amount of products and focus on selling high quality merchandise through primary brands, namely ralph lauren, polo and lauren. on the conference call they acknowledged that their -- >> there's plenty of room to cut dead weight without doing too much to revenues. secondly i wants to tighten up the company's distribution system, close 50 underperforming stores. third, larson is all about improving the supply chain in order to reduce those ralph lauren lead times, try to do it by 40%. it should only take them nine months to get new merchandise to market while implementing is steady flow of test products that will operate on an eight week timeline to figure out what the consumer wants. so smart. fourth, he's stream lining the cost structure by slashing unnecessary management positions and cutting roughly 13% of the workforce. i know that sounds tough but they needed to do this. statement larson is hiring new talent, improving the shopping experience and building out the e-commerce business. larson said his plan will result in 180 to $220 million of annualized cost savings as he stream lines the

ralph lauren is a brand.nd that brand is not going to be as amazon as people think. look, again, i know you could argue, well, look this thing is down so much that there must be no comeback. i look at it's an excellent brand. larsson is doing what's right, old navy talk about a difficult situation. you can give up on ralph lauren all you want. i think the time to give up was at 130e. >> interesting. we're going to see more about the severity of the job cuts, womens wear daily says 10%, obviously trimming their exposure to department stores. >> look at that employment number on friday. that's ralph lauren written large. we were saying yesterday in the meeting it was rather extraordinary. we literally saw companies that arms are taking positions in, 8% position in retailers that many of the people in the panel said won't exist. take an 8% position you saber rattle and no one wants you. >> that can happen if you pick the wrong stock in the wrong sector, no amount of activism is going to help you. >> none. i'm no

ralph lauren, polo, and lauren. the company will close 10% of its mainly high-end stores, strip out three layers of management which means cutting 1,000 jobs or 8% of full-time staff. ralph lauren is reducing the amount of inventory it shifts to department stores and other wholesale retailers which is 45% of revenue and hopes falling back on discounts and selling more merchandise at full price. leaping on his strengths from old navy larsen will shorten merchandise production times from 15 months to nine months and start an eight-week product test pipeline to be more reactive to customer preferences. larsen aims to strengthen its e-commerce business recruiting an executive from ebay. with the right team in place many analysts believe under ralph lauren's leadership will strengthen. >> it's important they are trying to regain some of their brand positioning. and get rid of maybe some of the more-tier positioning and some of the discounting. but they also have a very big opportunity internationally. they're underpenetr

could be another bad day for shares of ralph lauren. loss. the drop came after ralph lauren announced it is cutting 8% of its work force, closing stores. sales are in a slump with shoppers turning to fast fashion brands like h&m. the company's founder ralph lauren says he backs the company's new ceo saying, quote, i'm trusting my baby with him, and my baby has to grow up. >>> all right. hillary clinton embracing a historic moment. big night in politics. "new day" picks it up next. welcome to stouffer's fit kitchen. prime cuts of meat. 25 grams of protein. and savory, mouth-watering sides. it's the perfect balance of delicious and nutritious. making it just the right fit for you. stouffer's fit kitchen meals. this is fit. with usaa is awesome. homeowners insurance life insurance automobile insurance i spent 20 years active duty they still refer to me as "gunnery sergeant" when i call being a usaa member because of my service in the military to pass that on to my kids something that makes me happy my name is roger zapata and i'm a usaa me

maria: might be specific to ralph lauren. you look at the broader retail sector it's been troublesome. jon: that's exactly what is going on. there has to be an element of that here with lauren. one of the things that i worry when i think about the broader economy is we see so many examples where technology is dislocating wokers and retail -- these aren't high-end, high-paying jobs, but they're jobs. retail stores are laying people off, where are those people going to go, what's the next step for them? maria: one step forward for them would be the website. jon: those are jobs run by robots. you have warehouses with moving product from one spot to another. >> this is the challenge of our time automation. maria: changing every industry. >> every industry. maria: we are going to talk about. we will talk about janet yellen, why the fed share might hit the brakes on hitting interest rates this month, how about this year? later general mills coming out with first new cereal in 20 years. tiny toast back in a minute maria: welcome back

and, you know, ralph lauren is letting him do it and making major changes. >> finally, when you look , where does value appear first? in some of those laggards. >> in terms of acena, that's really a very undervalued stock from our perspective. you have a portfolio of brands, you have multiple initiatives that could finally begin to play out. they're making a turnaround with the justice division. this stock is extremely inexpensive trading about nine times give or take any estimate. so any good news we think would get the stock higher. >> what a season it's been. good to see both of you guys. >> good to be here. >> thank you. >>> coming up, stocks advancing with s&p 500 nearing all-time high. we'll ask the ceo of td ameritrade fred tomczyk. that and more when the street comes back. >>> is the federal reserve to blame for most of the poor hedge fund performance we've seen out there, or is it something else? one expert makes that claim on cnbc tradingnation.com. the call just came in. she's about to arrive. and with her, a flood of potential patients. a deluge of digital records. x-rays,

