ford telling owners of 2,900 ranger small pickup trucks not to drive them after finding out an exploding takata airbag inflater killed a driver in west virginia ford says it will repair the trucks at the owners' homes or tow them to dealerships for the work don't drive them >>> hundreds of rescuers continuing their search for survivors in the wake of the devastating mudslides that hit southern california. the death toll now stands at 17. santa barbara authorities originally raised the missing person count from 16 to 48 but then said that that was a clerical error and reduced the missing person number, thankfully, to only eight so far. >>> president trump holding a prison reform roundtable at the white house earlier today. he jokingly answered a question from a report eer about his physical exam tomorrow. >> how do you think the physical will go tomorrow >> i think it's going to be very well i'll be very surprised if it doesn't. it better go well otherwise the stock market will not be happy >> and that is the news update this hour. kelly, i'll send it back downtown to you. >> he said it better go well or the stock market won't be happy? >> yes >> yeah. >> it was a little off camera because that was a pool shoot, but, yes, that's what he said. stock market would be very unhappy if it didn't go well >> oh. >> we'll see. >> following -- i did that -- george w. bush i got to go along for the physical when i was an intern i didn't go in for the physical. you know what i'm saying. >> glad you clarified. >> the motorcade >>> we have a news alert on ibm. deirdre bosa, what's happening >> hi, kelly, ibm announcing it has a new chief financial officer, james cavanaugh he will take the position effective today he's currently senior vp of finance and operations the release does not give a reason for the change or specify whether shorter will be staying on at the company. it says next week web the company reports earnings on thursday both men will be on the call just a reminder here, ceo jenny rometti is nearly seven years into her turnaround plan we'll see if a new cfo helps right that ship. back over to you. >> deirdre, thank you. >>> the white house is reportedly changing decades-old rules, lending to borrowers. >> treasury is seeking to make changes this year to a 1977 law that requires deposit-taking banks to make financial products broadly available where they are chartered. not just to affluent customers and neighborhoods. in a report the treasury published in june, that recommended broad changes to the law, including how banks are graded, and how such communities are defined. a treasury spokeswoman telling cnbc "the community reinvestment act is outdated. it was written in the 1970s before the internet and rise of interstate banking the cra requires modernization to align the goals of the statute and ensure that banks' investments better support the feeds of their communities." it's a law that treasury secretary steven mnuchin and comptroller joseph otting of the occ know intimately, when each of them ran one best bank the bank earned a satisfactory rating from the occ with high marks for lending but low marks for location of branches and hours. otting was grilled by the fed and occ during the sale of the bank with regulators demanding to know how the larger bank would, in fact, serve its larger community once the merger went through. now treasury's currently soliciting feedback from stakeholders they want to make these changes this year. and they expect to issue guidance once they hear from all of those various stakeholders and you can imagine that there will be many of them kelly? >> all right kayla, thank you, kayla taush s tausche. let's bring in the former chairman at wells fargo. thanks for joining us. e wanted your thoughts on this >> it's good to take look look at cra community groups and banking organizations like the america banker association and financial services roundtable and independent bankers association, getting these groups together, say, how can we make it better and more effective >> so this concern about redlining which is where banks wouldn't lend money to poor neighborhoods at the heart of the regulations and concerns people would have about rolling them back. how would you describe today's environment, like where does that fall in terms of it being a concern? are banks going to pull back is that funding going to dry up to those communities >> i really don't think so i don't think there's much redlining going on anymore i think what can concern communities is as you know, many banks are closing offices, particularly in rural areas. and there just may not be banking services there i don't think there's anybody who is -- any mainstream bank who is redlining anymore. we need to do more to help particularly low-income people get into homes we need to help small businesses, particularly minorities and women-owned businesses, who we can do a better job of that i just think we need to broaden our picture here and see if there are things that the community needs that we can improve and go beyond redlining, if you will. >> dick, as somebody who ran a large bank subject to this regulation for a long time, just give us an idea of exactly how it came to be incorporated in everything the bank had to do, in other words, the costs and the responsibilities attached to adhering to cra. how did it maybe disrupt your business or did it create any kind of opportunities as well to be in some areas >> i think if we look -- i think initially there was a lot of concern. and the concern was that the government wanted us to lend money to people who could never pay it back. and i think that concern has gone away, basically and i think most -- let's just say that for some reason cra was eliminated, i think most banks would continue to do what they're doing in the community we think it's good for our communities. we can't be successful as a bank if our communities aren't successful everyone in the community needs to be successful