the s.e.c. is suing volkswagen for "massive fraud. the full details on all of those big stories ahead. it is friday, march 15th, 2019 >>> good morning welcome to worldwide exchange. brian sullivan is off today. we are following a major developing breaking story out of new zealand. at least 49 people were killed and more than 48 others injured in a mass shooting event at two mosques. it happened as worshippers are rp attending friday prayers in the city of christ church. we will continue to follow the latest on this breaking story and bring you more as we get it. >>> in the meantime, we have some breaking news in the energy market as well the iea monthly oil report just crossing steve sedgwick is live in london with all of those details, and what are the big headlines, steve? >> yeah. very good morning. they let me in from the cold and the brexit story back to my bread and butter. look, this is very interesting the higher oil prices we've got in global markets at the moment and i'll remind everyo

the s.e.c. thinks musk's tesla tweets are simply stunning. >>> to another form of messaging, new revelation ons o how the explicit text messages of the world's richest man, jeff bezos, ended up in the hands of the "national enquirer" tabloid. it's not hurting amazon stock, however. it's at its highest point since october today. tech, in fact, leading the overall markets, just 24 hours before the federal reserve's big march announcement. the dow is up 21 points, well off the highs of the session when it was at 26,109. the s&p is up three points, the nasdaq up 25 at this hour. we are less than an hour to the closing bell on wall street. i'm lauren simonetti in for liz claman. let's start the "countdown." lauren: breaking news. alphabet's google unveiling its video game streaming service called stadia which allows users to play games on their browser without having to wait for any content to be downloaded to their devices. google says it will be powered by advanced microdevices chips along with mic

the s.e.c.iled in the federal court of judge alison nathan, distinguished jurist and after reading it unless you relish the idea of tesla without musk at the helm i don't know why you would want to buy stocks here. a few months ago he reached a settlement with the s.e.c. over his allegedly fraudulent tweets and tesla appeared to impose safeguards but according to the s.e.c. that process turned out to be a total sham musk was supposed to get tesla approval before he tweeted anything about the company but this has been in place for months and he hasn't sought preapproval for a single tweet now he claims the s.e.c. is violating his first amendment rights, the most absurd argument i've ever heard. it's in plain sight. the guy can't help himself a cursory read through the brief shows he tried to puff up his stock tweeting it made zero cars in 2011 but will make 500,000 in 2019 and tweeted he meant to say they'd be an annualized rate of 500,000 but that's a huge difference that's not the point the poi

in the s.e.c. tweets >> and a bezos bombshell again how the national enquirer obtained the racy texts and photos from amazon's ceo >>> we start with the latest cnbc fed survey. it's out senior economics reporter steve liesman joins us with the exclusive results. morning, steve >> as we do on this show, look at the outlook for stocks. we're seeing a partial rebound in optimism and i can show you that on the graphic. let's see where they were back in november 2018 looking for 3038 at the end of 2019 for this year our cup ran eths over back then. and then you can see we got real depressed when we came int december and our last survey january. now you see some of that has come back but if you come over here, not all of it has come back we got back about 40% of what we were looking for for this year and a little bit for 2020. 29, 25 see if you can respect this. the next chart where we look at the outlook for rates. that's come way down you get this return of optimism or partial return but you do not get

the question now is the s.e.c.n and i think that from the very beginning they did not like the way he's been handling his social media communications and they believe that he's sort of flouting the federal law on this and it's coming to a head. if someone's going to lose -- the question is, will musk be forced to do something significantly different on social media rather than just sort of scaling back a bit. lauren: to think we didn't have these problems before social media. anyway, nathan, misty, thank you very much. cheryl: here are some other headlines making news this morning. new details in the sexual harassment cases at google, the tech giant paying two top executives $135 million. they left the company after the allegations were revealed. the price tag we found out is part of a shareholder lawsuit at the time, the reasons for those departures were covered up. democratic house leadership smacking down speculation they may try to impeach president trump. speaker pelosi saying president trump, quote, just isn'

and the s.e.c. can't look weak in the face of that if anything just to set an example for other companies. >>> stitch fix up more than 25% today after the clothing subscription company beat earning an issued strong guidance they are now throwing in on 3 million active clients and the stock up more than 130% since the ipo. >> i see happy customers they have the highest keep rate on record. 88% repeat rate. revenue per client up 6.1% not only are they not sending the stuff back, they are ordering more. they had 30,000 new customers. i don't know what they are doing. i'm not a customer but it sounds like they have ha happy customers. >> i've always been very skeptical of these subscription based box models where they send you something once a month or once a quarter, they keep billing your credit card for it. i don't like that kind of thing because i feel like i lose control of my budget and finances but i'm shocked that so many people out there think exactly the opposite of how i do, that they want to