ralph lauren down 7%.ng to have job cuts a second beg round of job cuts ralph lauren down at 89 right now. meanwhile politics, donald trump, he's not backing down, he's a clip from last night's o'reilly factor talking about the trump university lawsuit. roll tape. >> of had very, very unfair decisions, people said this should have gone away a long time ago. plaintiff in the case was a zero for them. i don't care if the judge is next condition or not i'm doing great with the mexican people because i provide. i don't care about mexican but we're treated unfairly. trump went on to say and told his campaign go after the judge, and go after reporters who bring up this subject. joining us no is barry bennett he's with the trump are campaign. welcome to the program. oh good to see you again barry last time you were on the show you were laughing ppg you were laughing up a storming. not this morning. >> funny. i'm fine. i'm fine. >> but not laughing this morning because is it possible that drumple made a mistake an

are you recommending ralph lauren or are you saying within our world that we're discussing today ralphst opportunity in e-commerce? >> within the world that lindsey covers, within that apparel world, ralph lauren is one of her favorites. >> so conversely why is it bed bath and beyond, foot locker, jcpenney -- >> those can be sold by anybody online. if you have a skew, if you have something that can be scanned and priced, that's the part of the business you want to be out of. >> why is it inevitable that amazon takes that from them? walmart has fought back quite successfully, hasn't it? >> right. really where the issue is is these are companies that have relatively large fixed costs, running those stores, having the square footage around it. when you start to see e-commerce take 10% of the market, it pushes them down below those fixed costs. when you start closing stores, the other 90% of that business has to go somewhere else and a lot of it is going online. >> how vertical to the ones that are succeeding have to be? how much do they have to have in terms of fulfillment to themselves?

it's chucking its old business plan, and that's not helping ralph lauren.ph lauren announcing it will cut jobs, close stores and slim down its real estate holdings in a major overhaul to fix its struggling business. the luxury retailer also said sales will likely fall sharply this year. so when you see that polo ralph lauren is only falling under 2%, that shows at least some strength here, $94.40 a share. >>> coming up, last month's wildfires in canada forcing mass evacuations and homes and businesses, remember that? trees torched, people evacuating frantically. but one industry is finally getting back on track. the big business ramping up production and why it matters to you, your money and the markets, that's next on "countdown." ♪ ♪ measure this just got interesting. why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is h

i want to look at some of the companies that by ralph lauren and sell ralph lauren goods.rom, are some of the biggest customers for ralph lauren. it also sells goods for its own stores. we have a deal that we have been talking about within the medical device industry. boughtdings will be for about a billion dollars in cash. this unites a maker of various types of replacements for hips and joints for a company in the spinal device industry. we are also watching hurts this morning. filingahn revealing in a on june 2 and third that he bought nearly a million shares, 983,000 to be exact. he already has a 15% stake in the company. surged yesterday after the company approved the separation of the car rental businesses. they are extending those gains today. amanda: during the 2008 financial crisis, many banks were looking to unload the toxic securities, but it seems that citigroup found a way to make money after so-called collateralized debt obligations. how do they do it? i love the story because not only did they not unload, but they loaded up. at a time when everybody was gett

ralph lauren is a big product for them and they sell their own merchandise.ooking at how these department stores are performing because sometimes you get a spillover effect, do we have a look at those? they are turned higher. , they were enough having a depressive effect and that seems to has -- have dissipated. did you like my acting out? scarlet: it was in practice -- impressive. our mystery stock, ralph lauren. alix: time for the bloomberg business flash. itsett is pushing for hostile takeover bid for tribune publishing. the publisher of usa today will keep a $15 a share offer in place while developing new term development. the tribune is changing its name. scarlet: canadian national railway's' ceo is stepping down after 22 years at the company. the replacement has served as cfo since 2009. barra says is the largest u.s. automaker is undervalued. in an interview she said gm can handle a downturn and sustain profit if the economy slumps. >> we are going to focus on doing the fundamentals, putting cars, trucks, and crossovers on the road that people want and

