low cost irrigation pumps enabling them to grow high value crops throughout the year so you can make a lot of money. it's all very well to have a whole lot of small innovations, but unless we can scale it up enough to where we are talking about millions of farmers, we're not going to solve their biggest challenge. this is precisely where the kind of finance that citi is giving us, is enabling us to scale up on a much more rapid pace. when we talk to the farmers and ask them what's the most important thing. first of all they say we can feed our families. secondly, we can send our children to school. it's really that first step that allows them to get out of poverty and most importantly have money left over to plan

and cnbc's julia boorstin joins us fresh off the call with the latest.rns out it takes money to launch hbo now. >> time warner ceo was bullish on the new stand-alone streaming service at hbo, saying he's pleased with how well it's been received, more distribution partners are coming and the company is investing in additional programming to support the service. the media giant says hbo will generate losses for the remainder of the year, but he expect the to be highly profitable over time. hbo is not cannibalizing their core business. >> as we predicted, and as our research indicated, we've seen less than 1% of hbo subs, leave the bund toll go get hbo now, which is exactly what we suspected was going to happen. so while it's very early. we feel good about it and we think hbo now will be very profitable in the coming quarters. >> what's weighing on shares is that time warner's profit forecast for the full year remains unchanged, even though this quarter's earnings topped expectations by a wide margin. that implies that estimates for the rest of the year are

you're watching cnbc. first in business worldwide. >> apple's doing something it hasn't since 2012 and it could signal your opportunity to buy. ♪ hallelujah >> we'll tell you what it is that has traders so excited when "options action" returns. ♪ turn your love around here at td ameritrade, they work hard. wow, that was random. random? no it's all about understanding patterns like the mail guy at 3:12 every day or jerry, getting dumped every third tuesday. this happens every third tuesday. we have pattern recognition technology on any chart, plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. for all the confidence you need. td ameritrade. you got this. ahh... steve, other than making me move stuff, ces. what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information for any options series. okay, cool. hang on a second. you can even

that's according to the latest cnbc data study. go to our website cnbc.com. let's draw your attention to shares of oil. dipping into negative territory. joining us to discuss is the chief economist. >> good morning, hi. >> what do you make of the price action that we're seeing in oil, of course after the 10% surge in oil prices yesterday does that suggest yesterday's rally was short covering? >> the markets are forced to fault on that. obviously extends over to oil. yesterday we had the stronger than expected us gdp print of course. that's the reason why it bounced and now we're going into a period where the markets are nervous about what's going on everywhere. we'll see. but at the end of the day low oil price is good news for european and u.s. growth. >> but it seems like there is a correlation between oil prices and stock prices. yesterday many of the traders i spoke to were saying that oil was surging because of the strong performance in u.s. equities but lower oil prices is actually good for the consumer yet prices move higher when oil moves higher. so i

you're watching cnbc, first in business worldwide. tlights in detroit, at one point, did not work. you had some blocks and you had major thoroughfares and corridors that were just totally pitch black. those things had to change. we wanted to restore our lighting system in the city. you can have the greatest dreams in the world, but unless you can finance those dreams, it doesn't happen. at the time that the bankruptcy filing was done, the public lighting authority had a hard time of finding a bank. citi did not run away from the table like some other bankers did. citi had the strength to help us go to the credit markets and raise the money. it's a brighter day in detroit. people can see better when they're out doing their tasks, young people are moving back in town, the kids are feeling safer while they walk to school. and folks are making investments and the community is moving forward. 40% of the lights were out, but they're not out for long.they're coming back. >>> freeport-mcmoran's huge 26% gain. of course it's been sliding aum y

that's our cnbc news update this hour.et's get back to "squawk alley." >>> let's take a quick look at the dow right now. it's briefly turning positive just moments ago. now the all-important question of fed policy on interest rates. our senior economics reporter steve liesman is at the fed's annual meeting in jackson hole and has a very special guest. >> thanks very much. i am here with a special guest, federal reserve vice chairman stan fischer. thanks for joining us. >> thank you, steve. >> what people need to understand, we have done this for many years but i think now people care a little bit more about what you say. >> thanks. >> let's start off with what people i think are most interested in. earlier this week, bill dudley called the case for a september rate hike less compelling. would you agree with him? >> i think it's early to tell. the change in the circumstances which began with the chinese devaluation is relatively new and we are still watching how it unfolds so i wouldn't want to go ahead and decide right now

you're watching cnbc, first in business world wilde.e meantime here's what's coming up on northwest.50. >> man who called the dollar rally is with an even greater prediction. >> oh, no. not again. >> and it could spell doom for stocks. we'll tell you what that is. plus -- ♪ "fast" is going west. in search of the best investment opportunities in america. from stocks to real estate to cars we're headed to the hottest city to find you the hottest trades. "fast" goes west. tomorrow at 5:00 p.m. on cnbc. >>> one biotech stock could see massive moves later this month thanks to the meddling of hedge fund heavyweight hitter kyle bass. sounds like it's time for some much-needed stock therapy with our resident biotech stock therapist meg tirrell. what's happening? >> you remember earlier this year when kyle bass and heyman capital said they were going to challenge all the patents underlying a lot of the biggest drugs at biotech companies. they started and they've actually attacked eight companies now. the patents underneath eight companies. 15 di

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courtney reagan with cnbc. thanks. >>> philadelphia police say a man wanted for robbing and attacking a worker with mace has struck again. this is new video showing the man at the 7-eleven store at 22nd and market streets last tuesday. philadelphia police say he asked for six packs of cigarettes and sprayed the clerk with mace as he was bagging the items. he also took off with $62. police say the same man is responsible for a similar attack and robbery last wednesday at the 7-eleven on franklin town boulevard. if you have any information, call police. >>> new video into nbc10 shows a suspect wanted for shoplifting at a camden county rite-aid. authorities say the crime happened on june 27th at the store in gloucester township on blackwood road. police say the guy concealed about $280 worth of items under his jacket there. they say he went to the checkout counter, claimed he forgot the wallet, left the store and that set off the security system. >>> the lehigh valley county corner is set to perform an autopsy to

and peter, cnbc contributor. peter, great to have you today. get you up to speed on what's happening. u.s. equity futures on this final trading day on what has been a volatile august. the dow down 118 points. s&p 500 will be down 14 points. nasdaq will be down 28 points. nasdaq on pace for its worst month since may 2012. we know volatility has been the name of the game lately. the vix on track for its biggest monthly gain ever.