lisa: that is steve eisman, the man behind "the big short." time for stock of the hour.every noble energy are soaring for a sixth straight day. opensp small-cap 600 tomorrow. dave wilson joins us with more. this is a fascinating story and shows the hour of indexes. walk us through it. dow jones s&p industries, responsible for the us of the 500, and the small-cap 600 decided they would put renewable energy down or told people they were. usually when they make this kind of decision, you get some kind of lead time. that gives index funds time to figure out when they want to do their buying. a stock doesn't an index like this, and you have a fund -- if in have a fund like this utrecht the index, you have to own it. this has been around for over 20 years now, public for six years. all of a setting, here they are going into the index and the stock is topping. scarlet: but we are talking about the s&p qualcomm 600, not the s&p 500. i'm kind of impressive the effect. >> you have smaller companies, which means less demand, less trading, and you still have tens of billions of doll

steve eisman made a famous bet against some prime mortgages before the 2008 financial crisis.rtalized in the book and film, "the big short." an exclusive conversation with yvonne man. >> deutsche bank as a real possibility, issues in money and technology has taken a long time -- they are probably undercapitalized. deutsche bank is a problem bank and has to shrink dramatically. >> more consolidation? >> i cannot speak to europe on whether there will be consolidation or not. i think there will definitely be consolidation in the united states which is given by how much companies are spending versus much smaller amounts for regional banks. the regionals will have to merge. >> when you talk about excessive leverage, is that where we are going to see the root in this time of the cycle? where do you think china is? >> i am not going to comment on china. i do not think it would be appropriate for me to talk about it. >> talk more about the biggest, long opportunities right now. what do you think is the biggest opportunity for you in 2018? >> the biggest opportunity is long-short is ma

. >>> and then steve eisman, the big short made his famous during the housing crisis he will tell usay tuned y'roue watching "squawk box" on cnbc your company is constantly evolving. and the decisions you make have far reaching implications. the right relationship with a corporate bank who understands your industry and your world can help you make well informed choices and stay ahead of opportunities. pnc brings you the resources of one of the nation's largest banks, and a local approach with a focus on customized insights. so you and your company are ready for today. >>> welcome back u.s. equity futures are red across the board at this hour. nothing that significant at least not yet. down 23 on the dow 23 on the nasdaq 3 on the s&p. >>> a flood of cancer research was released last night ahead of the world's biggest cancer conference meg tirrell has a look at that information and some stocks that are keying off of that data. >> we had quite a few biotech movers last night and this morning, two weeks before the american clinical oncology meeting, data sets were released to investors c

--ve iceman -- steve iceman steve eisman made a famous bet against some prime mortgages before the 2008sis. it was immortalized in the book and film, "the big short." he's recommending investors short deutsche bank. he explained why in an exclusive conversation with yvonne man. >> deutsche bank has real profitability issues in money and technology and has not spent money in a long time. they are probably undercapitalized. next year. deutsche bank is a problem bank and has to shrink dramatically. >> do you see more consolidation in european banks? >> i cannot speak to europe on whether there will be consolidation or not. i think there will definitely be consolidation in the united states, which is driven by how much companies are spending on technology versus much smaller amounts for regional banks. the regionals will have to merge to bulk up. yvonne: when you talk about excessive leverage, is that where we are going to see the root of it now in this time of the cycle? where do you think china is in the cycle at the moment? >> i am not going to comment on china. i have not studied china

steve eisman spoke to bloomberg in hong kong. >> deutsche bank has real possibility issues. technology in a very, very long time. they're probably undercapitalized. i think they'll probably raise capital again next year. deutsche bank is a problem bank. i think it has to strengthen dramatically. taylor: they've fallen 33% in the last year. and the c.e.o. of b.p. says global oil supply will be affected by the u.s. withdrawal from the iran nuclear deal. bob dudley spoke to bloomberg in abu dhabi. >> i think what we've seen is a withdrawal from the agreement, which seems to me the beginning of another negotiation of some kind, but complied harshly, i mean, you could lead to a million barrels a day on the market, and that, of course, will affect things. there's a lot of uncertainty out there, and i think that's probably more reflective in that, along with what's happening in venezuela that is affecting the oil price now. taylor: global news 24 hours a day on air and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm taylor riggs. this

steve eisman made the comments in interview with bloomberg in hong kong. >> deutsche bank has real profitabilityspent money and technology a long time. they are probably undercapitalized. deutsche bank is a problem bank. the cfo plans to step down in april after 27 years with the company. they will have entirely new top management as they deal with multiple problems. the ceo decided in april that they would leave in december. according to people familiar with qualcomm, china's officials have decided to look at the long-delayed review of the purchase. shelved due to growing trade tensions with the u.s.. a over -- ald off takeover by fujifilm. ceo jeff jacobson will step down along with several other board members. the ceo of icon enterprises will become chairman. guy: thank you very much indeed. some fascinating stories there. things going in very different directions. let's take a closer look. this -- ourport deals team is here. i love it when people talk about deals. in theand t-mobile united states and foxx and sky in the united kingdom. tet's kick off with the tn story. the sky transactions l

they're having an annual shareholder meeting we could get more clarity on what has been called by steve eismanal banking world so watch that one. and thanks for watching "power lunch. >> "closing bell" starts right now. >>> i'm wilfred frost at the new york stock exchange. negative economic data out of europe ongoing trade concerns making them concerned what will drive the u.s. economy going forward >>> i'm phil lebeau. the summer travel season is about to start and airlines are expecting packed planes. for the travels, a hassle. for the airlines, higher fuel prices and the potential to cut into the bottom line >>> the company that specializes in women's clothes had had only one female on the board. today the women took control >>> big news out of the nfl.

we spoke to steve eisman, a big short fame, earlier this week on "squawk box," shorts deutsche bank,omething to watch deutsche bank, db. thank you for watching >> "closing bell" starts right now. >> and our best to harry and meg meghan >> welcome to "closing bell," a record breaking day for the russell. what's it mean for the rest of the market >>> at cnbc global headquarters, i'm dom chu where walls of worry and caution flags are lining up against the rally. what's the risks for investors right now? >> reporter: we are reporting a major breakthrough in migraine medication shareholders and parents set to benefit big time >> reporter: i'm wilfred frost in windsor, less than 24 hours left until the royal wedding a look at the money behind the big event. >>> i'm kelly

sue herera in hq time for the quote of the day from steve eisman. >> legendary money manager predictedousing crisis a decade ago he gave a take on crypto currencies he doesn't see the purpose of it, what value does it add no one has been able to answer that question for me >> the arguments for and against bitcoin have not developed in six months or so, it's pulled back a lot the bears have got some short term victories, but, you know, credit to the bulls on this relative to a year or two ago, it's settled at a recent level >> i understand the point that in a way, tell me -- what's the value it's adding? you know, sure, you can speculate on the price, and, obviously, crypto is the thing that remakes the innards of the financial system more than betting on any one company to do that profitably. >> that argument, i think, has been made over six months, and it's not adding to the detriments now, but settled. the big swing factor i say - >> you get upset when people bash bitcoin, but there's no new reason for it. how were you upset the other day? >> no new reason, like, that's a new point,

they're having an annual shareholder meeting we could get more clarity on what has been called by steve eisman the problem child of the global banking world so watch that one. and thanks for watching "power lunch. >> "closing bell" starts right now. >>> i'm wilfred frost at the new york stock exchange. negative economic data out of europe ongoing trade concerns making them concerned what will drive the u.s. economy going forward >>> i'm phil lebeau. the summer travel season is about to start and airlines are expecting packed planes. for the travels, a hassle. for the airlines, higher fuel prices and the potential to cut into the bottom line >>> the company that specializes in women's clothes had had only one female on the board. today the women took control >>> big news out of the nfl. voters voting unanimously to change its national anthem policy i'll break it all down >>> and we'll hear from a hawaiian business owner whose profits are going up in ash and why amazon's latest deal with the police has so many people up in arms. "the closing bell" starts right now. >>> you stole my headline. >>