and you do have to do some extra things to make sure because there's, you know, obviously low-income people have issues that others don't. but you can still lend to those people and so i think that cra's been good for the industry and good for america and good for everyone i think it can be better i mean, 1977 is a big -- lots of changes since then and getting people together, all constituencies, is a good idea >> dick, one final question i just wanted to ask you about wells fargo, itself. there -- they've been underperforming, obviously they're trying to put the issues, many issues they've had behind them with tomorrow's earnings release if they don't, do you think that puts pressure on tim sloan in terms of him staying on top and leading this bank forward? >> i don't think it should you know, i've been retired now for eight years so i do not know what's going on in internally in the bank tim is a great banker. i think he can help to solve the issues that are there. i don't think what the earnings are in one quarter or any of the valuations should be a basis for his -- for determining whether he should continue as the leader or not >> yeah. we'll have lot to learn in the morning about how well they did in this quarter then and many others dick, thanks for joining us. >> thank you >>> today we begin -- no we're got going there. yes, we are. we're going to the "takea"takea" long awaited ipo from dropbox. filed for a controversial public offering at long last. remember, it was founded 12 years ago. noteworthy, the first ipo apparently from the portfolio. also noteworthy publicly traded rival, box, rallied nearly 4% today. michael, is the first of a 2018 ipo wave >> it could be obviously, maybe four or six of the big ones, everyone assumes it's a when, not if they come public also interesting that box rallied. i think one of the things it will do, dropbox being public, it's going to create the other comparable company, give somebody an idea to back into what icloud worked within apple. you know, the game starts when you have one of these dominant players. i also happen to think, though, a certain mystique builds up around thee companies that stayed private a long time. >> yes, totally. >> once it becomes public -- >> the mystique is gone. >> that's kind of a funny factor. >> box, itself, experienced that. >>> next, president trump renewed his call for an internet sales tax last night remarks at a signing event, he said the internet, they're going to have to start paying sales tax because it's very unfair what's happening to retailers all across the country being put out of business. they definitely would include amazon, but amazon shares were up nearly 2% today mike, i wonder how much this issue matters to their business anymore. >> it's hart d to see it matter that much. generally amazon collects state taxes. not as much with third-party sellers. it's not purely a price driven, all-in cost decision to shop at amazon. >> not anymore. >> who knows amazon might even eat the tax. you never know given the fact they're giving free delivery and create ed that to be the indust standard, what would happen down the road it's not clear to me the reason the corner store is losing out to e-commerce is because of sales tax. >> night have started with price. now it's about convenience going ifbe a hard thing to trum >>> shoppers in seattle surprised by higher price of beverages after a surtax on sugary drinks. costco is not trying to hide much it will cost them a case of gatorade is now $26.33 how about a case of dr. pepper, instead of $9.99, it's $17.55. costco is reminding shoppers the tax doesn't apply outside of the city i think shows it has their best interest in mind >> right, exactly. they're obviously not trying to gouge anybody. they don't really get the difference it shows the complications of a local tax on a very low-priced product that there's no impediments to getting it elsewhere. seems as if it had minor efficacy someplace. >> also if you're buying one soda, one drink, you're going to notice it. especially if you're in a bulk store like costco, it's doubling the price. they want to make sure everyone doesn't hold them accountable. >> i wonder what a gas station would do if they were allowed to show what the taxes were versus -- >> that's not a bad idea the price is so similar, one station to the next. what are you going to do where are you going to go >>> netflix up 13% so far this year wou. the "fast money" guys are going to talk about whether it's safe to get in now or is it too late. >>> plus hedge fund manager bill ackman made a big move on fees, when the "closing bell" is back in two (daniel jacob) for every hour that you're idling in your car, you're sending about half a gallon like sacramento are investing in streets that are smarter and greener. test test by embedding sensors into the pavement, as well as installing cameras on traffic lights, we will be able to analyze the flow of traffic. then that data runs across our network, and we use it to optimize the timing of lights, so that travel times are shorter. who knew asphalt could help save the environment? ♪ >>> welcome back in case you missed it here's look back at what happened during "trading session" today >> let's begin with the markets, new highs yet again for stocks new records. energy, industrials once again leading. less than 20 points now away from dow 25,500. >> walmart announcing it will increase its starting wage for hourly work ners the u.s. to $11 an hour beginning next month and pay a with one-time cash bonus to eligible bonus and nancy pelosi said it's going be armageddon if this tax bill passes you have more than a 1 million receive more than billion dollars in bonuses >> on both the top and bottom line >> bitcoin is under pressure >> we gave the president an update this morning on trade i think he's very pleased with where tlings are going renegotiating nafta and we expect it will be renegotiated or we'll pull out. >> the dow up 205 points