that's in part because of conagra and sean cy, the revitallization of some of the brands conagra sharesn. off the worst levels of the future. >> but they reported a decent number they reported a quarter, also. but it is interesting the stock is down. given they did show some price discipline typically in a stock deal you'll have those smarting the shares of the enkwirer. it can add a little bit of selling pressure. >> they appear to have gotten it pretty cheap it's blow -- below some of the deals we've seen they have a big frozen business now combining some of the conagra brands and the pinnacle brands according to jpmorgan, they'll have 39% of the market it is expected to pass regulatory muster but they might have to divest some of the brands that's a big chunk it would be number two next to nestle as far as the chile market they would have about 30% and spreads 31%. and healthy choice are the big brands for conagra birds eye. >> yep. >> for pinnacle i would say the deal is out there. lauren hirsch reported it was loing like a done deal. >> amazon whole foods will have a hard time deli

. -- conagra.here is no certainty of a deal being made but in recent weeks conagra and technical have been in discussions. you can see a look at the effect that this news is having on conagra's share price on the day. >> let's now get a broader check of the markets area u.s. stocks falling today. the dow is down 6/10 of 1%. now, falling for an eighth consecutive session. the s&p 500 is being led lower by energy shares. we are less than 24 hours away from the crucial opec meeting. decide the fate of crude output. take a look at what is happening across markets. the u.s. may be approaching china to backdoor channels so we are seeing the dollar reversing earlier gains but this is mostly about positioning wearing and trading today. the pound is gaining strength of more than two months after we heard news that three members of the bank of england voted for an increase. they were outvoted. >> ofourse with all eyes on opec, we wanted to show you on the terminal here. the output from opec member nations. i

. >>> and a big deal could be brewing in the food space as conagra and pinnacle foods looks to team up it's friday, june 22, 2018, "worldwide exchange" begins right now. ♪ >>> good morning tgif welcome to "worldwide exchange." i'm dominic which you. let's check on the futures we are seeing a nice move higher in the equity side of things if the dow opens up the way it is now with the futures picture, we could be up by 125 points the nasdaq up by 25. the s&p by 13. oil is the big focus today ahead of the big opec decision right now both brent and wti crude are trading higher wt i-i $66.22 ice brent crude, $73.92. so, as we talk about that big opec meeting, let's get out to brian sullivan live in vienna at that opec meeting. brian, what do we know what's the latest? i see a lot of bodies behind you. >> okay. i've been in a lot of strange places and done a lot of strange live bits. we're in the basement of opec. these are all energy, oil, opec reporters. we're stuck in a stairwell can we get stuck in a stairwell trending on twitter? we're waiting to go upstairs to talk to the ministers. th

conagra buying pinnacle foods.ssumed debt and comes to a per share figure of $68 a share cnbc reported yesterday that a deal was close conagra will take on debt to make that transaction. >>> we're going to get the goods numbers. that's following the april drop of 1.6%. >>> general electric is getting praise from one of its major shareholders after announcing moves yesterday. telling "the new york times" it includes a spinoff of ge health care will create substantial value for shareholders trian's garden joined the ge board last fall. >>> and beyond the world of corporate headlines, trade turmoil front and center for the markets. you're looking at a live shot of ite house. president imposing tariffs against china and the eu putting investors own edge we'll get to kayla tausche who's got the latest >> now the white house's top trade official is leaving. everett eisenstat is set to leave early next month he told colleagues he'd leave after a year he was the so-called sherpa. meaning he led negotiations at multilateral

sherwin-williams and conagra would be responsible for nearly $170 million.ast week we had the author on who discovered the problem with the lead in -- >> flint water. >> in flint water. we know how damaging this is. >> there have been federal regulations on this. homes before 1978 muwere using lead paint. if you buy an older home, you should test that home. there are allowances made that you can have ten days to have an inspection of the home. >> good information. >>> up next, a look at this morning's other headlines including the newest benefit for amazon plirime members. >>> plus, a dramatic escape from a burning plane. how one man's >>> good morning everybody. check out the coastal clouds to the west. other than that, it looks like a lighter onshore breeze today which will allow temperatures to be slightly warmer than yesterday. you will definitely notice that inland as temperatures reach in the upper 80s for many of you. in the upper 50s for places like pacifica. tomorrow seasonable, same thursday, but really warming up friday and saturday. >>> > this po