ralph lauren isn't a retailer. it's a brand. do they have any of the same problems when it comes to the retailers, or is this a different issue. >> >> most of their business has been inside of retailers. it's so great to go to a meeting where everybody on the stage is dressed better than i am and where they serve the best coffee in new york and their own brand out of their own restaurant, a first class operation and that's really what ralph lauren is all about. first class brand, whether you look at teenagers or boomers like me it's one of the top ten brands. >> so what's the problem? >> what's going on. >> even if they can't afford to buy it. >> why do they need a turnaround, and do they have the right guy doing it and how long is it going to take? >> i do think they have the right person doing it and i think, you know, it looks like it will take a year when it comes to stabilization. there was a little bit of vagueness about when exactly they would see the infliction point. they hope next year they will see stabilization and t

it's sort of a new era for ralph lauren.ven't heard anything about his strategy for the company until now. today he held the first ever in the history of the company. it basically focused on reigning in three things, stores, brands, and costs. they're going to close 10% of the store, high end stores, cut three layers of machlkt they're going to focus on the three main brands which are ralph lauren, polo, and lauren. others will have to make a case to stick around is more or less the case. they're going to reduce retail. what they sell to macy's. that's a big deal. that's 45% of their revenue. he wants to shorten the lead times as well on the inventory itself from 15 months to 9 months. that's sort of what he was famous for doing. >> what he's trying to do is reduce some of the discounting that has been going on, right? >> exactly. >> they've lost some of their exclusivity by going with some of the retailers. >> exactly. michael kors is doing the same thing as well. reducing some of the volume. they're maintaining the partner

there is nothing different in gap's world ralph lauren, going through a transition and after you take a shot on a brand trying to become less. that's half the problem in the retail space. the valuation interesting. i'm definitely talking -- i think this is something where not all these names are created equal and i think if anything i'm fading this retail move but names i like. >> like guy's restoration hardware call on ralph lauren. >> right. open unloads, close, big volume day and traded close to 30 million shares. we'll see what happens tomorrow. >>> up next, consumer staple spaces sending one group of traders into a frenzy. details and fear and panic, are those two words describing how biotech investors should feel if hillary clinton wins the white house. meg terrell has a special report. you're watching "fast money" on cnbc first in business worldwide. ♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪ puwith meta appetite control. you and temptation clinically proven to help reduce hunger between meals. new, from metamucil, the #1 doctor recommended brand. >>> w

check out shares of ralph lauren this morning.g its organizational structure, cutting costs and reducing its real estate assets. it sees net revenue for the current fiscal year falling in the low double digit percentage range. it says it will be hurt by store closures. you hear about the big stores shutting down stores. a pull-back in inventory, receipts and weaker traffic. stock down 10%. >> apparel, right? >> yes. apparel that's sold in department stores. >> basketball news. basketball great shaquille o'neal and phil jackson reunited last night in new york city. the two men won three nba titles together with the lakers at an event for american express card holders. cnbc caught up with shaq who goes into the hall of fame this year to talk hoops and technology including mobile payments like apple pay. >> there is no secret that i am probably one of the world's biggest geeks. and anytime you can just pay without using cash i think it's a good thing. the best thing i use apple pay for is when i'm on itunes. it's fascinating that you

. >>> and also, the company is coming to terms with the changing retail landscape with ralph lauren,nd should you be b buying the peace? >> and spiritual leader deepak chopra is going to join us next on the "halftime report." to see. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. [phone buzzing] some things are simply impossible to ignore. the strikingly designed lexus nx turbo and hybrid. the suv that dares to go beyond utility. this is the pursuit of perfection. igoing to clean betteran electthan a manual. was he said sure...but don't get just any one. get one inspired by dentists, with a round brush head. go pro with oral-b. oral-b's rounded brush head cups your teeth to break up plaque and rotates to sweep it away. and oral-b delivers a clinically proven superior clean versus sonicare diamondclean. my mouth feels super clean! oral-b. know you're getting a

. >>> ralph lauren is closing 50 stores and reducing their staff by 18%. reduce inventory and position the company to better respond to what customers want. it's expected to save $220 million over the next year. >>> health check this noon, americans are losing the battle of the bulge particularly women. a new stud yes shows that obesity increased by 5% over the last decade and more than 40% of women are obese and men stayed steady at 35%. and the increase is among teenagers. >>> the "action news" team is out working on news stories for tonight beginning at 4:00. alicia vitarelli has a preview. >> have you been outside? you may want to stay in. >> i ran into the building moments before the skies opened. coming up today at 4:00 in what's the deal? we help you get organized. we are attacking the pile of clutter, but these tips are easy and inexpensive and quick and kind of chic we'll break it all down coming up. >>> and a georgia student's life is changed forever after eating a flesh eating bacteria. amy copeland is back with a viral social media post about a