the s.e.c.'s powers of mandatory disclosure, to accomplish these goals. those are the words of mary joe white, president obama's s.e.c. chair. she understood what this body understood when it adopted the rider in the provisions -- 2349 appropriations bill my amendment seeks to protect. the s.e.c. cannot and should not be used as a tool for social engineering. the disclosure laws cannot be used as a method to compel noneconomic behavior. the s.e.c. has known this since the 1970's when it received hundreds of different petitions to add dozens of different disclosure requirements. it stated at the time, quote, the commission's experience over the years in proposing and framing disclosure requirements has not led to the question -- to question the basic decision of the congress that insofar as investing is concerned the primary interest of investors is economic. after all, principle, if not the only reason, why people invest their money in securities is to obtain a return. a variety of other motives

at some point the s.e.c.elf should this guy be running a public -- shouldn't we throw the book at him. now, again, gary brought up the point, i don't think they will do it now but they may be delaying the inevitable. here's one thing i will tell you. as they delay the inevitable, investors could be getting screwed. >> charlie, if the stock itself, we finally started to see tesla stock start to crack, terrific and very prescient reporting on your part, i must say, for this. how far do you think tesla has to go down? elon funds spacex, a lot of that funding comes from tesla, his shares, his stake in tesla. how low does tesla have to go before forget the s.e.c., before shareholders themselves start to say look, this guy's got to get the hook? >> good question. you know, there may come a point where big shareholders who haven't really bailed yet, you know, just look on the public filings, will say enough's enough, we don't want anything to do with it. we are really not there yet. here's the thing. they can raise

so in october of 2018, when they settled with the s.e.c.order against tesla and musk, they adopt policies for communications by executives they required a review in advance of communications with the public that could or reasonably could contain material information of the company. in december of 2018, tesla adopted the policies for communications in which the policies exactly state what i just said with some caveats. highlight certain subjects they be deemed to be material depending on the significance of the information and that was specific to the production progress or delays, sales or delivery of numbers or other major business developments so they have a policy in place that highlights that the subject matter may be deemed to be material subject so that's that tweet then beyond that, they're going to look at all the communications he's had tweeting whether they're looked at for preclearance to determine a pattern of which he hadn't done and this is the most egregious communication. three, violated potentially a court order. four, anta

the s.e.c. says musk is in blatant violation of a settlement agreement in which he will get preaprufl for all tesla related tweets the regulator says musk never sought approval for a single tweet about tesla since striking that deal and it's asked a judge to hold musk in contempt of court. according do a court filing, the s.e.c. asked tesla whether any of musk's tweets had been preapproved after more than two weeks tesla responded with a simple no. musk has argued his tweets were immaterial and that the s.e.c.'s push to find him in contempt infringe on his free speech. >> do you think this is a situation here, infringing on your free speech when you are a ceo, you don't get to say whatever you want you've already -- you've already -- >> you have entered a settlement with the s.e.c >> that way you didn't have to step down and give up the title and do infantry those other things you have run amok with your tweeting where people lost money based on what you had tweeted on these issues if the s.e. k

the s.e.c. is far from over. fed-ex is about to report the first quarterly numbers of year and as dsw shares sank, the ceo joins us for his first interview ever on cnbc "closing bell" starts right now. ♪ >>> welcome to the "closing bell." i'm wilfred frost alongside sara eisen. take a look at the markets less than an hour left of trade. slipping a bit but still in the green. we are up 33 points on the dow the high was close to 200 points but we have been green throughout the session the s&p's up 0.2%. the nasdaq a little higher up 0.4. health care the top performing sector. >>> as president trump wraps up a news conference with the president of brazil, we'll talk to mark mobius. >>> first eamon javers at the white house with the highlights of the news conference eamon? >> reporter: that's right. it was supposed to be about brazil and the u.s. relationship and a most interesting comment of the president when he was asked whether or not social media companies should be liable for the content on th

is slated to leave the european union and the s.e.c.s blasting elan musk for a series of tweets that he sent last month it says that musk is in blatent

the s.e.c. says that musk is in blatant violation of an agreement in which he would get preapproval for all tesla-related tweets the s.e.c. says that musk is in contempt of court. elan musk disagrees. >>> shares of canada-based marijuana maker tilray is soaring. the company doubling sales from just a year ago. the ceo says the company is now looking to the u.s. for its next leg of growth. >> we finished the year with about $500 million in cash on hand, and we'll continue to invest right now canada certainly is important, but when we look globally, the united states and europe are a magnitude more important larger and so we're looking to aggressively deploy capital in the u.s. and europe >>> right now tilray in the green. up almost 2.5% dom, over to you wrrks. >> thank you, frank, for those now let's turn to the wall street agenda. it's another big day the fed kicks off a two-day policy meeting we get factory orders at 8:30 a.m. eastern time, and on the earnings front we get results today from ch

musk's attorneys accusing the s.e.c.trying to, quote, trample on his first amendment rights >> they must know that's fatuous, the commerce trumps first amendment when it comes to the s.e.c. that's not even an issue i can't believe they went with that i think that's an ill advised strategy and you have to recognize that you cannot plead the first amendment in those cases. it hasn't held up. >> right >> just hasn't. >> under close scrutiny doesn't wo work. >> once again, the spotlight at least will shine to a certain extent on the fact that musk does whatever it is that musk wants. we all know about the turnover they had there whether it be in the general counsel's office or the accounting area, that's the way it goes there. >> he's a cowboy. >> countless stories about the way musk runs things and treats people. >> not like you hear the chairman of the s.e.c. come out and say, look, the agency doesn't like this. they don't do that the agency should do that. the agency should come on air and say we don't like what he's doin