olic >>> conagra may gobble up pinnacle foods. they're in advanced talks to get the bird's eye deal. they're trailing nestle, and it would have a combined market value of more than $23 bithion. e has been speculation about a merger between the two for several months now. ares of pinnacle rose more than 2% at 67.86. conagra was off to 38.23. >>> the metal recycler smither steel beat revenue estimates by 6%. the company issued a fourth quarterou ut that was below consensus. the shares fell 3% to 33.65 but th are up about 60% the last 12 months. >>> riteid sent a letter to the shareholders on the merger with albert son's ahead of a stockholder's vote on august 9th. the company filed theirro today setting the proxy vote into motion. the merger is facing opposition by shareholders who want to get it over and rite aid fell 7% to 1.96ll >>> it's s tough to be a woman on wall street. men don't notice. that is the findingst of the f ever joint gender gap survey by cnbc and linked-in. julia boorstin joins us to discuss the result. julia, go

we talked about conagra, pinnacle, conagra taking the balance sheet to get this deal through.observe this issue and they are comfortable with companies stretching their balance sheet. you see the reaction in cannes -- conagra's share prices. the market is sensitive about companies taking on additional leverage to get deals done. anna: it is starting to be a u.s. phenomenon. ma .ing at we are down 29% in europe you're on your. -- year on year. week found that was being driven on that. where do you get excited about the m&a story, where is too much risk? richard: the u.s. is the place to be. one is the economic back drop remain solid. you have companies with repatriation, they can bring cash at gone sure. have balance sheets in good , helping from that perspective. the u.s. is the place to be an you will see the transaction happening. my point about leverage is important from an investor perspective. you need to be careful with companies stretching themselves too far. you see companies bidding up especially in areas of package goods. kraft heinz looking to do a deal and gene

that would be conagra and pinnacle foods, but again, cnbc.com's lauren hirsh reporting conagra is nearing a deal to acquire pinnacle foods as you can see, your shares of pinnacle foods are spiking by more than 4% back over to you >> thanks. courtney reagan with that news let's get back to brian sullivan in washington. he just spoke to rick perry. brian. >> yeah, we did. that's why i wanted to bomb back in on your show. thank you very much. here's the thing department of energy secretary rick perry coming out of a meeting, racing into another meeting, gave cnbc a couple minutes. i asked him about the iran sanctions, the news u.s. is going to push our allies to buy zero oil from iran he said he wouldn't comment directly on that that's coming from the state department he's the energy department however, what he did say is he believes the saudis may be able to produce more oil than perhaps the market thought coming out of the opec meeting there were headlines rick perry was unhappy with opec. he said i wasn't unhappy with opec basically, i think the saudis can maybe produce more or will produ

. -- thoseee conagra benefits were baked in. why do they want pinnacle?y will gain big brands and this is a big group that is growing at the moment. so a smart move on conagra's part. vonnie: thank you for that stock of the hour. to reiterate, the news of the filedew minutes, the u.s. the disney-fox merger settlement in federal court. they are requiring the sale of its -- of fox regional sports network. disney is up 1.5%. we will bring you details. this is bloomberg. ♪ ♪ vonnie: it is noon in washington midnight in hong kong. i am shery ahn. david: welcome t bloomberg markets balance of power with the focus of the economy. >> here are the top stor president trump softens his threat against chinese investment in u.s. firms. is it enough to calm trade fears? a major blow to unions, saying -- the cannot doubt governor of illinois joining us. and thunder in new york, a congressman, the number four democrat in the house, ousted by a former bernie sanders campaign worker. what it says about the future of the democratic party. ♪ david: president trump has announ

court ruling of 2015 , hundreds of companies signed onto the friend of the court, everything from conagra to xerox every thing in because lg bt groups in the company stood up and said we think this is the right thing to do. bank of america alone, our anchor partner at georgetown has 250,000 employees, so when they make a policy change its impacts hundreds of thousands of people's lives and of course millions of families and then also in the drunk driving issue the role of companies with interesting. it was controversial early on. parts of the anti- drunk movement that wanted alcohol to be nowhere apart of these coalitions of the advocacy. the founder of madd felt strongly alcohol, beer, wine companies need to be at the table. madd had a clear vision. we are against drunk driving, not against drinking. this is any prohibition movement. we got to change this behavior. so, she said we can do better if we have alcohol at the table and in fact the marketing and messages around drinking responsibly and taking alcohol and beer, wine advertising out of the environment were very much part of the m

. >> conagra is reportedly inrested in mergi with fin acal foods. a potential deal would create the sect larger u.s. frozen food company. shares of pinnacle rose 2%. shares were off a fraction to 238.28 shares of stamp.com, after it want to do restructure the postal system to create a sustainable business model. it also said tell turn the business into a privately head -- shares fell 10%, 251.85. ng> after the bell red did the top ear and expectations, but it was a company's guidance. and so as you might experiments shahverybody theynded the regular day down 2% to 165.73. >>> coming up, defeating diabetes, a new program that can improve health and curb costs. >>> spending on medicine to help control diabetes is on the rise. but a new program is helping over the costs while time improving patient health. the idea is relatively simple. meg tirrell has tonigci's modern me. >> rita perkin has lost more than half her body weight. she lost 100 pounds, but the scales were stuck as she couldn't stick on healthy habits. then she received a different prescrip

' shares lower on the news >> conagra, there was a big school of thought they were going to trade upased on rumors they were going to be acquired by archer daniels and it didn't happen they paid a high multiple for it pinnacle is a high quality company. now they have to be able to get enough synergies out of it to justify it you'll be able to come back to it, but not now. >> world wrestling entertainment hitting a new all-time high after signing a multi-year media deal with usa networks and fox sports >> well above what everybody was estimating so these numbers absolutely impressive this a part of the sports world, entertainment world, that everybody forgets about. it's unbelievable. the ratings have been great. they have been able to navigate everything so well this new media deal is a great deal >> sonic shares on track for their worst day since october 2016 after a disappointing revenue and comp sales >> i don't think there's ything long-term broken here a $1 billion market cap stock. small cap stocks can be beaten up i wouldn't read too much into this today >> let's get to the ne

and conagra, a price issue with that one >> i think everyone says the strategic logic is fine.wn to what is the president trying to do when it calm down to skremt. >> the news this morning i think was perceived as benign as it relates to the whole trade policy uncertainty. the problem is i think the traders are overplaying the significance in the short-term of all the trade stuff in both directions i think the rally today was very effort full. let's bid boeing up. and there was not a lot behind it you still had banks down and tech under profit taking really it's not swinging the overall debate or the economy. so there was enough soft durable goods orders a lot of noise and the basic story is still global markets are unsteady. oil in total momentum mode to the upside the dollar rallying. and emerging markets still stretched to the downside. so i think in all that movement, stocks just got shaken loose which is not great >> and that's exactly what some of the traders around here are watching so they're not going to be heartened by that. charlie, on tech in particular, is the decl

. >> conagra now in the past, as you know, conagra made it clear they would pursue price discipline and be disciplined in terms of any acquisition. let's look at pinnacle, by the way. the stock has took a plus percentage position back in april. 9 9.4% in pinnacle and they have been pushing them for a potential deal they stopped that cooperation agreement. and they also had with conagra there's a look at pinnacle they're in active talks. where it ends up is unclear. they've tried it once before, as people may remember sometime back they are trying again. >> i met with sean conley a couple of weeks ago. they're the best performer the most important thing he's done, he's taken a lot of plastic out and put paper in the millennial's love it. >> frozen is more healthy, anyway, compared to other areas. >> right i was in the frozen food aisle yesterday. >> were you? >> yes were i want more details. >> at king's. >> okay. >> looking at the labels i couldn't believe how many calorie was in the peas i was going to get i got fresh broccoli. >> frozen? >> no. fresh. >> you mean with the rubber band.

