famed investor dan niles just cover his short on the sector and joins us now on the phone. d afternoon to you thanks for joining us. >> my pleasure, wilfred. >> so you were bearish on the semis just remind us when you turned bearish and then why you have switched your position as of late. >> sure, i mean on april 24th we put out a tweet under my handle @daniel t niles and reminded in twoot that we've never seen the semi conductor -- i've been wall street 29 years -- hitting all-time record highing it was pup yeater to date through april 4th while you're in the middle of a downcycle. and it madeabsolutely zero sense what so far. since then the market came down. the s&p since april 24th down about 3.5% nasdaq down 6% and semi conductor down about 17% and now people are finally starting to take into account some of those ricks. and more importantly people are really starting to i think maybe get a little too negative on things like how huawei will get sorted out and so that's why we covered our last short yesterday in the semi conductor space. as i said in the tweet i put out y

we were with dan niles out in san francisco. want you to listen to what he told me and we will kick that around on the other side >> that were short because i've been covering the space since the early '90s i have never, in my entire career, seen a situation where stocks are hitting all-time record highs and the estimates are still getting cut by, you know, dramatic amounts in some cases. >> okay, so that's dan niles, who said he was adding to the shorts jenny, you own qualcomm. maybe some others too. >> yeah, we own qualcomm we also own amat and we love both these names i have been struggling with qualcomm personally so what i have been looking at is from here, being up 50-plus percent this year, where do you go and actually i called my friend, jim lebenthal, for help on this one and we talked through the valuation on it. so i think one of the interesting things now is that i don't think it makes sense to clump all semis together i think you need to look at each one individually and see what's going on with that valuation, with

we'll talk to alpha one's dan niles about the markets here global trade his position in the semis.jor averages, dow down 253 teth see bk hetrt"ac afr is >>> stocks continue to sell off here, dow down 265 on the heels of the president's tweet threatening higher tariffs on china. he wrote for ten months china has been paying tariffs to the usa of 25% on $50 billion of high tech. 10% on $200 billion of other goods. these payments are partially responsible for our great economic results the 10% will go up to 25% on friday $325 billion of additional goods sent to u.s. by china remain untaxed but will be shortly at a rate of 25%. the tariffs have had little impact on product cost, mostly borne by china the trade deal with china continues, but too slowly as they attempt to renegotiate. no eunice joins us with more from beijing. >> sources told cnbc the chinese are considering pulling out of trade talks after president trump's tweet. officially the foreign ministry said that a delegation from china is preparing to go to the united states but there is no mention that china would cancel the

including alpha one capital dan niles, who just covered his semiconductor short position af

not that long ago i saw an old friend, dan niles, a hedge fund analyst who came on our air and talked this is happening too far too fast we don't need to game the game we're just gaming the players. whenave gotten ahead of the turn and they're not letting go if you don't own them already, i think the group may be running out of the upside. next up, look at networks, down 10% today after the company gave some lousy guidance last time. what happened was purely cyclical and few gamed it correctly. here's a networking equipment company that's basically making the plumbing for the cloud and last night they hinted there may be a pause in spending for major cloud provider and many analysts thought it was microsoft that's pretty stunning because until last night we didn't know there was a spending cycle for the cloud. this is supposed to be a secular trend, meaning the growth is staying consistent, no up and down but i think orista is pointing to a pause here. i'm not worried. because earlier this week we had lisa su, the ceo from amd, she's seen no downturn in chips from the dat. bob swan, t

carter worth, tim seymour, jeff niles from pmc and dan nathan. crude getting crushed sinking another 5% now down 16% this month. is the commodity in for a crude summer we have the details. plus apple rotting >> oh! >> the stock having its worst month since november sinking deeper into a bear market and there seem to be signs of life the dow dropping 300 points having the worst month year as the president axe noubsannounce tariffs on mexico. restaurants and railroads all taking hits today as wall street tries to digest just how big this impact could be now we're fighting a trade front, a trade war with china and mexico what does the market look like for these trade battles? >> hi, mel it tells you that tariffs are being used for any circumstances and this isn't about protecting the intellectual property and this isn't about control of technology and this isn't about politics and this is about elections and it's about what it's done on a two-day move. look at bond yields and you went from 228 to 211 on the teb-year and almost 1.5% and transports do

carter worth, tim seymour, jeff niles from pmc and dan nathan. crushed sinking another 5% now down 16% this month. is the commodity in for a crude summer we have the details. plus apple rotting >> oh! >> the stock having its worst month since november sinking deeper into a bear market and there seem to be signs of life the dow dropping 300 points having the worst month year as