plant phil lebeau joins us with details. > and jon, they have just finished the official ceremony for opening this plant here just outside of charleston, south carolina let's put into perspective how important this is not only for volvo, but also for manufacturing in the deep south. this is volvo's first u.s. final assembly plant they've been here selling cars for decades but now they are going to be making them here, building sedans and suvs and most importantly, these are vehicles that will not only be sold primarily here in the united states but many of them will be exported that's important because we had a chance earlier today to talk with volvo's ceo about the trade tensions that are going on not only between china and the united states, and remember volvo is owned by a chinese corporation, but also between europe and the united states and volvo, which is based in sweden, is certainly following that closely. the ceo believes these trade tensions could be alleviated if tariffs were brought down. here's what he had to say

phil lebeau.res, by the way, on track for its beth month since february of 2014 >> but was up much higher earlier, right so is the thinking, even though this won't affect the model 3 production, is the thinking that just things are worse than they appear is that the -- >> 9% is pretty big number in terms of cuts and they do sathen salaried workers so that wouldn't necessarily affect the production line. i think that's why the stock is able to hang on to some gains. >>> here's what else is coming up the landscape of the media world could change drastically with the decision on at&t-time warner deal coming today. we'll break down who wins and who loses in either outcome. >>> plus we're headingk to michelle in singapore. >> hi, sara. president trump today during his very long news conference to discuss his agreement with north korea, he said something very intruing but little noticed about north korea's economy. we're going to play it for you lle atouhianreak and you c te mwh y tnk we'll be right bac

phil lebeau has more. >> reporter: when iceland air made its initial flight to daas last month, water cannons not only signaled the beginning alsorvice torakovic, they marked the boom of flights from texas to iceland. recently low-cost carrier wow, which is also based i iceland, started flying to dallas. not to be outdone in its home market, american airlines has added daily flights from dlas to rakovic. is there really that much demand to visit iceland? the fact is, airlines big and small are expanding servicero the atlantic, not only to rakovic, but to a of europe. in the summer of 2014, there were 168,000 transatlantic fligs. it's been steadily increasing and this year there will be more than 215,000, most flown by legacyirne like delta or lufthansa. increasingly low-cost carriers like wow are adding chief flights from europe to the u.s., so as low as $99. >> we don't know if all of thesv airlines financial staying power so this may be a great summer. >> reporter: the stron economy means there's plenty of people ready to take a trip to europe, but with fuel prices skyrocketing, it'

phil lebeau, nightly business report, chicago. >>> shares of carnival sink the most in more than two years. that's where we begin tonight's market focus. the cruise line operator slashed its full year guidance. blaming unfavorable currency exchange rates. the company should get past that. >> the arket isreacting to a lowering of guidance from the march guidance, it's still higher than the original guidance forhe year. we are offsetting a 19 cent drag in fuel currency. so that resulted in a lower guidance for the rest of the year. but the reality is, that that's all that's going on, and,ur of , we're going to work hard to beat that. >> shares ofarnival fell just about 8% to $58.54. that dragged royal caribbean lower by 5%. general electric is selling its industri engines unit to advent rninional. for 3 and a quarter billion dollars. that move is part of the plan to streamline and sell $20 billion in assets by the end of last year. ge sold its railroad unit for about $11 billion. ge was off more than 2% by me than$2.75. >>> kraft/heinz is interested in buying campbell's soup. investors

let's get to phil lebeau in chicago for all the details. >> it's been about 14 years since we last saw chevy blazer being sold by general motors get ready for the new one because the company unveiled it last night in atlanta. if it looks far different than the blazer you remember, that's because it is. the old one was a true suv built on a truck platform. this is a 2019 model that goes on sale next year and it will be built in mexico, which does not sit well with the uaw. it issued a statement saying gm employs over 15,000 production workers in mexico, pays the workers less than $3 an hour and exports over 80% of the vehicles to the u.s. to sell here this is all happening while uaw-gm workers here in the u.s. are laid off and unemployed. why is general motors bringing back the blazer? because it's a hot market right now for crossovers look at the sales in the first quarter for general motors these guys aren't the only ones who realize this is what people want high profit margin vehicles like a crossover are in demand and so they're going to add to that with the chevy blazer, again in s

phil lebeau has more. >> reporter: ready for sticker shoc 25% tariffs on imported vehicles will lead to buyers paying a lot more. the average price will jump about $5,800 according to automakers. they warnl sales w plunge by up to 2 million vehicles, which could ultimately lead thedu instry to cut 195,000 jobs. >> this will unleash if c ites about a real trade war because the n abers just so much biggr:. >> reporteor the auto industry, tariffs could kill one of the longest, most successful periods it ever experienced. gm and fiat chrysler have gone from bankruptcy to record ofits and auto manufacturing jobs in the u.s. have rebounded to precession prices. president trump wants europe and china to lower tariffs on the models being shipped overseas for the 7 million cars and trucks being imported to the u.s. could be slapped with hefty tariffs. >> it'll raise price dramatically for consumers in the united states. it will be uninflationary. ultimately it will slow down sales. >> reporter: right now, those buying a new car or truck areyi on average just over $32,000,hich brings up the qu