something to that effect short sellers enrichment what if the s.e.c. says a slap on the wrist isn't good anymore. you are no longer going to be ceo, you will be chief creative officer, whatever the hell you want to call your title. what does the stock to >> this to me, you talk about noise, i think elon musk wants the s.e.c. as a scapegoat. i think this is a classic case of let's create a distraction -- >> scapegoat for what, for the stock going down does the stock go down if elon musk becomes cheief whatever >> more importantly, i think the issues are around the balance sheet of the company, the ability to generate free cash flow, the inability to get to free market. is it noise that the company has cut cap ex, cut guidance, cut stores -- >> it's always been horrible things with tesla and actually -- >> the stock has been up >> you traded from 275 to 380. if you traded in that range and hold on to it for five years, who scarcares. >> the problem i have here is the only people who have made money on this stock are those who haven't played. >> or traded

they have an s.e.c.e over whether they misrepresented and musk in particular, the ceo, elon, misrepresented production numbers in terms of the model t or whatever it's called, the lower cost one -- liz: the x? the 3? >> the 3. the model 3. and they had that outstanding. then there's a regulatory investigation involving, actually the s.e.c. saying he's in contempt of a settlement, court ordered settlement over his going private tweet, and whether he went out and still did other tweets that were -- that weren't, you know, weren't accurate. so you had this incredible legal firestorm going on as they are trying to do all this business stuff and that's why you see the stock moving, the stock has been sticky on the downside lately, right. we have been asking about his legal strategy, what he's doing, and what's kind of interesting, we hear, and are still talking to tesla about this, there is talk he's switching up lawyers again. we have to get a little more information on this but here's what we know. latham w

elan musk's lawyers slamming the s.e.c. today we'll tell you why that's coming up plus, it's show time apple announcing a big product event for later on in this month. we'll tell you what products they are expected to unveil when worldwide exchange comes back after this >>> breaking brexit news theresa may locking in a final deal with the e.u. ahead of a key vote in the u.k. today we'll have all the late-breaking details. that's coming up straight ahead. >>> the faa says boeing's planes are still safe to fly following this weekend's deadly plane crash in ethiopia. we have the latest on that developing story as well >>> and big energy goes on the record brian sullivan sitting dow exclusively with the ceo of cheniere energy. what he had to say by possible china trade deal it is tuesday, march 12th, 2019. you are watching worldwide exchange right here on cnbc. >>> good morning, and welcome to worldwide exchange i'm dominic chu. brian sullivan is on assignment today. we'll hear from him later on in the show let's get you up to

, no love lost if that's the case. >> i wonder would they ever make that a requirement if it's the s.e.c. conducting this study and they've basically allowed this but kind of frowned upon the practice, at some point would they say to companies you have to do it this way >> interestingly, investors have been lobbying the exchanges, the new york stock exchange and the nasdaq to make that a requirement for listing on their exchange to say -- >> but it's hard any one of them is going to say we're just going to lose the business unless they do it all at once. >> and you know they have such a fiercely competitive business that anything they do that will drive someone somewhere else. >> absolutely. >> and that was the issue with alibaba. they couldn't list in hong kong because they had something akin to this and hong kong wouldn't allow that that's prohibited on their exchange. >> and didn't they change those rules? >> in hindsight they did, after alibaba listed here at the stock xayg so it's really about the business and the question is who's going to win this battle over time. >> it's a good

the s.e.c.e an agreement when he tweeted about tesla. okay. >>> bloomberg compiled a list of the top business schools picked specially by headhunters. is your alma mater in the top five? we will reveal them to you. >>> spring break. florida officials getting ready for one of the largest spring break crowds in history. one city in florida that normally discourages spring breaks is actually welcoming them to come party. why did they change their tune? i have a pretty good idea. >>> we will head to the sunshine state, next. if ywhen you brush or floss, you don't have to choose between healthy gums and strong teeth. complete protection from parodontax has 8 designed benefits for healthy gums and strong teeth. complete protection from parodontax. stuart: i do apologize for the lack of a good list on the show today. we have been spending far too much time on that geneva motor show. ashley: we don't have a story today. how about that. stuart: but we have a list. 3,700 headhunters rated the 30 best busi

the s.e.c.ad to have his tweets about tesla vetted by a team in the legal department. he did not do that last week. so they moved to hold him in contempt. his papers are due this morning. i checked before i came in. they're not filed. lawyers file everything at the last minute. they're not due until 9:00. they're not going to be in court this morning 67. they will articulate their argument. what will the argument be? the tweet is what everybody knew already. is he going to go to jail? no? is he going to lose his position as ceo? no, he's a majority shareholder. there will probably be some sort of fine and maybe tightening of the screws a little bit. the s.e.c. cannot go lightly on him because he's a character and celebrity as well as a fabulously successful entrepreneur or they will lose their clout when they want to regulate other people who do the same thing but are not as well-known. maria: can you make this a law, you've got to get your tweets vetted. dagen: you can if you foul up and get fi

