so three-cent beat on the bottom line for csx. revenue for the quarter declining 12% from a year ago. csx continues to expect 2016 full-year earnings share to decline and also saying it continues to drive strong customer service and network efficiency in a challenging mark chet is expected to persist throughout the year. we look at stock of moving here up about 3% in the last hour of trade. guys, back to you. >> all right, seema, thank you very much. >> now to the "closing bell" exchange. where am i? >> "closing bell" opening exchange. >> i guess. we have peter costa sitting right next to me at post 9 and rick santelli joins us from chicago. mark, i don't know if you follow the rails that closely but you're getting a positive report here from csx. at least for the second quarter. do you like the rails? do you like the transportation sector right now? >> yeah. we've been relatively neutral on transportation and underline managers but we will take good earnings anywhere we can get it. if this market in the u.s. is going to continue

we have more on csx's quarter. >> earnings from csx surprised the upside of the second quarter indicating the railroad's operators plan the starting to pay off as it continues to grapple with the ongoing lower commodity price, which has resulted in increased demand from railroad operators. in the second quarter, volumes did decline while volumes dropped more than 30%. longer term, they say that stronger u.s. dollar, prices and energy market transition continue to challenge its fin report. >> young brand raises its profit guidance and that's where we begin tonight's market focus. strong firstf results in china prompted the chain to lift outlook. the owner of kfc and pizza hut saw quarterly profit rise, beating expeck tase, but revenue came in light. shares rose afterhour, but fini to 8574. amazon says its prime day was the largest sales f. second annual one day sales saw orders rise more than 60% compared with a year ago. $600 million.sales be despite the numbers, share fell nearly a percent. and tampa pharmaceuticals said the plan for takeover offaler began could come at any time. the com

csx is sticking by of guidance, declining for the year, there is some relief, and the earnings reportes were lower, surprise early release. back to you. liz: a fast fingered earnings release. let's get to this, looking at records at this moment. are markets experiencing a mass psychosis? that is what is happening right now. investors causing the worst set up for the treasury market he has ever seen in his career and has been in the is is a long time. looking at the 10 year yield, 1.47%, not too far from what we saw last week but we are down 1.39. and where should investors be instead? and john cortina, makes it look like they don't deserve it. >> quiet day today into tomorrow and friday, large economic calendar, yum brands tonight, jpmorgan reporting tomorrow morning and a large ipo, so today was setting up everything that will come at the end of the week. the market has taken a little bit of a breather, every single day, not healthy for the movements. it is somewhat welcoming. liz: is that right? is this mass psychosis? investors are buying names like starbucks, facebook, manufacturi

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don't ignore it. [ bowling noise ] >> then csx and young brands, csx, the railroad brand, more importantmanagement expects some of the most important cargos, like intermodal, you know those big shipping containers, they expect that to improve next year. pricing seems resilient. rail's in the definition of commerce. >> all aboard! >> i follow railroad car loadings. i like what i hear. i felt better after listening to this conference call. and yum! brands, this is all about improvement in china. i know, i understand the reluctance to try to read any of this. i'm really talking about fried chicken. colonel sanders does not outrank general cho. it's hard when you see a pickup in this business, especially in light of the strength alcoa told us. we learned that taiwan semi reported strong demand for cell phone chips. ne are a supplier for apple. so naturally, traders are reading through a positive here. get this, apple closed up $1.92, percolated all day. why? as the word got out that maybe taiwan's semi could be related to apple demand. j.p. morgan reported and saw fabulous growth. business w

and csx has gotten cut with number cut after number cut after number cut.ut csx gave you a quarter about as good as you can expect from a railroad at this point in y t y commenty. looks like it might be again. we discussed the best and worst performers, and by far, the worst sector was the airline sector, holy cow. it has been horrendous. >> house of pain! >> what do we make continental said it had improved. two different airlines? that's remarkable. it's a major departure from the narrative that the country is going through. these upbeat airlines reports were merely a prelude to something that i am telling you, people, is plain remarkable. i'm talking about spectacular earnings from the one group that i thought could possibly be worse than tech or the airlines. the group that was so injured by no rate hikes, bad loans, yes, the banks. we've now heard from the four major banks. wells fargo, citi bank and bank of america. the thr three of the four vastly exceeded expectations. there were no lines that were weak other than equity issuances. trading. it was an