phil lebeau, "nightly business report," los angeles. >>> sears is closing more stores. that's where we begin tonight's market focus. after reporting a wider than expected loss and a decline in same-store sales, the struggling retailer said it was planning to shut down 72 unprofitable locations and it added that it is still open to considering third party partnerships with its brands in a move to drive profits. shares fell more than 12%. they finished the day at $2.81. >>> dollar general blamed its disappointing quarterly sales on an unseasonably cold spring. the discount retailer said fewer customers shopped at its stores and added that higher costs in that period pressured margins and overall earnings. shares finished down 9% to $87.48 and its rival dollar tree also said the weather had a negative impact on results. the retailer's same store sales came in below expectations and it's lowered its annual profit forecast. the company also took a hit from higher freight costs. shares were off 14%. >>> investors had their first chance to guess at what the company had reporte

phil lebeau, "nightly business report," ridgeville, south carolina. >>> coming inup, pla a trip for this summer? watch out for travel fraud. 's on the rise and it's costly. >>> sales ofomxisting fell for the second straight month thanks to a shortage of properties on the market. the lack of supply pushed thece median pf a home to an all-time high and while sales fell nationally last month, they are red hot on the tiny island of nantucket. this vacation spot off the coast of massachusetts is seeing record pces amid increasing . demand dye an na olick has more. >> reporter: this 60-year-old home on thedge of nantucket harbor is considered a tear a tear down with a list price of $24 million. that's just how much money is pulling into port on this historic island. the property has been in real estate agent edward sanford's family for decades. >> in the verth high end o market where this house is, buyers don't care about the house. they -- they're looking for the location. we see perfectly good brand-new houses gutted and the -- because the buyer wants his vision. he has the money. >> reporte

that's where we find phil lebeau. >> hey, carl, you lived in chicago.line from o'hare to downtown chicago, a trip takes about 40 minutes it's over an hour if you drive to downtown from o'hare. now the boring company has inked a deal to build a high-speed, rapid transit tunnel system from downtown to o'hare here are the details announced today. high-speed transit this is not the hyper loop basically hyper skates that will take pods of people back and forth, cuts time from o'hare down to 12 minutes, and estimated costs $1 billion now what's important about this for the city of chicago is that the boring company is going to be paying all of the cost to build this chicago is not risking any money here the boring company will theoretically be able to collect revenue once the system is up and operating, whether it's through advertising or other means. a trip will cost $20 to $25. the details still need to be worked out guys, if you look at this from both elon musk's perspective and from mayor emmanuel's perspective, this is a win/win they'll be announcing it

phil lebeau on why boeing is branching out. >>> boeing is best known for building some of the most popular commercial airplanes in the world, but increasingly it's looking to boost profits by making and servicing the guts of those planes. the avionics and key components from the cockpit to the tail. the company's latest move is a joint venture with the french aerospace firm saffron. together they will build and supply auxiliary power units used primarily to start up planes parked on the tarmac. the apu area is dominated by honeywell and they've grown their bottom line by offering apus to a wide array of aircraft systems and services to the airline and cargo operators who spend billions on new planes. it's a lucrative business with healthy profit margins, which is why boeing ceo dennis mullenberg wants more of it. as he told us in april, boeing is actively looking to make deals that will grow its services division. >> so where we can find strategic acquisitions that complement our organic services, that's a top priority. >> reporter: last year 1/4 of boeing's revenue came from the global se

phil lebeau hasore on what's in rmand. >>orter: while prices in the showroom and prices t athe pump may be rising, america's affair with pickups and suvs is still running t. inact, jeep sales surged 29% pushingth, fiat/chrysler's may sales up 11%, better than expected, which was also the caseor ford, while toyota posted a slight decline last mont t as for best-selling vehicle in the country, theck f-series , ford had plenty in stock to grow sales in may, despite a fire at the plant, knockingut f-series predictioduction for ae of weeks last month. overall, 2018 is still on pe to be the fourth straight year with auto sas topping7 million vehicles. fiat/chryslerec exp auto sales to remain strong or the next five years, during which the company plans to double global sales for jeep and expand ram's business in north america. the strong economy is what's driving auto sales right w. it is also convincing consumers they can afford to buy the newm l that they're looking at. in fact, the average auto loan yment for a new vehicle is

grown to include thousands of employees but profitability still alluding musk and his investors phil lebeauil >> that has not stopped people from buying into tesla shares. we first interviewed ilon musk eight years ago, he predicted it wouldn't be long until the company did achieve profitability. >> we had an incredibly positive outcome from the smartest investors in the world ♪ >>> welcome, everyone, to the model 3 unveil we have an amazing product to show you tonight. >> reporter: the key to tesla's program here in kuaia, the solar power into two tesla power plants. >> welcome welcome. >> i want to tell you about everything this car can do it blows my mind i think it will blow yours half a million model 3s and 100,000 combined vehicles and many more, if we can do it. >> so what happens tesla stock done in the eight years? four stocks have outperformed them over that timeframe, nvidia, netflix, align technology and number one stock since tesla went public, abiomed. tesla is still chasing profitability. they believe the key will be getting that production rate over 5,000 model 3s per week w