we heard from chatter, conagra it loves the frozen food aisle we know ceo is a season deal maker. i think we need the way. earnings or acquisitions, pinnacle owns birds eye. check out mccormick. space maker rarely misses. i bet this is going to be no different. which is why i keep old bay on the seat after the quarter nike. name rarely comes up after tariffs or boycotts. nike and under armour are strong and they have my blessing. thursday also the day we get the same stress report cards that will allow the well graded banks to boost their buy backs i think citigroup, is going to be booing stock hand over fist i expect the analyst to go nuts about them on friday what would i do? i would buy citi on wednesday. and i would buy it aggressively. finally on friday, consolation brands there is a ton of worry as beer slows down as well as very high end wines and wisky. we know there is a lot of analyst bulls. which had the added advantage of cinco. i am more -- that is now more worth the 600 million. plus warrants. really smart i know many of you believe in the marijuana bull market which

conagra has approached pin cal foods about a potential deal for some of its frozen food brands here'shat might work frozen foods, one of the few real growth spots in the food area. >> bob pisani at the new york stock exchange are deals a reason to buy staples at a time when the markets are more volatile? you may be looking for safety. is that a reason >> if they were cheap i would say yes but they're not. for all the reasons he cited there's a lot of secular pressure here that i don't see it abating and if you look at something like p&g, that's not cheap. those pressures are there, i don't know what nelson peltz could do cost cutting isn't a way to get to the promised land. >> so we thought we'd play match maker. each trader will pick two names they think would be a perfect match. >> in a similar vein, again mills which has been on its knees, i think buying by walmart. there's synergies in terms of retail products, walmart could sell it internally as their own brand. i like this trade, i think it e's tenth of the market capital. why not. >> why does walmart need a general mills? >> if

. >> right by the way general mills and conagra reporting. they are active.hat's a deal that conagra reports, adds you said who knows. i don't know where things stand. there may be consolidation. >> there's running consolidation in the industry. that's because the industry is weak i mean, the top line growth has been elusive for some of the food companies and the end game has been merging, squeezing costs out, trying to go through acquisitions so far very little growth. >> it's interesting how dining out now is that's what is swung in favor all these restaurant stocks that have been going crazy were heavily shorted, in some cases. >> yeah. dining out and gets a further tail wind if you look at campbell's soup the tariffs raise the price of aluminium. >> it's only a penny or two. come on. the image of wilbur ross. >> it's more than a penny. >> it is, i think. >> if you ask campbell's [ laughter ] >> wow >>> when we come back, setting new records. a look at the state of the economy from our new cnbc all america survey take a look at the future of intel this mor

. >>> and a big deal could be brewing in the food space as conagra and pinnacle

. >>> and food giant conagra eating up some of its competition. as marie calendars hunt's andy readip is buying pinnacle fos. >> pinnacle's brands include bird's eye and duncahines. total price tag 10.9 pill dollars. >>> a new associated pre report shows hospitals are running out of pain killers. itfa revealed manuuring opioid has been pushingca medifacilities to ration their stock piles.ca >> the american l association called it a pubc health crisis. the fda is trying to speed up the approval processopo produce more ids. >>> you wouldn't know it from rld is actually running out ofd. sand is used in a lot of products from toothpaste and computer chips to asphal and concrete. >> now, after air and water sand is our most used natural resource. 're using it up faster than the planet c produce itd. driving up the depen some experts are calling the sandusiness the new rush. >> still thinking about how to get into the sand business. >> got toind a sand farm >> somewhere. omewhere. >> hm. >> think ofth all the tooste we could make. >> i know, right. 5:25

conagra,o mention approaching pinnacle about adding brands to its roster, right in a time when frozencells are making it may come back here because millennials have discovered the convenience of frozen food. just a mission wayfarer as well, the online e-commerce retailer. the supreme court ruled states can collect online sales tax from the retailers. muchrer enjoyed and pretty touted its price does ritual -- price differential. it could stand to lose. joe: let's look at the government bond market today. today, i think that the really interesting thing and the key thing that people are to remember is for a while now, we have really seen that reemergence of the inverse correlation between stocks and trading. it broke down some intense periods of volatility, particularly when spurred by legislation. lately we have not seen that. we have had a diversified portfolio. a good deal that bonds and treasuries are up, a good indication that the version patient -- that diversifications are working. julia: trading above the $1.16 level. we just saw it earlier in the session, concerns over in italy