and that has the s.e.c.are these preapproved, as was the agreement with the s.e.c any of these financial tweets, anything that might have market implications for tesla must be preapproved. that's at the heard of this issue. we're going back and showing you this because that big sell-off in tesla shares, that's when all of this came to light or at least was pushed to the forefront by the s.e.c we'll see what elon musk has to say when he files his response in court. >> he doesn't look like he's tweeted since march 8th, which is kind of interesting here. the other thing real quick, the u-turn in terms of tesla, some cars, prices rising, the fact that they look like they'll keep half of their stores open? >> this gets to the heart of the criticism that critics have of te tesla. they need an operations chief. you've cut prices, now you're going to boost them back up, cut some stores, add some stores this is what some people say is emblematic that needs a coo, if you will. >> phil, thank you very much for that 15

the s.e.c.s that volkswagen, in their words, perpetrated a massive fraud and repeatedly lied to u.s. investors volkswagen says that the s.e.c. complaint is legally and fact l factually flawed sharsz are up 36 cents >> i said -- you guys i think were talking about it. >> i did >> don't beware the ides of march. kids grow up so quickly. it's frightening to me my favorite picture, and i tweet thd out, but i love that shot. he was such a cute little guy. yeah i think. i don't remember that shot being taken or anything, but that was his chicky that he is holding right there. he used to walk around with this little -- looked like a little furry. that thing fell apart, and at one point we left it out in the desert, palm desert. not in the desert, but in a hotel room in the desert, and we did back flips to get that thing back he just said where is chicky anyway, it was cute. he is big. he is grown up now >> happy birthday, scott >> that's -- there he is next to me you can see -- >> resemblance >> and he

are we ready for that, and i don't think the s.e.c.hey are studying it, but this needs to move up their agenda. the 13d rules were devised for bruce wasserstein and t. boone pickens. >> and we've been in an environment where names we know, elliott or third point or carl icahn have typically given voice through their actions to some of these shareholders who remain quiet. that's no longer going to be the case either? >> i don't think so, but i think you will see actives partner they will be a swing vote. they will vote they'll partner with activists when they think it makes sense, with the company when it makes sense, they're going to take some prominence from activism and take some from etfs. they don't like the world where on one hand you have jeff smith and the other hand blackrock and nothing in between. >> bottom line it on how you're going to change the conversations with ceos, considering doing a deal that hasn't been socialized in the marketplace or is going to come out of left field. how does that conversation differ now than i

didn't take strict steps he does not respect the s.e.c. he says he doesn't care what they say >> what you do do? if you strip him of his title, is that in name only does it matter >> is it a toothless agency? >> do you fine him an extraordinary amount of money? that probably -- by the way, if you fine him enough money, he might then have margin calls and have to sell the stock >> news just out for united health it is changing how it hangdss rebates. the drugmakers give to insurers. the company will require new employer clients to pass those rebates on to the patients who take the medications this policy will apply to kbrsz that sign new contracts after january 1st, 2010. although existing clients will be able to keep their current setups you mean after 2020? it's already past -- >> i believe 2020. >> yeah, 2020. anybody who signs one after 2020 on this, and obviously, this is going after what the administration has been trying to crack down on who is getting all of those rebates? if you don't pay list price. maybe it's a way to try and der

but if it does hold look at all the negatives you have s.e.c. as a negative and deliveries a negative. musk as a negligent. i don't believe it'll hold this time but it has shown extreme resilience. >> why will this time be different? >> you could have said however long ago you could have down a list of negatives. >> you could have. >> that's why the chart is so volume tiff but you either support a resistance or support level the more it bangs offer it or weaken it at a certain point it will be weakened in my opinion. >> a whole list of why this time is different first of all i think the balance sheet is different they really don't have a real announcement behind them so i think the s.e.c. could possibly be a pop for the stock if you get some kind of a 7 -- deliveries which don't matter because they aren't a sign of demand to me i think it's interesting that the street is now saying it is a car company so let's judge it on demand and deliveries for a long time it wasn't a car company. we were buying technology. we were buying pie in the sky so i

et cetera, et cetera but elon musk has done a number of things on twitter maybe not since this s.e.c.ight not have been wise >> i just can't help but think we're going to see a tighter definition come out of this in terms of what material is in terms of twitter and in general the guidelines because it doesn't seem like there's necessarily -- and also, we haven't seen all the paperwork around there but it doesn't seem like there's necessarily a very specific definition, and i wonder if that changes now, especially when you hear someone like the chairman of tesla to say the word "wisely. >> the idea is for him to at least be monitored in some way, but when the chairman of the company is using that term, think about, remember when he went after the person in thailand he has done some things that are certainly not wise >> even he seemed to have difficulty arguing the wisdom of some of those tweets and more and more, the s.e.c.'s hand seems to be forced here we'll see how it works out down the road, as you said, in court. >> yeah, should be interesting interesting morning, interesting day.