things if you make your ballot look intriguing to open, if you promise as you mentioned at the beginning csx the railroad about pledging to plant a tree in coax the people. >> but how costly are those kinds of things? i mean, you e company anded they to -- and they had to make some 40,000 calls so there are costs associated with reaching out to the retail investor as well. >> yeah. exactly. running a proxy fight when you're up against an activist or campaigning to get a vote passed or paying someone like a proxy getting people to vote that's not cheap. it's definitely expensive. which is one of the reasons why we should be careful. 75% support of its total shares to get a vote. so you kind of have to go out and change the map. >> davidene for the u.s. economy. >>> twitter signs a deal with the nba. it does not include rights to stream the games but all shows exclusively for twitter. the second show is still in the works and both will stream on the twitter app and the website beginning in the 2016-2017 season. >>> mcdonald's will become the first big business to make a deal with pokemon go. a

if jpmorgan is any precursor as was alcoa earlier this week as was csx in terms of not being worse thanxpected as was yum! being better than expected, that's not a vast pab a plea but does cover cinch areas. larry may be correct that it can be justified if earnings come through. this jp quarter on trading, it's been a while since we've seen trading be as good as it was. what you forget, these banks have ways to make money, we often talk about how they can't make money like they used to, but jpmorgan fixed income, plus 35%. i mean, that says to me that maybe larry is right, remember, i want to -- you know, right that we could see upward revisions. quite frankly it was a good quarter. >> it was a good quarter from jpm. also expense reductions were pretty significant there. when you look at overall the net revenue up 3%, net interest income 11.7 billion but they took down noninterest expense by 6%, lower legal expenses of course a key part of that because we remember so many quarters they have had significant legal expenses. >> right. >> but also just expense reduction, jim. so, i mean, yo

today they were very strong on the back of those csx earnings.he airlines moving up on the back of delta's results. but the other thing that really needs to happen here to get some big momentum is to see apple start to get some momentum to the upside. did well today, but has a long way to go. back to you. >> worst performer since the highs last time around. bertha, thank you. let's bring in greg ip in and out from the "wall street journal." recently wrote a piece about the divergence between falling bond yields and this rally in stocks. saying bond investors don't expect economic catastrophe. they simply assume that central banks will act as if catastrophe is around the corner. greg joins us now more for. good to have you on board, sir. should we talk about japan? because that seems to be a big impetus behind this rally. >> yeah, the talk in japan right now is that there's going to be some kind of fiscal stimulus joined with monetary stimulus, to get the economy going, which is actually one of the risks i think in this bond market rally, kelly. a

earnings from csx are pushing the index higher a sixthow gaining for day. take a look at the fx market. we are seeing big movement there. the yen falling again, down .9%. for its biggest weekly drop since 1999. the clearer gainer is the pound, gaining 1.4%. >> and solidly risk on. what is happening in the debt world? japan, we., the u.k., are seeing the prospect of more stimulus. in japan, for example, we are hearing talk of how to cut the money. we are seeing debt falling and yield rising a little bit at the moment. david: thanks so much. to bloomberg get first word news with mark crumpton. mark: conflicting reports today about donald trump's selection of a running mate. "the new york times" and cbs news say trump has selected indiana governor mike pence, but the times also reported that trump could change his mind and the campaign manager says no selection has been made. meanwhile, the indianapolis star says pence has dropped his reelection bid for governor. the trump campaign is planning on an announcement tomorrow morning in new york. we will bring that

we actually got it from csx when they released their results before the closing bell.y are down year-over-year but they beat it by 3 cents. the dow was already kind of climbing off the campus when canvas when it broke. it gave the balance a little bit of. they reached another little high. by the tiniest of infractions as possible. but a win is a win. here's the thing oil was a big loser. the reports were down less than expected. on the other hand glows -- gold continue to soar. it was a persistent anxiety the record equity so far it has not been able to dissuade. it continues to set the tone for stocks too. 300 for stocks at 52 e-cards. people are buying the blue chips. the biggest name to talk about after the closing was 75 cents. they beat up by a penny but the stock is going nicely in the aftermarket. they were able to guide for your corporate earning profits. it will be up 14%. the past quarter and second quarter only up jason morgan reports before that. and i am seeing some encouraging signs between banks and main street. year-over-year a demand for all types of c

and itselfs look for csx to report second-quarter profits in line with expectations, third-largest railroad saying in april they expected mid to high single-digit decline during the second quarter. seqoyah pharmaceutical shareholder told clients it has exited position in that company. the stock in counted 30% of portfolio. adam: showt china sea ruling puts beijing in a corner. that forces chinese leaders to choose between preserving standing at home or ignoring international law. fiat hacklers will pay after years after they could control moving jeep vehicle using a laptop. pokemon is raising questions about whether the game's location and mapping features could lure a player into danger. nicole: i bet you there's pokemon monsters in the set. plan to go add nutrition labels to beer including corona. they would provide that information online or on card board packaging. adam: new study finds managers and dental hygienist are the least likely to be automated in the decade. analyzed more than 2,000 work task for more than 800 occupations for their work manufacturing food service and retailing

csx, young brand and jpmorgan chase to report their performance this week.night. after two weeks of gains received asia taking our cue because the of the shanghai composite index recorder 1%. korea's cost be up 1.3%. i saved the best for last. japan's nikkei up almost 4%. this coupled with the jobs report in hopes of fiscal stimulus. a look at the european markets. in almost three quarters of 1% thus far. german dax one and a quarter%. right here at home as i noted two weeks of gains we saw that dowd gained over 700 points during that time. here it is right now. s&p futures at bay. could set a record today. nasdaq futures higher. right now you see oil down 54 cents at 4487 a barrel. gold 1360 is troy ounce. lea: the u.s. and china malaya key economic data this week. import and export figures on wednesday. the country to report on friday's increase in gross domestic product has slowed further from the first quarter. the u.s. commerce department will report 5 cents retail sales on friday to show whether healthy consumer spending patterns continue in the u.s. i

the dow has jumped even more since we started this program 21 minutes ago, the dow is up 152 and csx chugging along. the third-largest american railroad reported a 12% drop in revenue but the street like second-quarter earnings, stock is jumping 31/4%. one step closer to facing music, we take you to brooklyn for the pharma bad boy's latest court appearance. countdown coming right back. we were born 100 years ago into a new american century. born with a hunger to fly and a passion to build something better. and what an amazing time it's been, decade after decade of innovation, inspiration and wonder. so, we say thank you america for a century of trust, for the privilege of flying higher and higher, together. ♪ perfect driving record. until one of you clips a food truck. then your rates go through the roof. perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. liberty mutual insurance. in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, and t

see a faster commute thanks to the atlantic gateway project that we've been telling you about because csxlso no longer have the right of way. terry mcauliffe says it improves transportation along the i-95 corridor. >> as you know, this is the most congested corridor in the entire southeast of the united states of america. it has more congestion than atlanta and miami. it's gone on for years and well, today the con gegestion i going to end. >> this extends the lanes both north and south and it will be done in phases with some construction starting this year. >>> i'm tracee wilkins. coming up, after all of the violence that's played out on social media, a lot of people in prince george's county are searching for healing including the believe last night's ambush that left five officers dead and injured seven others was the act of a lone shooter. before he was killed, the shooter told negotiators that he was angry about the deadly police shootings in louisiana and minnesota. and that he wanted to kill white people, particularly white police officers. >>> tonight, some teenagers in our area ar

service on metro and csx lines was suspended because it was so close to the tracks. >>> authorities wantfor this week's independence day celebrations. you can expect more security on the crowd wibles so large there will be eight access points with security checkpoints. park police are telling parents to keep their kids close. >> if you have small children under the age of five, please right down two adults names within the group with telephone numbers, this way we're able to call those the family members and reunite them with their parents much more quickly. >> fireworks could be moved to tuesday with the talk of storms. they have never postponed for weather. most roads near the national mall will be closed monday for the fourth of july parade and fireworks. that aparade starts before noon. most road closures start at 6:00 in the morning but they will end around midnight. >>> we want to see your fourth of july celebrations. use the >>> you won't be alone on the roads or at the airport starting today. security is being increased for the fourth of july holiday. travel is expected to be ver

csx and results and a couple day process of getting inflation data for the u.s.k of england, cut rates for the first time? >> buy corporate bonds. >> exactly. and a reuters poll showing a lot of people expect exactly that to happen. >> and line ipo as well expected to be in the billion dollar range. a big deal for the ipo market, and for people watching messaging and social. >> a lot of tests to get through over the next 48 hours. over to the headquarter, the judge and "the half." >>> all right, guys, thanks so much. i'm scott wapner. right to a story new at noon today, and a big one at that. it looks like former valiant ceo michael pierson unloaded much more of his company holdings than originally thought. according to filings i have in my possession, mr. pierson sold nearly 5 million shares and in the money options for a total of $96.8 million in recent weeks. what's even more interesting, of course, that i'm learning of all of this on the same day that the sequoia fund revealed it is completely out of that stock. sequoia, you may, at one time the largest valia

. >>> csx is up first.op of the bottom line. >> we look over the year and it was down but this is a beat and so because of that fact people have decided to jump back in. coal volumes were down. not a shock. >> you're out though. >> i am out. >> you bailed. >> i was in those calls, that's discipline brother. >> all right. young beating estimates raising the growth outlook as well. you brought the stock in the portfol portfolio. >> look at that chart. the stock is probably going to be the mcdonald's of this year. >> pass the kfc. delta airlines they beat fuel prices. >> yes. >> and an upgrade for some of the stocks. >> i sold most of my trading position yesterday. talk about discipline and stupidity. i still have a trading position in american and my core position so i'm participating and i think they go higher. they got too beaten up. probably the cheapest stocks i look at. >> p&g. >> this is a poster child. it's a high quality name but where are you going to go from here. >> coming up, buy netflix ahead of

csx and the report on wednesday, black rock out on thursday. marking the start of earnings season.ll hear from citi, wells fargo, u.s. bank corp. and pnc financial on friday and there's a meeting on thursday. the back half of the week will be fascinating. many expecting a rate cut from the uk. >> after carney pretty much strongly hinted at why wait, this is his opportunity to start the easing. >> what's interesting in terms of his rhetoric, the week before when i was in london covering that other meeting frngs he was suggesting that august that the rate cut would come. we'll have to see. i think there will be a rate cut this summer. possibly, people will be surprised if it's in august rather than july. >>> britain dealing with aftereffects of the brex it vote. the global aviation group is in farnborough, they come to announce big orders while other companies showcase their latest technology. phil lebeau is there for us and joins us with the ceo of boeing. phil? >> reporter: thank you very much. i am joined by dennis muhlenberg the chairman and ceo of boeing. should explain to peopl

csx surprised us, looking for earnings after the close. better than expected, still down 20% from a year ago. that boosted shares and the whole railroad sector as a matter of fact of fact. basically the company saying that the worst of the shipment slowdown is behind it. talk about shake shack real quickly. there is takeover speculation. a lot of options action. bullish bets on khalid sheikh mohammed takeover. up -- shake shack takeover. keep an eye on shake shack. back to you. melissa: lori, thank you very much. scott, different story for oil, retreating back below 45 bucks a barrel. what was weighing down crude today? >> we had an inventory report. we didn't use as much oil as we thought. number two, we had much more gas than we thought we were going to have. interesting to see how they decouple from the equity markets. can you imagine what oil higher today, what new all-time highs would be? we're at all-time highs because the economy is running away at all-time highs? what? we have things to be skeptical about. i think oil will still le

expectations not there in delta or csx so we are results better than very low expectations. >> it was a revenue beat, dan? didn't jpmorgan ultimately do more loan growth? >> right, and those revenue estimates have been coming down for a year. >> it is from its 52-week highs. 52-week highs, and it's still down on the year and we'll get nao citi and bank of america, down 20% from their 52-week highs. >> i'm not being cute. >> explain why 52-week high, why being below is such a big deal? >> massive relative underperformance. >> who cares what it did yesterday. >> we started out the conversation by saying the s&p makes a new high up 9% since june 27th. un1.5% from the all-time highs made in may 2015. it's weird we're not running the hallelujah music today because we did that the other day. >> hallelujah we didn't drift into despair like most people were saying. >> i'm not certain it's time for a big party year, especially after a 90% rally given the fact that we heave had five s&p company report earnings below expectations. >> underper formers coming back to life. >> are they? >> whatever

csx and young brands on wednesday. jpmorgan out on thursday.arking the official start to earnings season. we're going to hear from citi, wells forgo and pnc and others on froo. >>> ufc is the most recognizable name in mixed martial arts. $2 million like ten years ago. valued at. valued at 4 billion now. it's coming under new management. "the new york times" reports the league is expected to announce that it sold itself to a group led by my agent. parent group wmeimg. for about $4 billion. other backers include private equity firms, kkr and silver lake. also in michael dell's investment firm, msd. the primary owners, frank and lorenzo fertitta will stay on as minority investors. they took it to a new level really. ufc's fights are shown in more than 150 countries now and generate 2,000 hours of material for a tv pay-per-view and streaming services each year. they also bought the rodeo, the bull riding. he's got img and all these other things going on. but he garon he owe he tells me my situation is still like -- >> most important to him. >> yeah