conag conagra's deal talks between the two companies fell apart last summer because of price. pinnacle has come under price to pursue a possible sale back in april an activist investor jana partner disclosed a 9% share in the company. shares of pinnacle rose 3% yesterday on news that conagra had approached the company >> let's get back out to vienna. oil ministers have gathered there for a key opec meeting brian sullivan is there. >> we now know after weeks of speculation what opec leadership wants, it's another 1 million barrels per day on the market theoretically. i say theoretically because there's a difference between a real barrel of oil and a barrel of oil you cannot produce. here's what we're looking for from a deal later on today from opec we have not gotten a deal, just speculation and confirmation a couple minutes ago upstairs. the uae's oil minister telling cnbc live on "worldwide exchange" that 1 million barrels is what they're looking at here's the problem if i ask everybody to bake cupcakes and bring them in and you eat what you bake based on proporti proportion,

conagra brands buying pinnacle foods, $10.9 billion in cash and stock.o $68 for each pinnacle foods share. shares of both conagra and pinnacle lower in premarket trading, though, especially conaow more than -- well, at 7.5% right now. pinnacle as well. two stocks to watch today. a man arrested after jumping onto the wing of a plane on the tarmac. the 19-year-old barefooted man in his underwear also pounding on passenger windows. this happened at atlanta's hartfield jackson airport. he's been charged with criminal trespassing, public indecency and obstruction of law enforcement officers. we don't know how he managed to get onto the tarmac of an airport in his underwear. okay, imagine fing from new york to london in just two hours. well, boeing maine can do it. -- maybe can do it. the company unveiled a jet that could make the triple a mach5. 'that's three times faster than the concord. the plane will take between 20 to 30 years to build so our grandkids can take the flight. shares of boeing were lower, they're actually higher now, edging higher with the r

had around the supreme court ruling in 201500s of companies that to stand on, you had anything from conagraxerox and everything in between because lgbt affinity groups stood up and said we think this is the right thing to do. bank of america at georgetown had 250,000 employees so when they make a policy change and impact hundreds of thousands of people's lives and millions of families and in the drunk driving issue, the role of companies was very interesting and controversial. parts of the drunk driving movement that's wanted alcohol to be nowhere part of these coalitions and advocacy. the founder of mad felt strongly alcohol, beer, they need to be at the table. mad had a clear vision, against drunk driving, the prohibition movement, we got to change this behavior. at the table, the marketing and messages, taking beer and advertising out of the environment were very much part of the success of that movement so there was still tension, and what was raised to lower the blood alcohol level. they got resistance from industries but it was always a negotiation. it wasn't always black and white ve

acquire pinnacle foods the on conagra is down is this was a buy the rumor sell the news the deal hadn widely telegraphed, including by our own team at cnbc.com which broke the news yesterday there was a question how much it would add to the profit forecast they didn't love the forecast on the synergies. how much cost cuts it would get. it kpins two freezen fast-food giants healthy choice >> they brought this the bowls healthy choice the bowls were a huge. >> healthy bowls >> yeah. >> millennial are buying frozen food it is combining with bird's eye, the big brand from pinnacle. they will have 40% combined market share of the frozen food aisle according to jp morgan it's all about getting scale as the food business continues to training and be under pressure and miss the trend by millennials and get squeezed from retail grocery wars. >> one of our guests the other day was talking about pinnacle and ended up picking kellogg. >> ben goldman >> i think he anticipated this exact deal. >> some primaries held yesterday, some surprising results that could have a big impact on the midterm ele

now coming back into the city like boeing has done, conagra has done it's a more active environment obviouslyat's going to be good for employees and retention and recruitment. they even have a restaurant here in the corporate headquarters where you can order mcdonald's menu items from all over the world. last night we had the mcspicy chicken sandwich from hong kong, the mighty angus burger from canada this gives people in chicago a sense of how global this company is it's the most global food service company in the world with 37,000 locations in a hundred countries. a lot to ask steve easterbrook about. we'll talk about the dollar, talk about commodities, oil prices, consumer, and a lot more on "squawk on the street" at 9:00 a.m. eastern time >> and you talk about that stuff, i'm telling you, i swell with pride i don't work there, but there are people -- honestly, it's part of the tribalism of current society. there is people that think mcdonald's is this -- i think it's just fantastic and amazing. and do you remember what got us into china, carl i think it was ping-pong or something. did you