but at least we see that the s.e.c.holding him partially accountable anyway if you talk to people who are in my camp, the tesla bears, we can come up with a long list of item that is the s.e.c. should have also looked at prosecuting him for but they ultimately threatened to -- they filed a complaint against him over the funding secured $420 take private charade and then when he violated the settlement they're attempting to hold him in contempt of court so at least in this country we are still holding an icon like elon musk accountable for attempted lying. >> i don't know about that, carson a lot of journalists, analysts pour over the numbers regularly. if you had hard proof he told lies in general was lying then i'm sure the stock would be at zero. >> i'm - >> i think that is unfounded the level -- i'd just add, as well, carson, you said yourself you have a small long-term short position and if your conviction was higher then i'm sure you position would be higher we will have to leave it there sorry. quick final word go

they don't think the s.e.c. wants to destroy, implode the stock.side tesla is that they think there's a chance, a chance, that the dod could, could suspend his security clearance on spacex. now, i'm just telling you what i'm hearing from inside, what they are prognosticating, not saying it's going to happen, but both of these things are coming down in the next 30 days. if you think tesla is ever going to go back to just a regular company that just gets sort of smooth press, it ain't. the next 30 days are going to be wild. liz: charlie, thank you. i thought i was going to fight with charlie but i don't have a bone to pick with him just yet. i didn't know what you were going to say. i was going >> why do you like this guy so much? he gave you one interview. liz: like 16. >> 16? i'm sorry. liz: tech sector leading market gains. we have two minutes left. quarter correction from last quarter, investors will come back to disruptive companies like tesla, with high revenue and earnings growth in spaces where the winner takes most. let's get winner take mos

ashley: he's a difficult character to deal with, you mentioned the twitter spat with the s.e.c.ot smoking with federal regulators it's not allowed for security clearance. we keep saying, is he going to grow up, is he going to get it, he's a difficult one for regulators to get a handle on. it's like he likes to poke the bear a little bit. >> you're not going to put a muzzle on musk which is part of his genius too, which is what's so complex about him. when you look at tesla and the s.e.c., in terms of the last issue, it brought the tornado of uncertainty back in. even though i think investors have kind of viewed this as nothing's really going to happen here in terms of him losing his ceo role, but nonetheless, it's a distraction. it's a disruption. it's the last thing the street wants to see. lauren: back to spacex. they launched satellites, five satellites i believe for the u.s. government. charlie gasparino was the first to report way back when the joe rogan podcast aired and you see him drinking whiskey and smoking pot. federally, marijuana is illegal but it's not illegal in t

they're into the s.e.c.omorrow against auburn and in the pac 12, oregon and washington tonight at 7:30. a big night for the warriors and don't forget after the game, immediately following the action on abc 7. >> just an icy dagger from three right there. anthony, thank you. >>> a famous ♪ ♪ ♪ new wok fired shrimp, another american chinese creation from panda express. >>> one of the most famous giraffes has done it again. >> april gave birth to her fifth calf today. check her out. the world got to watch online as she delivered a baby boy which has yet to be named. april game a star in 2017 when more than a million people watched the arrival of her son. the animal park decided to cash in on the celebrity status. for $5 people could sign up to receive a text alert when april was in labor. hey, i mean, we're all trying to do business here. >> how do they get april to sign the release so we can all watch it. that's it for abc 7 news at 4:30. thanks for your time. i why are all these business owners so excited? we

the s.e.c. says volkswagen issued more than $13 billion in bonds and asset backed securities in u.s. markets at a time when senior executives knew the diesel vehicles exceeded limits. they claim they reaped hundreds of millions of dollars in benefits by issuing the securities. the company said they will contest it vigorously. cheryl: now to the scandal rocking boeing. halting deliveries of their 737 max jet, this move coming after dozens of countries grounded the jet following two fatal crashes in just five months. the of most recent one last sunday in ethiopia. the 737 max could be grounded through at least april. meanwhile, a source telling fox news that the black boxes from sunday's crash have still not been examined in any way by french officials. in fact, arguments have broken out and protocols for the investigation according to faa oofficials are not being followed. lauren: the stock is down 12% since the crash. that's $20 billion in market cap wiped out. so there it is, folks. let's go a

also, trying to maintain depending on how the numbers come out could be majority control. >> the s.e.cd studies fining those with dual class structure without a sunset provision underperform within two years and important to understand the differences here. >> and what they're getting, what they're buying. >> exactly. >> what they're getting something but they're not getting the ability to control the company. i think it's so funny. reminds me of 1999 when they said what apparently is in the lyft prospective of we have not made money and may never make money. >> it is a unicorn. >> oh yes. >> thank you for watching. >> have a great weekend, everybody. the "closing bell" starts right now. ♪ >>> good afternoon and a welcome warm to "closing bell. i'm wilfred frost. >> i'm contessa brewer in for sara eisen shares of tesla tanking after elon musk says he doesn't expect the company to turn a profit in the first quarter. >>> plus amc on pace for the best day since going public in 2013 the company's ceo will join us for an exclusive interview that also is coming up. >>> first of all, market a