let's bring in phil lebeau to synthesize some of this. >> carl, let's take first a look at the tweet terms of the threatened increase in tariffs on european-built autos he says built on the tariffs and trade barriers long placed on the u.s. and its great companies and workers by the european union, if these tariffs and barriers are not soon broken down and removed, we will be placing a 20% tariff on all their cars coming into the u.s build them here. for some perspective right now, all european-built autos sold in the u.s. have a 2.5% tariff. while anything going over to europe has a 10% tariff from the united states. this is how much it would impact sales. if you look there to the right, european sales, these are european-built vehicles sold in the united states, about 6.7% of the market last year works out to about 1.15 million vehicles guys, we've reported just a couple days ago that the german auto executives have been pressing their government, their ambassador in germany to basically extend a proposal to eliminate tariffs altogether in exchange for the president not slapping a

>>> i'm phil lebeau in south carolina where volvo is opening its first u.s. final assembly plant. those details coming up. >>> and i'm kelly evans. amc is out with its own movie subscription service the ceo will join us in a cnbc exclusive. "the closing bell" starts right now. ♪ >> i had forgotten about this song that was a good thing. >> it's good to be reminded. >> no, it's not. >> it's fun. it was terrible. >> this is actually the perfect song for this story. >> i don't know if we could super-impose rupert murdoch's picture on >> welcome to "the closing bell," everybody we'll get to all of these stories in a moment. fox is the big news today. we'll show you what's happening with the shares. but here's a check on the broader markets. the dow which we'll be talking a lot about today swinging more than 170 points. down about 47. i'm going to keep going. >> let's get right to that top story. julia boorstin on the latest for the fight for fox. julia? >> that's right, wilf. fox and disney agreed to a new deal disney now paying $10 more per share which adds up to $71 billion for the f

europe in some fashion, they will be hit and i bet that's when we hear about it. >> phil, thank you phil lebeau in chicago >>> ge stock up about 7% has it found a bottom? >>> plus, will you be able to use uber in london the company waiting on a court ruling on a ban to order uber out of the city. much more on "squawk alley." thrr risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com >>> tech stocks turning around today. netflix, rallying about 3%, after its worst day in two years. apple, twitter and stitch fix also among the gainers this morning. but are tariff concerns going to continue to weigh on the sector moving forward with u

day of losses as president trump goes hog wild, threatens the company with new taxes let's get to phil lebeau in chicago for the latest. >> it wasn't just the tweet this is morning where the president not just once, not twice but three times went after harley-davidson with pretty pointed attacks. he then went back at them in the afternoon when cameras were allowed into a cabinet meeting here's what he had to say about harley-davidso harley-davidson. >> i don't like that i've been very good to harley-davidson and they used it as an excuse and i think the people that ride harleys are not happy with harley-davidson and i wouldn't be either. >> what does harley-davidson think about being called out by the president? we reached out to the company and heard nothing back as far as i can tell, i have not seen any response from haid harley-davidson. it brings up the question. if the president goes up against your company, could it hurt business could people say i agree with the president? i don't like harley-davidson look at what's at stake for harley-davidson in the u.s it has roughly half of the mar

with me is my old friend from cnbc, phil lebeau. he covers the auto industry, including the motorcycle industry. phil, you're an expert on this. before there was nafta, there was a free trade agreement with canada. >> right. >> before there was a free trade agreement, this was the auto pact with canada. all of this is based on the success of an integrated auto manufacturing industry. when we talk about tariffs, particularly on motorized things, this strikes to the heart of what a lot of people say is the most successful trading relationship in the history of the modern world. >> right. today, ali, moody's is out with a report saying, look, what you're seeing with the motorcycle industry, imagine if you see that in the auto industry. negative across the board. the impact of it. there is not a single aspect, whether the auto manufacturers, the auto parts suppliers, the dealers, whoever, anybody in that entire sphere would be negatively impacted if we saw higher tariffs when it comes to automobiles. look at harley-davidson. the tariff r

excellent. >> that's news >> tim's wrong >> guy adami >> the spirited show >> a spirited show. >> phil lebeau> cnbc -- what do we call the other guy?>>he>> the mercantilee >> you have phil lebeau.ff>> ie. see you baere rrow at 5:00 for more "fast. meantime, don't go >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain but to educate and teach you so cl me at 800-743-cnbc or tweet me @jimcramer. >>> either i am very lucky or the bullish gods wer

phil lebeau joins us live with that story >> this is not surprising given the fact for harley davidson, the hit to the bottom line by these new tariffs in europe is substantial. and here's what we're talking about. the european union and we have talked about these retaliatory tariffs for some time. it's forcing harley to shift some production for u.s.-built motorcycles shipped over to europe because the tariffs are going from 6% up to 31%. what does that mean for somebody in europe buying a harley davidson on average, the price is going to go up about $2,200. harley says we're not going to raise prices we'll eat that and nobody, no company can put up with eating another $2,200 per unit, so harley davidson not only shifting some production but also saying it plans to open up a european manufacturing facility now, this is going to take anywhere from 12 to 18 months for them to have a location in place and start manufacturing over there overall, the eu tariffs are going to hit the bottom line of harley davidson by $90 million to $1 h00 million harley davidson's second largest market is eu