. >>> the clothing company ralph lauren is cutting approximately 1,000 jobs as parts of a restructuringn. the stock fell more than 2% on the news. >>> keurig is discontinuing production of its soda machine, keurig cold. it's been on sale for less than a year. it let users make soda using coke-banded pods. it cost as much as $369 depending on where it was purchased. the pods cost up to $5 for a pack of four, about 130 workers lost their jobs. >>> snapchat is out with a new look and features that open doors for content producers. the messaging app added subscribe buttons for about 20 publishers including hearst and cnn. it addressed complaints from publishers who say they aren't seeing much traffic from snapchat's 100 million users. >>> get ready for the next big thing in smartphones. samsung is reportedly looking at bendable screens. that is according to bloomberg. the phone would fold in half to fit in your pocket. another might expand to a tablet size. the devices could be unveiled as early as next year. anne-marie? >> i used to have a phone that folded in half. it was called a flip ph

ralph lauren announced it's going to close 50 stores. a thousand employees are also being cut.presents about 7 percent of the company's work forecast. >>> major stock indices were mixed on tuesday. the dow gained 18 points but this morning the futures seem to be pointing to a lower open. >>> uber is responding to its drivers and make something changes. the ride sharing app will now let drivers hit a pause button while on their last trip so that it's easier for them to take breaks. and drivers who want to get paid right away can have their wages added to an uber debit card as often as they want. uber also began champing users is fee if they make the drivers wait too long. >> sounds like a company growing up. >> yup. >> with grown up problems, right. >> uh-huh. >> new on "action news" a gunman shot a man near a police station in berks county and an officer heard the gunfire. details coming up at 5:00 a.m. >> officers in delaware county are looking for a person who threw a kitten out in the trash. the kitten and the special name he was given is up next. >> new on "action news," se

ralph lauren wants to bring its brand more in line with today's trends and new style preferences. >>> yahoo! shares are down slightly after a report that verizon is expected to bid $3 billion for the sunnyvale company's internet business. verizon is a front-runner to buy yahoo!. their telecommunications giant acquired aol last year and analysts say buying yahoo! could give verizon more scale on the internet. >>> there's a new way to get wi-fi, we hear, in every corner of your home. >> that's right. it can be spotty in your house sometimes. "7 on your side's" michael finney tests this home wireless fix, michael. >> i hear about this problem constantly. getting good wi-fi signal in every room of your house, it can really be tough especially if you have a large house for lots of brick walls that block signals. the "consumer reports" have tested a new product that just might help. jim wilcox knows a lot about tvs and streaming media with devices. he writes about them for "consumer reports." but when it comes to getting a wi-fi signal throughout his house, he's at a loss. >> the signal is

wagner joins us live from the new york stock exchange, good morning, retailers like macy's and ralph lauren have been seeing slumping sales but different story at lulu lemon, is what the latest. >> reporter: lulu lemon says sales rose 17 percent in the past quarter, they have been expanding yoga align with pattern pants and lulu lemon wants to appeal to woman who want to wear all day long and not just work out there is competition hoff jumped in to that athlete trend, brooke and trend. >> lulu lemon is amazing. >> do they give out coupons. >> never, and never any sales. >> well, this will make brooke very excited, we hear is there a chance to hang with matt damon in vegas for premiere of his new jason borne movie, explain, police report report that is right, you have to donate $10 to his charity, called water.org which brings clean drinking what the tore people across the globe. you head to the fund raising site, and the winner gets to grab a beer with him at the movies after party, and you can brink a friend. it is a win/win. >> you don't know me at all why would i hang out the with matt d

the inventory situation overall across the industry, not just from nike but from under armour, ralph laurenname it. .econd, adidas adidas has been asleep for several years and is finally waking up. adidas is the second-largest player in the states. there is competition happening. nike talkingrd to about the overall landscape, talking about competition on this call tonight. we have seen under armour overtake adidas. i know they have their eyes on nike. what is the likelihood we will see them getting close in the near term? >> to your point, under armour is the second-largest player in the north american market. globally, we should think about nike and adidas from a global perspective. number two is adidas for that. is a phenomenal story. it has been growing. we are starting to see inroads with regards to footwear. that is causing some concern businessrds to nike's where price points are much higher than the overall industry points. for example, lebron shoes or $200 versus steph curry shoes. putting some pressure, some concern around the nike stocks this year. bonnie: do you anticipate any ki