musk believes s.e.c. to silence him. >>> taking a live look at the new york stock exchange, we are up about 130 points this morning. >> some walmart customers aren't happy the retailer is getting rid of it's savings catcher program. through an app the program would give you a refundny price differences with competitors. walmart says it's ending because the company already offers the lowest price in most cases. some u.s. cans say the app saved them hundreds of dollars. >> you can get your hands on apple's newest gadgets next week. the cupertino-based company revealed its releasing a faster version of ipad air and ipad mini. the ipad air has twice the graphics capability. that starts at $500. apple says ipad mini is upgrade for compact portable design pack with the latest tech. prices for the mini start at $400. >>> today we'll learn about two more events happening at brand-new chase center in san francisco as reveal week continues. >> warriors announce first ever event at the new arena will be september 6t

the s.e.c. -- he's got the s.e.c. all over him.ing you want to do is come anywhere near the line in terms of -- >> do you want to practice in front of the s.e.c. and say i tried to rein him in that's not the way you want to be. >> no. let's get to mr. pisani on the floor, more on what's moving this morning >> good morning. happy friday, everybody. four to one advancing to declining stock. great start to the day take a look at the sectors retail doing well. gap moving things, foot locker as well. semis, kind of stuff you want to see moving banks, energy, and reits, tough time for interest rate sensitive. ten year yields moving up this week so utilities were down home builders were down. they're up this morning. but keep an eye on that ten year yield. retail stocks, good week overall, foot locker had decent numbers, we all know about gap splitting up old navy there. elle brands follow through, express is up. even though data hasn't been great, personal spending down, retail sales numbers are not great. still getting decent numbers fr

so will this trigger the robocall to the s.e.c.? no, that would be too simple. instead behold.instead when my finger presses this button, it will trigger this much larger finger to press a much larger button which will trigger our calls. so you know what you need to do. and if you want to tell us that you don't concept to be robocalled, that is no problem. just write a certified letter to the address that we've buried are somewhere between the first chapter of moby dick that is currently scrolling on the screen. and if you there it should be shri simpler, no [ bleep ]. no point delaying this any longer. here it goes. unleash hell it's ringing. >> well done, john oliver. thankfully i don't mind them on the home phone because they you ignore, but the cellphone drives knee nu me nuts. >>> looked like a secure goal, because the shot was stopped. not by the goalkeeper. coy wire tells us who stopped it in the "bleacher report." cosÍ. first, we go to san marcos, costa rica. and meet sergio. that's his daughter, maria. sergio's coffee tastes spectacular. because costa rica's land is sp

problem, whether he violated his consent decree with the s.e.c.y tweeting out something that should have gone through the process and was inaccurate. they are going to a court maybe to fine him and by the way, they could throw the book at him, throw him out as ceo. i hear that's not going to happen. lot of people say that's very, very, you know, off the -- it's a far out there possibility. because they know he's existential to the company. so he has all this bad news. stock is getting crushed. and he basically tweets out that there's going to be a big announcement and people were thinking maybe warren buffett was going to invest in it. stock goes up and it turns out to be kind of a lame thing, like he basically says listen, we're going to get rid of all our showrooms, cut the price of the model 3 to $35,000, which is hard to make a decent profit margin, and you know, what he did was he basically hammered the shorts for a couple days and now the stock is back to where it essentially was before all this. liz: well, third price cut. >> listen, i will

head of the s.e.c. on with you clayton expressed his concern about the disrupted nature of brexit on u.s. corporations. >> bullish on uk equities. brexit is going to happen or not? >> bullish almost regardless of the outcome of brexit. it sounds a little bit strange reality is that if you look at uk markets, there's really nothing to do with the uk economy. if you have, let's say, a good deal, if you are a u.s. investor, what's going to happen is the pound goes off and you can benefit from that. if no brexit or let's say there is a bad deal or brexit, the pounds fall. a lot of corporations would actually benefit we feel almost any outcome, the uk equity market would do well assuming global growth remains weak >> is it enough to offset the brexit >> for the uk economy it will be a problem but the uk market, uk stocks, basically, nationally. >> a lot are exporters to europe, the eu region. so brexit, i mean, is that enough to offset the potential weakness that will come from brexit, the impact on the eu c

warren adding, he, sloan, should be investigated by the s.e.c. and the d.o.j. for his role in all the wells fargo scams. if he is guilty of any crimes, he should be put in jail like anyone else. the stock up 10% under sloan's tenure joining us now on the cnbc newsline gerrard cassidy with rbc capital management what do you make of this move? >> i think tim is a man of integrity and character and he recognized what was in the best interest of wells fargo was for him to step down, and it's going to change the narrative as you pointed out tim was on board as a senior executive when these problems happened. by choosing to go outside and to find a successor as the chairman duke yesterday indicated that's what wells is going to do, i think it's going to change the nar tiff, and it's going to take wells in a different direction it will move past these problems, which is good for shareholders over the long run >> one of your competitors, raymond james, says this is good for the stock and removes a head wind it soupds like you would agree with that. >> you are absolutel