. >> reporter: in chicago, i'm phil lebeau counting down to the shareholder meeting of tesla >> repor the united states reportedly asked opec to increase supply. what that means for oil prices coming up. >>> i'm kelly evans. trade talks hit home how the new tariffs impact business the "closing bell" starts right now. >> so michelle's handle is one tomato - >> tomato. yes. welcome, everybody, we'll get to the stories in a moment. welcome back, by the way you were in midtown yesterday. >> the old building -- >> that's right. >> saying the carpet was green the day the purchase was made, and what they changed straightaway was blue, and that was it nothing else changed >> very important carpet change. >> well, carpet change, but not much else. just bought as was and continued trading. >> change the carpets a lot more quickly than the business. anyway, that was a decade ago. let's see what's happening today. dow hanging on to a 10-point gain, and averages up and down, and nasdaq up, closed record highs yesterday. interesting interestingly, nasdaq up, dow flat, and russell doing all right. >

>> reporter: i'm phil lebeau in chicago.cing the clock for production targets and taunting those shorting his company's stock that their time is running out. >>> buiitcoin is, quote, useles, unsafe, and dirty, according to the bank of international settlements. i have the other warnings coming up >>> i'm michelle caruso-cabrera in for kelly

automakers are warning the white house the tariffs could drive up the price of cars by nearly $6,000 our phil lebeaug all of this morning, phil. >> morning keep this in mind. the average vehicle bought in a dealership last month, about $32,500. that's the average price paid. according to the alliance for auto manufacturers, which is a trade group of all of the do mefidwest -- domestic and forein automakers the average price for a vehicle in a dealership will go up nearly $6,000. that in turn will lead to 1 million to 2 million fewer vehicles sold and ultimately to 195,000 auto industry jobs being lost here's the ceo of auto nation talking about just how damaging he believes auto tariffs would be >> automotive tariffs will make steel tariffs look like a company picnic where everybody is kissing and hugging this will unleash if it comes about, a real trade war because the numbers are so much bigger >> you want some numbers to look at consider this. we're on pace for our fourth straight year of auto sales above 17 million vehles. that's if the pace of sales this year continues to hold up. this would be

. >> phil lebeau at the port of charleston. >>> the genehepy treatment shows promise. drug maker says three boys with muscular distrofy showed improvement. the trial is still in its early es saresta said it helped grow a key protein that is missing in people with this disease. >> we need to take the results we have and treat additionale children andeed to watch the children for a while. but this is potentially transformative. we have given this gene therapy that treplaces thock absorber and in these first three children at three months they are showing amazing exthession. shock absorber appears to be in the muscle and appears to be working. >> the shares soared to 14393. afr the bell fed ex said it shipped more packages at higher rate helped overall earnings rise. the g deliverynt gave strong guidance for the year though it does see earnings coming in just a little light. shares ended the regular session down two percent at 25839. the business software maker oracle reported an increase in profits after the bell saying growth in the cloud division helped overall results

>> reporter: i'm phil lebeau in chicago. musk racing the clock for production targets and taunting those shorting his company's stock that their time is running out. >>> buiitcoin is, quote, useles, unsafe, and dirty, according to the bank of international settlements. i have the other warnings coming up >>> i'm michelle caruso-cabrera in for kelly evans the ceo of ubs in the financial services industry, not a pretty picture. find out why as the "closing bell" starts right now >>> good afternoon, welcome, everyone, we'll get to the stories in a moment, but first, a warm welcome to michelle good afternoon to you. >> pleasure. >> thank you for joining us, kelly is back tomorrow let's check in on markets, first of all, the dow coming back after being down 264 points at the low of the day, which is pretty much at the open, the s&p and nasdaq both down for the third day in four, but we are down much less than we were at the top, dow down .6%, and a third percent at the s&p >> let's get to bob pisani bob? >> well, i think -- i lov

phil lebeau live at the port of charleston in south carolina with more. phil >> reporter: hey, tyler, how are you? this is a shipment day here at the port of charleston the bmws, these suvs that are loading up here, there's going to be about 1,500 of them that will finish loading up this afternoon, and then once they are loaded up, they will ship off to china and then they'll head to shanghai, they'll be there in the middle of next month. the sales and the exports to china, the growth has been astounding over the last ten years. take a look going back to 2011 is the data that we're going to show you here. look at the growth it is now up to 267,000 vehicles shipped from the u.s. to china, a good chunk of those coming from the bmw plant here in south carolina up in spartanburg the u.s. has, by the way, nearly $9 billion auto trade surplus with china that's when it comes to completed autos. it's much lower when you look at the auto parts being factored in that said, china is the second largest auto export country for u.s. built autos when we talk about autos

phil lebeau in chicago >> that's the dream. i hope it happens. these big cities one day >>> news alert on apple. josh lipton has that josh >> kelly, news on apple, new report that the company is near a deal here for the rights to an animated movie apple's apparently in talks with cartoon saloon, an ime movie no even made yet. apple made a push into original programming, taking on the likes of netflix and amazon. to date, the focus is on tv shows and documentaries. have not done a movie before apple declining comment to cnbc: guys, back to you. >> thank you what point do they dip the toe in the water, and we don't know if he can pursue this, comcast in the mix, and the videos is still largely viewed, particularly on music, they have the subscription service >> right >> easy transition >> logical next step >> we shall see. >>> coming up, after a staggering run up, bitcoin lost a quarter of the value in the past month speaking with the man at the sec, how the agency plans to regula regulate crypto. >> deal or no deal kicking into high gear, up next,

looming shortage of people qualified to sit in the cockpit is creating a huge opportunity for some phil lebeau has more from phoenix. >> reporter: 23-year-old amanda larson is sitting in the proverbial catbird seat that happens to be in a cockpit she's been flying for more than four years and is currently being recruited by three regional airlines. >> they know it's competitive, that they need to offer the best in order to get the pilots, because we'll just go somewhere else with a little bit better pay and flying the same thing. >> reporter: amanda is in demand because of a looming pilot shortage, partially because so many will soon hit the mandatory retirement age of 65, while their airlines continue adding flights. so airlines around the world will need an estimated 637,000 new pilots over the next 20 years. the demand for pilots is not only a problem in the u.s., it is worldwide and it's easy to see why the number of people around the world who are flying commercially has soared to more than 3 billion annually. so universities that train pilots increasingly find themselves educating studen

thank you, phil lebeau joining us from chicago chicago. j.j.s short tesla. >> shorted through options john and pete talk about options all the time this is the perfect stock to use it in if you are going to go long or short because it is a high priced stock. with that, phil talked about the reason i have a tough time with this they talked about 5,000 per week they were at 800 per week at the end of to 17 it seems like every time they get momentum bad news come out laying off employees, the ceo makes a text that's questionable every time they get momentum something draws them back. at some point they have to be measured -- >> what's the time frame of your trade? >> only a month and a half. >> you see the stock going down to what? >> i see it could all the way back to $320. >> let me a couple of quick reasons to love tesla, even if you are bearish on what happens with the stock from here it just makes so many people look so foolish. first of all, only one profitable quarter ever, ever, since coming public. that's from selling carbon credits, not

the qatar airways ceo in hot water today for some controversial comments he made phil lebeau is live deal here, phil? >> reporter: sara, these comments come from akbar al he is not a figure that many people in the airline industry look at and say, well, he's kind of shy and demure and doesn't say much he was asked at a meeting in australia about a woman running qatar airways. he wrote, of course it, meaning qatar airways, has to be led by a man because it is a very challenging position apparently after he made this statement, there were groans in the audience he went on to later say that about 33% of the stafft qatar airways are women and that he does not believe that there is gender inequality at qatar airways. but in this day and age, guys, a statement like that is going to get a lot of attention, and that's what's happening today. i should point out, when i talk with people in the airline industry, especially those who deal with international carriers, they're not surprised at almost anything akbar al baker says, whether right or wrong or whether it comes off as tone deaf, this is

our phil lebeau with the details.his caught my attention, phil >> gm like other auto makers filed comments like this, and these are the comments filed in the last hour at the commerce department, and if they do their investigation into whether or not the automobile industry is being hurt due to foreign competition and tariffs on vehicles in other countries. this is what they are saying in its comments to the commerce department they said tariffs undermind our ability to compete how? drives up prices in the showroom ultimately hurting demand, and for the auto industry, they are looking at a fourth straight year where auto sales in the united states could top 17 million vehicles this is the longest stretch of stainability, if you will. we'll get june numbers early next week. the auto industry overall told the e-commerce department if you put these tariffs on vehicles, you drive up prices in their estimation by $6,000, $5,880 to be exact the average price that you, i, and other people pay in showrooms on average, $32,500