that's the first time all day we have been over 200 points a big rally and a big one based on wall street. >>> how about shares of netflix, finished up another 2% after barclays initiated bullish cover of netflix the second biggest media company by revenue, next only to disney. welcome, thank you guys for joining us karen, you're not a big fan of netflix. of the product, absolutely of the stock, no i love the product for me valuation always comes into play. it seems to be kind of priced in already for big things to happen it's coming the other thing in the barclays' note, they said if sk subscriber growth is higher it could be one of the best they have the first movers, now you're seeing some of the biggest players in the world trying to eat their lunch. so, amazon getting into business obviously, fox disney, hulu, lot of people out there competing for content. i don't know if they'll be able to re-create with this competition, recreate the kind of success they had. i can't get on board with this stock right here. >> steve, make the case. >> sure, i can agree with everything that karen said she's a value player it's like asking where what kind of fish she likes when she doesn't like fish. where netflix was in december, should off all the leaders, kelly, it was down 10%, 9% where it is now? 10% above of where it was on the december lows. still proves there's an apartment tight for growth within this marketplace. you're not getting that growth anywhere else. >> but you're making it pretty clear it's a trade >> it's an investment. longer term. they're cure rating their own data now international growth is compensating for domestic growth. >> all right, guys, thank you. >>> much more "fast money" action 5:00 eastern. don't miss it. >>> news alert on president trump now. what's happening if. >> kelly, the wall street journal has posted an extensive interview with president trump that conducted today a wide-ranging interview a couple of the highlights, the president's comments on north korea, the president here saying he probably has a very good relationship with kim jong-un the leader of north korea, no known contacts between the president of the united states and kim jong-un personally but the president is asked here if he has spoken with kim jong-un the president said i don't want to comment on it. the president also touching on steve bannon, his ousted former political adviser here at the white house, after comments he made to the author of michael wolff. the president said he feels betrayed by steve bannon also, the president talks about two fbi agents here who exchanged text messages that were critical of the president the president says that amount in his mind to treason lot to look over. >> i can't keep up i can't. it's like, the list to go through keeps piling up. thank you very much for bringing the highlights. >>> the investment services on sale more of what's happening at pershing square, next. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade. i ...prilosec otc 7 years ago,my doctor recommended... 5 years ago, last week. just 1 pill each morning, 24 hours and zero heartburn. it's been the number 1 doctor recommended brand for 10... ...straight years, and it's still recommended today. use as directed. we rbut we are not victims.ack. we are survivors. we are survivors. we are survivors. and now we take brilinta. for people who've been hospitalized for a heart attack. we take brilinta with a baby aspirin. no more than one hundred milligrams... ...as it affects how well brilinta works. brilinta helps keep platelets from sticking together and forming a clot. in a clinical study brilinta worked better than plavix®. brilinta reduced the chance of another heart attack. or dying from one. don't stop taking brilinta without talking to your doctor,... ...since stopping it too soon increases your risk of clots in your stent,... ...heart attack, stroke, and even death. brilinta may cause bruising or bleeding more easily,... ...or serious, sometimes fatal bleeding. don't take brilinta if you have bleeding, like stomach ulcers,... ...a history of bleeding in the brain, or severe liver problems. slow heart rhythm has been reported. tell your doctor about bleeding,... ...new or unexpected shortness of breath, any planned surgery, and all medicines you take. if you recently had a heart attack, ask your doctor about brilinta. my heart is worth brilinta. if you can't afford your medication, astrazeneca... ...may be able to help. so that's the idea. what do you think? i don't like it. oh. nuh uh. yeah. ahhhhh. mm-mm. oh. yeah. ah. agh. d-d-d... no. hmmm. uh... huh. yeah. uh... huh. in business, there are a lot of ways to say no. thank you so much. thank you. so we're doing it. yes. start saying yes to your company's best ideas. we help all types of businesses with money, tools and know-how to get business done. american express open. zblmpkts welcome back. some breaking news on amd. john fordhappening amd out with a more detailed statement on the moves to patch these chips flaws. there are two different categories, there's spector and meltdown with these chip problems meltdown is seeming to affect just intel processors. amd said it was affected by a couple of variants of spector. on one, it was a near of-zero chance of being exploited. the stock is down about 3% on that change in detail. they also say that the issue with the microsoft update that was causing problems for some older amd chips they expect to be fixed by an update coming next week. kelly. >> john, real quickly, are we getting a better sense of the scho schoep. >> kelly, it's hard to say, because these chip flaws were really discovered in the lab it's not clear how -- how much hackers would be able to exploit them in real life. the chip companies initially coming out and saying it's not as bad as it looks given certain estimates on how the patches would slow down systems, they have to make adjustments in how t
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