expecting an 8.3% decline compared to the same month last year >>> ron baron is here. nd cio of baron funds. tesla is the firm's eighth largest investment representing 1.72% of baron funds total assets ron has been a big bull on tesla shares and huge defender of elon musk thanks for coming in today >> thanks for inviting me. >> there's been a lot that's happened since we last saw you. >> so you want to talk about tesla today? >> let's talk about tesla. we now have this s.e.c. settlement as an investor, someone who's been supporting him all this time, what did you think when you woke up and heard there was an s.e.c. deal he walked away from >> well, i didn't think that was a great idea and when he had not received support from his shareholders for going private transaction, he flipped around and changed and canceled the transaction and when i didn't think he was going to receive support for this, walking away from that settlement, i presumed he was going to go out and renegotiate and do it again. >> let me back up on this. the going private transaction, i mean with that'

that's why it is interesting listen to ron baron. it makes it so the profit margins shrink even more we'll hear from the north on october 3rd. the housing companies are passing on and their costs are going down but nobody cares because they are the fed's raising interest rate. >> fazing out and giving these employees, giving them stocks, they're no longer going to be doing that sproo they would vest in two or three years or more. >> although npr has a stab amazon workers would need to work three weeks, 132 hours to buy one share. >> if they have smart enough to take the stock a few years ago, they would be very happy >> when you are out west, they watch our show fchand if you sai think square should be at 90 they're paid in stocks the currency out there is stock. here the currency is cash. out there is like hey, did you say something negative about my stock? >> well, no. >> did "squawk on the street" just give me a pay cut i mean that's what they are like out there. here it is like hey, i tried to augment my salary by working at a ba

ron baron will be on tomorrow. he'll raise the price, maybe 2,000?> we'll get jim cramer's "mad dash" in a moment. take a look at the market as we get q 4 underway don't go anywhere. fast, reliable internet is crucial. does it every go down? yes. can't do my job. business grinds to a halt. our gig-speed network not only downloads files up to 20 times faster, we go beyond fast with 4g backup for complete reliability. so if the unexpected happens... (snaps fingers) you stay up and running. we lost power... but not to that. i want that. (laughing) get fast, reliable internet and add tv and voice for a low price. call now. comcast business. beyond fast. onmillionth order.r. ♪ there goes our first big order. ♪ 44, 45, 46... how many of these did they order? ooh, that's hot. ♪ you know, we could sell these. nah. ♪ we don't bake. ♪ opportunity. what we deliver by delivering. betty called me at she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they help

ron baron is going to be our special guest tomorrow on "squawk box" at 7:00 eastern time he being oneong-time supporter of elon musk and tesla. in fact, was somebody that elon musk went to during all of this. we should say, by the way, one of the reasons that musk changed his mind and said let's make a decision -- let's take the settlement is not ron baron but had a conversation with mark cuban who had his own run-in with the s.e.c. and musk's lawyer was also cuban's lawyer >>> the other big market-moving story of the morning, perhaps the real reason you're seeing marketing move the way they are. u.s. and china -- that would be good but rather than u.s. and canada repla replacing nafta with a deal. the three north american countries are expected to sign the deal by the end of next month. it would then be submitted to congress >>> joining us now from washington, top white house trade adviser peter navarro. good to see you this morning were you involved with this part of the trade picture i know sheard kushner is getting some credit for this but were you involved intimately in the deal

and we have ron barron >> that's a big one, ron baron >> and now michelle caruso-cabrera works with mrboard of that texas financial company. >> all right i hope your gold buying works out better >> thanks, guys. most random but interesting thing you will hear today has to do with lobbying we could talk all we want about draining the swamp, but the number of companies lobbying on tariffs has doubled in two years. so trade fights may be bad for you but good for lobbying. thanks for watching orwi"wldde exchange." no gold position i like coffee. "squawk box" is next or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life. >>> good morning european stocks are under pressure, u.s. equity futures are indicating a lower open on wall street. >>> and stitch fix shares are tumbling more than 20% we'll tell you what the subscription style company reported that

cnbc talked to a tesla shareholder today, ron baron, he said the battery business could be as big as cars. >> i think we have 10 million cars, 15 million cars a year, the battery business is going to be as big as the car business. >>> elon musk's dreams of hyperloop technology could become a reality elizabeth shultz reports from the unveiling. >> reporter: hyperloop's first full scale capsule measures five feet long and weighs five tons this is the first time we show what hyper will look like. >> reporter: hyperloop transport is branded as a faster, cheaper, more efficient way to move people and cargo this will fit 48 to 50 passengers >> we have the unique opportunity to build a transportation system the way would in 2018. >> hyperloop was first envisioned by elon musk in 2013. it uses magnets to levitate pods and propel them through tubes at fast speeds. it took 26,000 hours of skilled engineering and assembly to build the capsule. >> we have the engineering capacity, the systems, the structure. we have the high, high level >> the interior of the capsule is not finished yet. current