>> you have phil lebeau. >> big stuff. >> interesting i'm melissa lee. see you back here tomorrow at 5:00 for more "fast. meantime, don't go >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. >>> either i am very lucky or the bullish gods were listening to last night's show, and they decided to slaughter a few bears. rally dow surging. and yet another decline in the dollar which helps get the multinationals quite jiggy more leadership, it has to broaden out. we could rally if we got something beyond the banks and the retailers, like health care, industrials and transport. ten out of 11 sectors went higher and if you are a bull, a glorious thing to see. unlike ye

phil lebeau is watching.all of this have a directive impact on boeing or a whispering point every time there is this? >> remember when you look at these tariffs that have been imposed booy the trump administration, some of them are on aviation products that built in china and some are shipped over to boeing's final assembly. there is across component. how much is hard to say. the bigger concern is whether or not as we have seen the past where there is been trade disputes over the years. will china switch some orders to air bus? remember as you take a look at shares of boeing and air bus in the last week, it is a clear split here because people are sa anticipating that air bus will get some order of this some of those 8320s come from alabama which would be impacted by any tariffs or components that come from china as well any reciprocal action it could have on our supply change and commercial business. we'll continue to engage with leaders in both countries urging a productive dialogue and result in trade diff

let's get toyota with phil lebeau >> toyota last month saw declining sales of 1.3%.han the edmunds estimate overall when you look at the numbers from toyota, ford, fiat, chrysler, we're looking at a sales rate, most will expect the number later this afternoon to be in the 16.8, 16.9 million range in terms of a sales pace if it falls below 17 million, that will be the first time in seven months we've not seen the pace of monthly auto sales above 17 million vehicles. back to you. >> thank you very much, phil >>> when we come back, a deeper dive into auto stocks. coming up on monday, an exclusive sit-down with the head of mcdonald's steve east arebrook happens to be on walmart's board as well. from the company's new headquarters in chicago. we'll talk his ten-year mcdonald's, what's coming next for the chain and plastic straws ba's turning into a massive dete dow up 234 back in a minute ♪ there's nothing more important than your health. so if you're on medicare or will be soon, you may want more than parts a and b here's why. medicare only covers about 80% of your part

phil lebeau is in chicago this morning. phil >> this tweet from the president is a straight shot, couple of days after the executives from german automakers said hey maybe we can eliminate tariffs all together the president out saying based on the tariff and trade barriers long placed on the u.s. and its great companies and workers by the european union, if these tariffs and barriers are not soon broken down and removed, we will be placing a 20% tariff on all of their cars coming into the u.s. build them here! how many european-built autos are sold in the united states? last year about 6.7% that comes out to just under $1.15 million vehicles about half of those coming from germany and the remainder coming from italy, new england as well. they are proposing or at least there are reports out of germany they're proposing eliminating tariffs all together so that the president doesn't slap a 20%, 25% tariff on vehicles being imported from germany. apparently that's not going anywhere with the president, according to this tweet. a

situation, but he wants to go the bilateral way, which is i think creating all sorts of problems >> phil lebeau this, in fact, and, phil, again, it shows it could all move forwards a win-win kind of outcome or maybe they just get upset about the tweet today. >> the trump administration has the hammer right now, kelly because the german auto makers, y european auto makers need the u.s. market. you will understand why president trump tweeted this this morning he wants to to say, really, you want to put down retaliatory tariffs? look what we do in response. based on the tariffs and trade barriers long placed on the u.s. and its great companies and workers by the european union, if the tariffs and barriers are not broken down and removed, we will be placing a 20% tariff on all cars coming into the u.s., build them here, there is a huge, huge trade deficit with the europeans and the europeans enjoyed a huge advantage with us how much of an advantage well, just look at finnish vehicles alone, there's a trade surplus of $32 billion last year, and with the $7 billion from the auto parts union. that's t

phil lebeau, thank you for the latest on harley >>> that does it for the closing bell thank you for joining us, run if -- "fast money" begins right now. >>> "fast money" begins right now. i'm melissa lee. traders are tim seymour, guy adami. the selloff in full force and one sector traders are betting will get hit harder. plus, not just stocks selling off, the summer of pain for bitcoin continues and a top crypto investor in bitcoin says things will get worse for another 200 days spencer bogart of blockchain capital will be here to explain that >>> first, we start with the market selloff the trade war igniting massive selloff. the dow falling 500 points and nearing correction territory more than half the stocks in the s&p 500 are in a correction but wait a second, with just 30 minutes to go in the trading day, it was the trump administration to the rescue listen to what trade advisor and hawk peter navarro said on the closing bell. >> i think this is a day that -- the momentum traders get ahold of that and drag things done but if you're a long-term investor this economy is going great, this

. >>> phil lebeau looks why u.s. boost flights across the atlantic, phil >> it's the hot ticket this summer, not just europe, but there's a huge spike in the number of seats going to the cities iceland, anyone? when you see the numbers, you'll be surprised next on the "closing bell. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com >>> u.s. airlines make a bet on flights to europe. phil lebeau? >> it's not just u.s. airlines but airlines from europe coming to the u.s. for the first time or creating new routes creating a boom in the number of flights out there. for example, look at dallas to iceland. within the last two weeks, we've seen iceland air begin flights three or four times a week this is a low cost carrier from iceland doing the same thing what's american doing in the home market? answering with daily flights between dallas and iceland this is why when you look at the numbers of in terms of