he then violated, apparently -- susan: s.e.c. agreement. >> s.e.c.ot to tweet out stuff. susan: multiple stuff. >> and not to tweet out stuff that's, you know, that might be wrong. now, on top of all that, you have him having access to classified information and he smokes pot, not just like in his bathroom or hiding in his -- susan: publicly. >> -- mother's basement, he's doing it on the joe rogan show, right? by the way, if you watched the rest of the show -- susan: i did. it was 90 minutes of my life i will never have back. >> it was downhill from there. he brought out the samurai sword and was sipping whiskey. susan: the flame thrower. >> the real question for the government is whether this guy should have access to classified information given his erratic behavior even though he's brilliant. brilliant guy. susan: from an investment perspective, it's a private venture so tesla itself is probably his main money maker which is -- where are we with valuation? $50 billion, $60 billion? something like that? >> yes. susan: you think it has any material

say it ain't so, oscar and they revealed that the s.e.c.s looking into their accounting practices when it comes to procurement the stock plunged from 48 to just under 35 in a single day. i don't think that was an overreaction so what separates mondelez from kraft heinz? i think one word, finesse. in recent years, both companies have cut cost. kraft heinz used a meat cleaver. mondelez used a scalpel. they haven't always been super efficient company. in 2014 took a position in mondelez and pushed the company to slash its expenses. mondelez embraced a zero-based budget and turned itself into a lean, mean snack making machine. particularly overseas. the company's net margin, the percentage of sales that they keep as earnings has risen from 6.3% in 2014 to over 10% right now. that's big how is that different from kraft heinz? the private equity firm that made the kraft heinz merger happen, 3g, they pushed for big acquisitions and cut costs to the bone, maybe even through the bone it usually works for the first couple of years it worked for kraft

as tesla battles with the s.e.c., elon musk is gearing up to unveil his newest electric vehicle tonight. will musk get the last laugh >> ha ha, th'sat hilarious. >> we've got those details much more "fast money" after this der does you've worked hard to grow your wealth. make sure you're working with a wealth manager who can grow with you. cfa charterholders have the investment expertise to unlock opportunities other advisors might not see. learn what a cfa charterholdr can do for you at therightquestion.org so, you're open all day, that's what 24/7 means, sugar. kind of like how you get 24/7 access to licensed agents with geico. hmm? yeah, you just go online, or give them a call anytime. you don't say. yep. now what will it take to get 24/7 access to that lemon meringue pie? pie! pie's coming! that's what it takes, baby. geico®. great service from licensed agents, 24/7. check it out, our unlimited plan on the brand new samsung galaxy s10. oooh. premium entertainment on the infinity screen! people have seven different premium entertainment options to choose from. 'cause people are diffe

please don't antagonize the s.e.c., maybe stop tweeting, get those high level executive positions filledgain. we will remind our viewers both the cfo and general counsel announced their exit. also, musk needs to be able to handle questions about how the company will finance its operations without being testy or mocking analysts on calls. i also want to mention someone you and i both know well, whitney tilson, hedge fund manager actually saying he thinks the stock is going to fall 66% this year. the stock is down around 15%. tilson said that while he does think elon musk is an incredible, imaginative visionary person, he thinks he has some growing up to do and it's going to show up in the stock prices. back to you. liz: the first part of that, who knows what the stock will do, but yes, whitney has covered everything from berkshire to tesla. we will be watching it. deirdre, thank you very much. >>> okay. avoiding the avalanche of risk certainly is always important for you, the investor. with the closing bell ringing in about nine minutes and the dow still down about 227 points, did you see

s.e.c.lkswagen over claims the carmaker failed to disclose to investors that its diesel vehicles did not comply with emission standards. the filing alleges that vw sold billions of dollars of bonds and asset-backed securities between 2010-2015 while concealing its admissions cheating scheme. the german carmaker has are bitterly said it in front markets properly at all times -- it informed the markets properly. global news, 24 hours a day, on air and at tic-toc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. fish vivienne or tender in new york, thank you so much. the national people's congress has wrapped up. the government has announced measures to counter slowing not.h but said it will engage a larger stimulus it also introduced a law to maintain attractiveness to foreign investors. elias haddad from cromwell bank of australia is still with us. in thealking to someone previous hour and he said this could lead to a weaker dollar, but l

i'm waiting for somebody to show me an s.e.c.lly is an example of where you pay somebody hush money. could i pay my children hush money? >> they don't put it in there because they're trying to hide it. you don't have to just fail to disclose it that way. it's about how it was engineered. but again, oi've said this many times, i do not see a prosecution ending this presidency. i don't see it. i think if the democrats want to go down the road of impeachment, they have to have buy-in from republicans. otherwise it's a waste of time many would argue. >> there was one other thing that michael cohen said. i had him restate it to me. he said a lot of times he acted on what he thought the president wanted and not what the president told him. >> true. >> i asked him to repeat that and he said it again. if they were trying to lay the foundation for a conviction of the president. maybe that's what they were after. they were going fishing. i didn't think they didn't catch any fish at our hearing and i think cohen came across as the least cre