one of the most exciting company throughout, ralph lauren. rl. the high end clothing coil i can't. wait to hear from the new ceo stefan larson on tuesday. we know the gap store has been a poor performer. it bounced a bit. what is more important is that the lone bright spot for gap had been, and for a while had been old navy. and that had been run by raffle lauren's larsen. a two-fer here. ralph himself who fortunately stayed on as chairman is that chief creative officer. it they will tell us a pretty compelling story what will go right for the rest 2016 that beyond. i think the stock in the 90s is good. essentially, derisked meaning the possible upside has been given up on. i like those stories. benefits by the way from a weak dollar. remember when rest oration hardware used the put tim best numbers ever? it has been delivering sub par numbers. you have to ask if it is bottoming going to the corner next wednesday. i'm a fastball. when money calls, we don't want that to go down big. a stock replacement strategic. i'm a huge believer in the will vice stocks. i expect decent money fro

. >>> ralph lauren has announced plans to cut jobs and reduce 50 stores.t's been struggling to cope with weak spending of luxury apparel. as well as stiff competition from h & m. shares closed 3.2% lower. >> yahoo! has hired an investment bank to tell patents. it includes research technology and back to the company's founding 20 year ago. the company has reached out to pat at the present time buyers. >>> amazon's ceo jeff bezos announced the company would invest $3 billion in india. bezos emphasized that india is the fastest growing market adding the money will help accelerate its role as a digital hub. the initial investment brings it to over $5 billion. >>> general motor ceo mary barra with an annual meeting on tuesday. cnbc's phil lebeau has the full story. >> reporter: general motors rolled into its annual meeting at an interesting time for the automaker. it's profitability is higher and it's going coverage on retail sales for customers at dealership, as opposed to fleet sales through daily rental company or to corporations. that strategy has paid off

bad news for customers and employees at ralph lauren. the designer plans to close 50 stores.ed to save $220 million. the company has seen profits drop more than 20% in the last year alone. since the designer stepped away from running the business. >>> uber is rolling out some new perks for the drivers. the san francisco-based ridesharing company began offering improvements this week designed to give drivers more control. drivers have been complaining about a lot of things, but there are several new featured headed their way. one allows uber drivers to pause new requests from coming in while they are finishing a trip. another lets drivers set a driver destination. that allows drivers to input where they want to go and matches them only with riders who want to go to that area as well. uber has not said when the new features will be available. >>> the private spacex company is hoping to relaunch a rocket before the end of the year. elon musk wants to prove that reusable rocketry is possible. eventually they will reuse their rockets after a few weeks of turnaround, drastically cu

ralph lauren is going from fro designing clothes to redesigning its business.usi reports say the companyclosing at least 50 stores and cutting around a thousand jobs. that's about 8 percent of its workforce. the price of oil closing above 50 bucks a barrel for the first time since last july. j of course the rice in oil is the big reason why gas prices have p been going up lately.atel americans are packing on the o pounds. the government saying the obese p tie rate for teens jumpingjump over the past decade and woman, i hate to tell you, but more than four in ten of you are now considered obese and that is aa record high. as for men, it's more than three that's business. i'm steward juan i. the tsa is getting mixed reviews after rolling out new. wait times were down after hundreds of additional cleanersa were deployed over the busy memorial day t weekend. most passengers said they were satisfied, but lawmakers say the agency needs to find a new balance between security and convenient. some might even be temperatured to say that we can't have both. effective security measures invariably br

lost, and they say a that first quarter is the second month of significant disruption are, and ralph laurenaid that it will be closing some stores and slashing the guidance, because of months of disruption, and ralph lawrence said that it would close 50 stores and cut 8% of the workforce and unveil ing a restructuring plan to streamline the management and cut back on costs. >>> when we come back, cnbc is rolling out the annual 50 disrupter list including those changing the economy, and one of them joining us live. and the polls are getting more attention than we have seen in the past. and another executive change at twitter and what this means as the shares are continuing to struggle. we are back in a minute. >>> despite the mounting pressure, one player has closed a bond deal with a aaa ratings from moodys. it is one of the 2015 disruptor 50, and joanne bradford is joining us this morning. >> we are so happy to be on the list. >> we know that all tech is created equal, but it is difficult not to lump all of the companies together, so tell us how sofi is different? >> well, we have focused