phil lebeau explains how they here in the cross fire phil >> they're taking a big hit from the eu essentiallylooking at tariffs specifically targeting u.s.-built motorcycles shipped into europe so here's how it impacts harley-davidson. they're going to see tariffs rise on those vehicles, those motorcycles going from 6% all the way up to 31%. that will add an average of $2200 per motorcycle which, by the, harley-davidson is not passing along to the customer. harley-davidson says it will eat that cost. how much will this cost the company annually $90 million to $100 million. we reached out to harley-davidson to get some reaction in terms of what the plan is, what happens next, especially for workers in th united states. the company says we are currently assessing the potential impact on our u.s. facilities we are hopeful the u.s. and eu governments will continue to work together to reach an agreement on trade issues and rescind these tariffs. what does the white house think? he here's peter navarro. >> you'll see stories pop up like this in order to sway public opinion one way or the other but

phil lebeau is in the port of charleston with what this could mean for the auto makers, phil. >> reporterf you want to see what's going on with foreign trade with autos in the u.s., this is a perfect spot to be i am surrounded by bmws, suchs, many on ships like that headed over to china. what's at ake stas trades tensions escalate ween the u.s. and china? that story when "closing bell" returns. zblmpb zblmpbls. >>> shares of gm and ford getting hit hard today they were down 2%. phil lebeau is live in charleston with the potential impact on our auto sector. >> reporter: that ship back there is taking 1400 bmw/suvs over to china. it will take a couple weeks to get there. they are constantly shipping vehicles here in charleston over to china him and bmw, mercedes, tesla, those are the three companies when you look at these in terms of the vehicles, the companies exporting the most number of vehicles to china this year, nearly 90,000 for bmw. remember when you go to bmw plant in star tan burg, south carolina all say that build are suvs. the good news for these guys is that china lowered the t

phil lebeau thank you. >> if the airplanes are coming, you may as well making money of it the ceo of the company are ki big bets on automation, that's next on purch "powunch."hard-earned points to squeeze in a little family time. no one has your back like american express. so no matter where you're going... of american express. don't do business without it. don't live life without it. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com at the marine mammal center, the environment is everything. save up to 15% we want to do our very best fory each and every animal, and we want to operate a sustainable facility. and pg&e has been a partner helping us to achieve that. we've helped the marine mammal center go solar, install electric vehicle charging stations, and become more energy efficient. pg&e has allowed us to be the most sustainable organization we can be. any time you help a customer, it's a really good feeling. it's especially so when it's a customer that's doing

phil lebeau. >>> a lot more on the sell-off dow off the lows down 238.ow was down 324 take a look at campbell bucking the sell-off as well up about 10% today on these reports that kraft heinz may be interested in buying the company. more "squawk on the street" continues in a moment. [thoughtful sigh] still nervous about buying a house? a little. thought i could de-stress with some zen gardening. at least we don't have to worry about homeowners insurance. just call geico. geico helps with homeowners insurance? good to know. been doing it for years. that's really good to know. i should clean this up. i'll get the dustpan. behind the golf clubs. get to know geico. and see how easy homeowners and renters insurance can be. >>> market selling off as trade war tensions escalate. the best defense plays today on tradingnation.cnbc.com more "squawk on the street" right after this >>> dow session low was down about 324. off of that now. the treasury secretary tweets on behalf of @real donald trump the stories on investment restrictions in bloomberg and "the wall st

to get this solved, and still, reminder of what a low it is phil, thank you. >> you bet >> phil lebeaul street feels the love r netflix at another firm gives the streaming service a $500 price target on the stock this week. debating whether the company has more room to run next on "closing bell. clvp and how it's performing. so you can spend more time floating about on your inflatable swan. [ding] your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutualon't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance. that's confident. but it's not kayak confident. kayak searches hundreds of travel and airline sites to find the best flight for me. so i'm more than confident. how's your family? kayak. search one and done. clvp. >>> trading at $415 for netflix, off the highs a little it's following pivotal rese

phil lebeau has the latest for this out of chicago. >> we also just got word that toyota has issued atatement to the commerce department about its concerns over the potential for tariffs of 25% on imported automobiles. it says basically this is a tax on all american consumers. the price of every vehicle would go up. even those made in the united states specifically toyota says that the camry which is made in georgetown, kentucky, the price would go up at least $1,800. that's a taste of what we're hearing not only from toyota but other automakeser. both domestic and international. the alliance of automanufacturers out with really a lengthy statement to the commerce department about what kind of an impact it expects to see if there are 20% or 25% tariffs levied on millions of vehicles here's what the alliance for auto manufacturers are saying. the price of autos, what you and i pay in a dealership would go up $5,800 on average the average price right now is a little over $32,000. that would mean 1 million to 2 million fewer vehicles sold in the united states and 195,000 jobs would poten