laminate flooring made in china and sold in the u.s.e settlement with the justice department and the s.e.c. comes four yrs after the company was alleged to sell the flooring with high levels of formaldehyde which is known to cause cancer. lumberrs liquidaell 3% to d11.08. >>> verizon s it experienced a network outage that blocked many east coast customers from being able to send text messages. the telecom company did not confirm the scopef the outage but said all service had been restored by mid-morning. verizon shares were off just a fraction today. >>> the ceo of t-bile and o sprint, they were both back on capitol hill today defending their planned b $26lion merger. t-mobile's chief said it would be good for the country. >> deliver a rcsurged carrier to deliver 5g, increase competition and create american jobs. first and foremost t-mobile will make sure america wins the 5g race. it will fuel innovation and job creation well beyond anything we've seen so far. >> t-mobile closed at $71.70 sprint was $6.22. >>> shares of stitch fix took off following last night's quarterly profit report tha

the shocking incident was caught on video during saturday's s.e.c. men's basketball tournament.nd dirt bikes outside bridgestone arena in nashville. one person was arrested at the scene but the male suspect riding that atv got away. the officer, sergeant john bork, was taken to a nearby hospital and is expected to be okay. >>> the boeing crisis is escalating this time with u.s. federal prosecutors getting involved. according in the wall street journal, the prosecutors are scrutinizing boeing's max jet airliners. t indonesia's lion air crashed into the sea. investigators pointing out multiple similarities between the two. here with the latest is nbc's morgan radford. >> reporter: thousands line the streets. 17 empty caskets the focus of a nation in mourning. remains of the victims of the doomed ethiopian airlines flight won't be recovered for months. but news that the black boxes pulled from the field where the plane crashed are already yielding information for investigators. the transport minister says preliminary results show clear similarities with an earlier disaster. a lion

he hasn't violated the settlement deal he entered into with the s.e.c.year. >>> and we got almost a megadeal in health care large deal. >> i think it is mega. >> centene buying wellcare it is going to create a giant in the aca market to the extent that is still going to exist we'll see. jim and i will talk about that, a lot of different aspects to it you'll see both stocks moving sharply. shares of southwest, what they're doing this morning is falling. the airline cutting its first quarter forecast for revenue per available seat mile, citing the grounding of its boeing 737 max jets as well, there is going to be hearing on capitol hill today regarding airline safety, that in the wake of two fatal crashes involving boeing 737 max jets. the senate commerce subcommittee on aviation and space will look at the safety of the commercial air transportation system. and ways that it can be improved most likely also going to look at the somewhat controversial at least one that a lot of people aren't aware of, jim, where boeing employees are a part of the inspection

he is pushing the s.e.c.visit the rules of governing buybacks and says they haven't been looked at in a decade he has one sympathetic ear on capitol hill, democratic senator chris van hollen who said today he wants to figure out the appropriate time that executives should be banned from selling stocks around buybacks whether it's regulation, legislation, it's all part of the drumbeat trying to rein in this practice. >> this pressure on buybacks, do you think it is specifically only on buybacks or is it capital return in general? do you think if corporates shifted from buybacks towards dividends that there would be then a shift in the pressure and political rhetoric against them as well? >> i think the buybacks have become symbolic for the democratic party at the least. you know, since the passage of the republican tax law, since we saw so many companies engage in buybacks because they admit that $1 trillion level, i think that's why you have seen so much focus on this practice in particular and i think it cre

the incident was caught on video during saturday's s.e.c. men's basketball tournament.tvs and dirt bikes outside bridgestone arena in nashville. one person was arrested at the scene but the main suspect riding the atv got away. the office sergeant bork, was taken to the hospital and is expected to be okay. >>> a question that'seen debated for decades. how many eggs can you safely eat? while many consider eating eggs in moderation okay, a new study found that people who ate an extra half egg a day increased their risk of cardiovascular disease by 6%, and their risk of early death by 8%. the u.s. department of agriculte estimates americans now consume an estimated 28 eggs per person per year. >>> burger king is hoping to corner the coffee market. the fast food chain has announced the launch of a monthly subscription service that can be purchased and redeemed through the burger king app. for 5 bucks a month customers can get one small cup of hot coffee at participating locations each d in that month. drinksty and iced coffe not included. >>> just ahead, remembering a rock

the s.e.c. has a month to respond in a new court filing. well for elan musk we'll see. >>> let's take a look at the dow jones. it looks like it would open up a little over five points right now. the nasdaq would open up higher by ten points. >> boeing will close at 375. 365 that first day. >> sometimes it's weird how the technicals still matter. it's the pressure of an asset. there's all the psychology around what's happening. the sentiment. sometimes even though you can't imagine that you can anticipate what's going toob the final resolution of what happened, and yet, the 365 still holds somehow because it's a 200 day moving average. it's bizarre >> that speaks volumes about the stock, and each day that it's opened much lower, it's closed off the lows of the session. that also speaks to what it's about. >> as can you imagine -- >> going into this, this was the stock market darling this is the non-cyclical cyclical somehow we would buck all trends because it's got such a deep backlog deep order book here i mean, it was up 446 at its highs f