i still think the ralph lauren is not done going higher because that brand -- i checked in with so manyeople about that brand. and seeing -- i mean, when you -- here's what they typically say to you, yeah, they're getting hurt. do you know any openings there? >> ralph did fill the gap almost exactly on that day. >> there's a halo there that has not gone away. tiffany is the one where i'm concerned about the halo in terms of the highest end. and restoration hardware i'm no longer concerned because it's lost its title. restoration hardware, that was a -- i don't know if you know their conference calls but they're set to music. that's great when your stock's going higher, but the set to music and all the problems, it was kind of like a funeral. they're doing a lot of things to try to get ahead of the problems, but if you listen to the conference call set to music, it's a tough one to get in front of. >> the product delays. >> yeah. >> yesterday that bled into the home builders. was that deserved or not? >> yes, it did. no, gary frieden said, listen, we catalog, we blew the modern, we're in

ralph lauren falling. their ceo is taking the same tough love approach that manny tirico had to do. still like the story even up $2.44. in tech, another day another dollar and 0 cents for nvidia. the chipmaker that has loved this intel was back in the 1990s otherwise nothing although after the close applied materials announced a gigantic buyback and triggered the beginning of the rally in tech could happen again. finally, finally there's this stock that seems everyone now loves to hate, apple. you know, i got to talking about apple were my daughter this weekend over a delicious lunch at olive garden in jersey. i was distraught having forgotten to wear my cargo pants so couldn't stuff those fabulous rolls in my pocket. she's a vegetarian and bring unlimited salad bowl up her alley. it is lettuce but i say nothing. anyway getting interested in the stock market and asked how apple is doing and i said it's been stalled out, it's doing nothing. dead in the water. in fact i asked her why don't we go to the apple store in the short hills mall, not that far from me because i need a new watc

you can find ralph lauren stuff in too many places. if the stock was still in the hundreds and not prepped for this tough love i could understand today's morning visceral reaction. but down here in the 90s i say give me and stefan a break. here's the bottom line, when you have the basics working for you not against you, investors find reasons to throw money at the market. and right now that money is sticking on the stocks with the best global stories. >>> let's go to tuna in michigan. tuna? >> caller: booyah, what's up, jim? i was just wondering what i should invest my money in, walmart, j.c. penney or sears. >> well, i mean sears absolutely not. sears is sell. j.c. penney -- don't buy. walmart? i'm telling people, walmart is could. how about vincent in missouri. vincent? >> caller: hi, jim. thanks for taking my call. >> okay. >> caller: my concerns are i bought a stock called rr donnelly and i noticed in an article that they're going to go forward, i think, with a spinoff in october. >> right. >> caller: resulting in thee companies. >

ralph lauren, luxury fashion retailer, plans to cut jobs, close stores, a plan to lower costs. investors not too impressed as you see by the performance there. down 2 and 1/3 percent. david: lori, thank you very much. phil, oil back above 50 bucks a barrel. how high do traders think it will go? into. >> first time this year, believe it or not, dave some traders think it could go higher, myself included. we got a lot of news about oil prices today. believe it or not the u.s. energy information talked about u.s. production. they say, guess what, guys? it will continue to fall at least through 2017. that comes at a time when global demand is blowing away expectations. when you think about china, think about india. india is the new china when it comes to energy demand. the information information administration said demand growth is strongest they have since they began keeping records back in the 1980s. if you remember what happened 15 years ago, nobody was underestimating demand in china. they exceeded that. that is happening in india right now. really the set-up is strong. a lot

ralph lauren is closing 50 stores and cutting about 1,000 jobs.ove comes part of an effort by the chain to boost profitability. the plan is to reduce inventory and position the company to better respond to what shoppers want. the closing and layoffs are expected to save $220 million over the next year. a rally in energy stocks helped send the markets higher yesterday. right now futures are pointing to a higher open. the latest report on job openings is due out later today. >>> bottled water is set to pass soda as the most consumed beverage in the u.s. now, covering to the beverage marketing the shift could take place late this year or early next year. consumption of bottled water grew one twenty percent over the last 15 years. carbonated drinks were down 16 percent in the same period. the popularity of bottled water is not all good news for the beverage companies that own the big brands. analysts say consumers are far less loyal to water brands versus soda brands. matt and tam you don't have much of a choice when you're at the airport. any water w

ralph lauren hired the new financial chief officer away from coach.own slightly coach also down on a tough day for equities. a fox news poll, if it were a bernie sandersen had donald trump matchup. sanders leads. juan williams, author of the week "we the people" and "the five" co-host joins us now. juan, did the democrats pick the wrong candidate? >> as long as, but, you know, the fact is that's bernie sanders' argument, ashley. you can't argue with the numbers, they are what they are. the contrary argument. i think the argument that held with the super delegates, why they stayed with hillary clinton in overwhelming numbers, is that bernie sanderses had a yet to be attacked as a socialist who would change american capitalism for the worse. once that began, you'd see those numbers drop issue we know that hillary clinton is meeting with elizabeth warren, who is finally meeting with hillary, would elizabeth warren be a good choice as vp? >> it would please the wing of the party, and angry, would be moved by elizabeth warren added. as you know, ashley, el