yum beating estimates and delta and csx joining the earnings beat club today.o bloomberg 's first word news with mark crumpton in the newsroom. are conflicting reports about donald trump's election of a running mate. the "new york times" and cbs news reports that trump has selected mike pence but also reports that trump could change his mind and his campaign manager has had no selection has been made. he plans to emily announces selection on friday morning. pens has emerged as the front runner over the coming weeks. the indianapolis star says pens has dropped his reelection bid. we will bring you more developments as soon as we get them. exit czar says the country will probably leave the european union by december of 2018. david davis says negotiations could begin around the end of this year. in minnesota, a black man fatally shot by a police officer last week is being remembered at a funeral service in st. paul. times shot multiple during a traffic stop after telling the officer who shot him that he was carrying a legal firearm. the aftermath of the incident w

the csx cut by stefil today and cut over at wells and there's chipotle. morgan stanley cuts it into equal weight. targeted at 405 and a survey of consumers. 2,000 consumers. they did it back in january and now did it again. about 13% of consumers are not planning to go back anytime soon and those that are are going less frequently. the argument is that it takes time to recover from the e. coli crisis. >> at the bottom of the s&p, the travel stocks in the wake of what's happening in nice overnight. price lined and expedia, remember that price line's european operation booking.com is the bulk of the priceline operation. 80% of the operating profits so a slowdown in european travel or travel within europe would presumably hit priceline and we've seen this marginally in both after previous terrorist attacks. more importantly, it's the cruise line company, world caribbean and carnival. there has been slowdown, particularly in mernls travamer take the cruises and the like for their fear of where they go with the terrorist threat in europe and of course, in addi

lower revenue at the rail operator that would be csx.t's still up 14 cents in the market that keepses on going higher. and black rock that's the world biggest money manager did you know that in profit down but money is pouring in apparently on the strong demand for bonds not much change on that stock i call it dead flat. who's going to cover this extraordinary market action. i'll tell you liz mcdonald and dow is up yet again, 130 points higher. larry you've got to straighten even out. no jogging please. tell me straight at it why is this market just going up so much? >> two words janet yellen. head driven continue to be head driven. backed in the corner said going it raise interest rates can't do it state court and that is driving market higher. traders behind me know it. and viewers know and it people continue to know it. >> that's it. money being printed all around the world at that still driving the market higher. larry that's your -- dr nodding his head. that's the reason too? >> i would say central bngs so to add to what larry said

also quarterly earnings from csx this afternoon. >>> baseball's all-star game being held last night.merican league claims home field advantage in the world series for the 11th time in the 14-year history of the format. beating the national league 4-2. big story from last night's game, a sweet sendoff for one big name player. there he is. big papi david ortiz. the boston red sox slugger getting a hero's sendoff. there it is. after being replaced by a pinch runner in the third inning. ortiz retiring this year despite having one of his best seasons in a 20-year career. the american league came out on top beating the national league for getting the world series home field advantage. >> are you a birds fan or nationals? >> dodgers. >> yes. we talked about this. you probably agree with me. i like big papi and everything, but designated hitter? he doesn't have to be in the field ever? he can just be a good guy -- >> i'd get rid of the dh, right? >> yes. go back to stealing and the managers thinking when am i going to pinch hit. what about who's coming up next inning? don't tell me you're a

watch csx today. it reported lower second quarter profit, but it still beat forecast as lower cost help offset a 34% drop in coal shipment. 34. >> that's railroads everywhere. >> 34%. >> the coal usage is down drastically. >> why. the railroad operators earnings report was accidently released an hour early on wednesday, which happens a lot in this world for some reason. i figure you should know how to do it. >>> yum brand is reporting mixed quarter results. changing the outlook. talk about what's happening in china. there was a rebound in the first half. >>> jm smucker raising quarterly dividend. the maker of jelly. goes by the name of smucker. jif peanut butter and foldiers coffee will pay the dividend. are you a crunchy guy or smooth guy. >> full throttle, possibly krun which i. >> low fat you can get used to. >> you can. how often do you eat peanut burt. >> not much, but i like it. >> you know, it's protein. good for you. anti-ox dant. >> but it's yummy. as we mentioned one or twice today, the dow