. >> phil, i know you'll monitor this phil lebeau on the tesla shareholder meeting.in the aftek is upobviously this is something that people are watching, guy? >> not for the faint of heart, i'm not trying to pretend i'm right or wrong, but it's fended off 280 a couple times, traded low in the aftermarket with some tive article i came across now it's back to levels we close out yesterday. i think we can own this stock against 280 and ink the bears have tried everything somewhat unsuccessfully, not unlike the s&p which leads me to believe we have upside. >> that's where i added stock, around 280 i'm still long on the name i believe you're hearing him in the background, he's very calm and the stock got beaten up when he nasty to an analyst to the tune of $20 or $25 i thought that was aggressive to the down side, that's why i bought it off the dip. i still believe you're going to see a pop above 300. >> from all the people say they're going to sele stock will love it forevere hes under the triple q for tesla, isn't this the tech stock? why is it down 40% against this triple qs in one yea

. >> let's get tesla, phil lebeau mu's shareholder meetinger elo yesterday. >> this was a relief reallyha. shares back above $300 for the first time in roughly four weeks and the reason is because what elon musk said at the annual eting last night in fremont, california first of all, he reassured investors saying he expects the company to be gap profitable in the third quarter likely, was in the a 100% guarantee, also he expects the company to bca e he second lf of this ye a as lt does not see the need for a e either in the equity or in the debt markets. the reason he's comfortable with the company not needing capital is because cash flow positive due to the increase in proddef l 3. remember, 5,000 per week has been the target for some t the company said once they get to 5,000 per week, the company will be cashpositive things will start to improve in terms of the bottom line they're currently at 35 hundred per week as of yesterday ors week he expects it within the next month to get up to 5,000 per week, in part, because the company is adding a third assee atts fremont plant. here >> cur

thank you, all >>> meantime, we ha news alert on tesla phil lebeau. noabout the fed. >> kelly, let's take a look at shares of tesla. they say put your money where your mouth is. that's what tesla chairman and ceo elon musk is doing he has purchased in the last couple of days0 additional shares of tesla at $343 and change per share comes out to a roughly $25 million he has spent on buying addi tesla shares. that means he now has 33.7 million or roughly 19% of the outstandinares at tesla. so again, elon musk making a big purchase at $343.78, share price when he bought those shares. guys, back to you. >> phil, thank you for that. phil lebeau for us i can think of somebody who might have been on the other side of that >> we'll ask mr. chanos about that in a couple of minutes. >>> still to come, bank of america chairman brian moynihan. that's coming up next hour >> but up next, jim chanos will join us. we'll get his take on the elon musk purchase at tesla and so much more when "the closing bell" comes right back keep it here a bachelor. and that's how he i

i am phil lebeau flight 971 from rome to chicago have been diverted they have a security scare sources say there were notes found in the laboratory on the plane. so that flight has been diverted united said they will work to recheck passengers a security scare that people are keeping eye on involving united airlines >> thanks phil at'll keep in touch you with on th story as we get more details. we'll do "final trade" straight ahead on "halftime report. - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! begins- anncr: thankfully, prevagen helps your brail. and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life. when it might be time to buy or sell? with fidels real-time analytics, you'll get clear, actionable alerts about potential investment opportunit

phil lebeau has reported on this week as well when you look at manufacturing it is a global scenario,ht so whether it's the automakers as you mentioned, whether it's industrial com glom rates like ge, over the years they have been expanding and broadening and diversifying their manufacturing base, in part because of trade policies in other countries and also transportation, a lot of other factors that go into where manufacturing is taking place. harley has been slower to do that because it has been an iconic american brand and its chief market has been the u.s., still the case, but it has this longer term goal now as sales slump here and baby boomers age, to sell more of its bikes internationally and there are a number of economics that play going to do that in manufacturing all these policies don't help encourage more manufacturing stateside. >> b story, morgan, we're glad you're there for it. we will take a short break after a tough start to the week, tech stocks starting to stage a comeback, but could tech be a target with the new announcements on chinese investments. dow is up 172

phil lebeau.t popped in my mind, conspiracy theorist, is a short-selling paying off somebody within the company. >> you know what -- >> based on nothing. financially motivated. >> starting to think like the rest of us now saboteur, french word, also m n means the stock's going higher see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade in the 2018 lexus es safetand es hybrid.dard lease the 2018 es 350 for $339 a month for 36 months. experience am

lauderdale with t phil lebeau with the latest. >> that was regarding a note from goldman sachs wherehe analysts essentially reiterated his sell rating on tesla and here's the logic as far as goldman sachs sees tesla. they eligible model 3 deliveries will disappoint. the analysts says the production rate in terms of being sustained at 5,000 per week, whether or not they hit it or not, it's too volatile and one of the things that people have talked about when they talk about that volatility when it comes to model 3 and the production rate there is this video. we sent a crew out to the tesla plant in fremont, that's a tent, a make shift tent and that's where they're doing some of the model 3 assembly work. it's not all of it, but some of and critics of the company have said, that's ridiculous. you can't be building vehicles out in the tent. this is an example of how tesla is just trying to jam these numbers through. earlier today, jean muenster we had a chance to talk with him from luke ventures. he's had a team out there. here's his perspective on tesla. >> tesla's going to produce som