but it could be another bad day for shares of ralph lauren.ction in the past few days. the move came after ralph lauren announced it's calling 8% of its work force. the company's founder and name sake says he backs the company's new ceo saying, quote, i'm trusting my baby with him, and my baby has to grow up. >>> all right. breaking news overnight. hillary clinton the first woman to become a party's presumptive nominee. donald trump promising a tough fight ahead. bernie sanders just an hour or so ago vows to fight on. all that and we're still counting votes in california. we'll tell you where things stand. here's a preview coming up next. be the you who doesn't cover your moderate to severe plaque psoriasis. be the you who shows up in that dress. who hugs a friend. who is done with treatments that don't give you clearer skin. be the you who controls your psoriasis with stelara® just 4 doses a year after 2 starter doses. stelara® may lower your ability to fight infections and may increase your risk of infections and cancer. some serious infecti

the middle some business software companies and sotheby's, the art deal broker bgc partners and ralph laurenrouble. the market is punishing those seen as most vulnerable to those revenues going down. apparently investors think this is going to drive investors to eat weight watchers. genesee & wyoming is a railroad. tom: we are glad you are on set. francine: the real leader in all of this has been mark carney and the boe. we have been told the boe's allotting 1.3 billion pounds in special liquidity operations and that the banks have been 3 billion pounds, and we will have plenty more on that. this is basically the third operation to provide banks with extra liquidity. when you look at the company's most affected by brexit, it is probably not the u.s. companies or the european companies. i would argue it is the u.k. banks. we have seen convulsions on the markets and the boe is trying to provide liquidity and stability. tom: you showed me that headline bailingy about italy out the banks. his mark carney doing that in italy -- in the u.k.? michael: what is striking to me is the amount that banks

ralph lauren has 21%. if you look at packaging companies, it is all different types of companies. it is not necessarily quadrants you would expect. packaging companies also declining today and part of european exposure. west rock infield error also on decline. oliver: what is going on with the commodity space? julie: it is all over the place. we are seeing oil continue to trend lower. on the other hand, natural gas is going higher as we see warmer weather spread across the u.s.. it could increase the demand for natural gas. gold and copper going in the same direction. gold has little change, getting a little bit of a bit. sdd. the vix has not changed much today as you would expect it to be up more. it is interesting that copper is catching the bid. the commodity trade is not really consistent with this sort of risk on, risk off scenario. not trading as you might expect. scarlet: interesting to see the gold gains taper off a little bit. oliver: let's check on the bloomberg first word news this afternoon. mark crumpton has more from the newsroom. rulingscouple of big from the u.s. u

it's ralph lauren, restoration store. amazon online, that threat.nd it's really being a disrupture in the industry and these companies have to hunker down and see who their customer is. >> it may be a noisy month. you know, obviously we don't have a lot of indicators on that front, but it does seem that that's where you saw a slowdown in stops. >> it's a great point. we'll see what else we can find out about it. google revanillaing its revenue split to match apple's new model. up next we'll look at how the app war will impact the academy kpaen companies. now the company is under fire for hiring a detickive to dig up dirt against it. we'll have more on uber later after the "closing bell." uh, maybe we should call i.t. >>> welcome back. earnings are out for h&r block. dom? >> 195,000 shares worth of trading volume in that time span, this after the tax preparation giant reports earnings of $3.16 a share. that beats the analyst's estimate by a penny. they also announced they're going to boost their dividends 10% to 22 cents per share per quarter from a

his picks, his press secretary, she was a ralph lauren model that then of ahca brought into work on her line and to do other things marching for that line now she is the press secretary and i think most people think she is a fairly honest broker throughout the campaign. then, i find out from the grandchildren that the guy who rents a las vegas hotel used to drive them to school, so, i mean, he does think outside the box because he used it to grow up on construction sites. i mean, he had to work at the construction site eric and don junior told me that they had to work at construction sites if they were 11 or 12 years old, so he does look at people and other things and is not afraid to put them in the mix. i don't know if he can do that at a presidential level, but he has done some of that guest: traditionally throughout has put high expectations of people who are by the book underqualified. guest: totally. guest: and, if those people succeed is great and if they don't by. guest: you are fired. guest: went a he says in this book is that he prizes loyalty over integrity. loyalty is the mo

take a look at ralph lauren shares are under some pressure down 1.5% today. 9484. the company doing restructuring. down about 17%. obe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. and if you thought that was amazing, you just wait. ♪ charles: president obama same privatizing the va will only delay the progress. well, it he is saying that it's already made. let's face it, by the way he had veteran scored or extremely satisfied and the quality of care is extremely high. not everyone agrees with the florida republican congressman randy santos is the va is far from being fixed via thanks for joining us to it is infuriating to hear president obama make those are the statements in so many people died on waiting lists when the problems have gone on and on. too many accounts have gotten worse despite being highlighted over the last couple years. >> a waiting list now are worse than they were w

korss is now up a little bit, but ralph lauren, tiffany, all having a tough time.e have a new ipo, and for those of you of a certain age, it's a new one, it's a well-known one and that's valvoline here, very famous oil manufacturer here, 930 locations around the united states here. valvoline is being spun out of ashland. we do not have any terms on that. we'll let you know what's going on with that. that will be trading here at the new york stock exchange. back to you guys. >> all right. thank you very much, bob pisani. i want to go over existing m&a situations in today's faber report. >> okay. >> start with monsanto, bayer and monsanto, there had been chatter around and number of reporting indicating the companies have been involved in talks. they really haven't at this point. people close to the situation say they have yet to engage in meaningful dialogue, something they want to share with people at this point. doesn't mean they won't, but for now bayer is very much focused on getting his own stock price up. up today, going to be in boston, then in new york speak

and i think people have gotten too negative, ralph lauren i think they've gotten too negative on, it'sle stocks gotten so infectious. >> not a lot of gloom today at least in the premarket. perhaps what may be the results of the brexit vote later this week. we're going to have opening bell in about four minutes. stay with us on "squawk on the street." at the marine mammal center, the environment is everything. we want to do our very best for 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 such good and important work for the environment. together, we're building a better california. it's how you stay connected. with centurylink as your trusted technology partner, you get an industry leading broadband network

resolve ralph lauren. they had their meeting yesterday cutting jobs. he cap story there.lked a lot about online. tranter my favorite omelette straight my favorite omelette straight. this is digressing today. there is a survey that shows for the first time, an annual survey of 5000 on the shoppers made more than half of their perches on the internet rather than in stores. 51% of their purchase on the web compared with 48% in 2015. lululemon does well but bad. they're real growth opportunities with men and young men. if you get them in a pair of lululemon shorts, they are never going back. maria: comfortable staff. take a short break. straightahead cover southwest brings back at 72 hour sale. there is a catch and we'll tell you about it. talk about a poetry slam. average after student that one ivy league university says the curriculum features too many white male english poets. white male english poets. those stories coming out. ♪ ♪ he has a sharp wit. a winning smile. and no chance of getting an athletic scholarship. and that is why you invest. the best returns aren't just

. >> she was shopping at ralph lauren a few weeks ago, that was just armani. >> they just announced layinged by four weeks ago. >>> still ahead on this hour, we'll have more on hillary clinton's historic evening. >>> and as we told you, she has the delegate votes to be the nominee, but well, with senator sanders not going anywhere, who does she fight first? bernie or donald. and who rains on her parade tonight. what will that mean for the rest of this race. you owned your car for four years, you named it brad. you loved brad. and then you totaled him. you two had been through everything together. two boyfriends, three jobs... you're like nothing can replace brad. then liberty mutual calls, and you break into your happy dance. if you sign up for better car replacement™, we'll pay for a car that's a model year newer with 15,000 fewer miles than your old one. see car insurance in a whole new light. liberty mutual insurance. kennetthis afternoon closinfor auditions? what's on that piece of paper? oh, miss maroney, your forehead! should not be doing anything. i just had botox. i know exactly wh

lauren: struggling retailer ralph will run to announce major job cuts and store closings today. as profit and sales have fallen 50% since 2014. turn things around, rolf arend hired stephane larsen to replace him as ceo. by september he made his mark at old navy at each event. sources say he will announce 50 stores closing hospitals to does the job has been a at analyst today. taking a look at shares, they are down 30% in the past year. lauren: valley pharmaceuticals have said this today. investors have punished the stock to the company got caught up in controversies over mail order pharmacies and pricing of its drugs. we are also watching goldman sachs. u.s. investigators tried to determine whether the bank broke the law when it did not sound an alarm about a suspicious transaction in malaysia. some good news if you own shares of fedex at the company has raised its quarterly dividend 60%, 40 cents a share. fedex delivered profits for the past two quarters helped by a boom in online shopping. that often can be an economic indicator. good news for fedex. lauren: shopping online, s