step-by-step options trading support from td ameritrade >>> ron baron telling cnbc the biggest mistake amazon. for more on mr. baron's interview, go to cnbc.com p.m. >>> welcome back to the half time report, we're answering your questions now, first up, from david in denver, with the new trade agreement, thoughts on the rails, specifically, union pacific. >> obviously, it's good news for ksu as well as unp they have exposure to mexico ksu has lagged i own unp, i like it a lot if you want to play the trade catchup, it's ksu. >> thank you for reaching out to us, vance. starbucks opportunity into year end? >> vance, i think this is one of the best opportunities out there, the brand took a temporary hit this spring, the incident in philadelphia, howard schultz stepping down, closing some stores, the brand isn't permanently impaired you see the stock rise, this is a great entry point. >> joe, the last one goes to you, it's from timothy where do you stand at this moment >> i am flat, i have no position stock is trading somewhere around 80 to $812, i'm going to wait until monday november 5th

. >>> baron capital chairman and ceo ron baron will be on ""squawk box""omro torw 7:00 a.m.ou don't want to miss that or "closing bell. ignition sequence starts. 10... 9... guidance is internal. 6... 5... 4... 3... 2... 1... ♪ whai tell clients, etfs can follow an index, but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. wat t. rowe price, hundreds of our experts go beyond the numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence. >>> let's give you a check of the headlines maki

that you're a visionary, but we can't have you doing these things >> when you have investors like ron baronho came on earlier this week and said, look, i think he learned his lesson and turned his corner. a tweet like that undermines everything and everyone betting on you >> a lot of people believe in elon but then see these things, and they blanche, but maybe sometimes i think i'm out of step with the world because donald trump, our president, has managed to succeed >> i was thinking the same thing. elon will be elon. he has a lot of great creative qualities. you have these other qualities down here that you don't understand or like >> but the whole story we've been hearing is that he's going to come away with this with less desirable -- >> you sort of think this guy has some problems. >> it's fun to watch >> fun to watch. he's not afraid. >> yeah. you know what -- not afraid of anybody, but he puts the investors and possibly more importantly the employees in jeopardy when he does things like this. >> do you wish people wo could e on here and say stop following the prompter, stop laughing.

. >> i see all right, big interview coming tomorrow with ron baron on "squawk box" one of the most successful investors out there the trade deal, the usmca, usmca, what does it mean for the carmakers? >> there is a bit of a relief rally especially for the big three who have large footprints both in canada and in mexico let's look at the numbers in terms of what will change for them really not a whole lot if you look at where they were last year, they -- automakers ailing to, not just the big three imported about 3.98 million vehicles from mexico and canada now have a cap at 5.2 million and have room to grow how much they build overseas and those two countries and then bring here. the regional content will go up to 75% but the expectation is that, look, they can do that there are a lot of parts imported via china into mexico in particular. that part is going to be closed off a little bit and, remember, mexico and canada, the two largest countries that we receive vehicles from in this country almost, what, 23, 24% of the vehicles take a look at shares of general motor, it is the number one impo

. >> we had ron baron on talking about his investment in tesla.recently with gm and he thinks highly of diane. when you talk about these vehicles for worldwide deployment being shared use vehicles, is this for a company like an uber who will be doing this >> it could be -- >> for someone who drives the car to work and then the car drives itself off somewhere. >> you're talking from everything to small package delivery companies to maybe contractors, entrepreneurs let's say there's a company that is a food delivery service firm. and they are delivering meals in bangkok or wherever. it's a multi-use vehicle in the sense that it can be adaptable that's my sense. the wording from -- >> we assume there's always going to be something for the foreseeable future something in the drivers seat >> foreseeable future. but the whole idea here is if you have a fleet or some type of a small package delivery firm, you can route these in the future theoretically when they are autonomous drive and make much more efficient use of your fleet. in theory. that's the wh

. >> all right i don't know i know ron baron, maybe i'll give everything to you >> well, we're a mutuald company. so $1500 >> thanks, jason ubs global wealth management which i can some day think of. and randy, baron discovery fund. you'll be with us for the rest of the hour. do you take personal accounts? >> we don't. sorry, joe >> fine. thank you. >> coming up, when we return, one of the driver's of volatility this week is china. we're going to talk about trade war of currency and potential meeting between president trump and president xi we'll have that conversation in just a moment. rvelgts then at t >>> then at the top of the hour, treasury secretary steve mnuchin. we're going to ask him about the president's krit scriticism of d and rising interest rates. here's a look at the biggest premarket winners and losers in the dow. what do advisors look for in an etf? i tell clients, etfs can follow an index, but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends o