next on c-span, union pacific railroad chair, president and c.e.o. lance fritz on trade, technology and the economy. he also talked about how the railroad industry is using new technologies such as automation and scanners to improve operations and increase efficiency. >> good afternoon. welcome to the national press club, the place where news happens. my name is derek and i'm a news editor and chairman of the board of governors of the national press club. first of all, i would like you to silence all cell phones. if you are on twitter, tweet npclive.he program # hold applause until all is introduced. i don't want anybody to feel bad if they get more applause than they do. and the head table is not linear and i ask that you stand as i call your name. i have mike, vice president, external relations for union pacific. jay, president and c.e.o. of the national association of manufacturers, lisa, assignment manager at the associated press and co-chair of the n.p.c. headliners' team. hn, bill cassidy, journal of commerce, alan, science and enterprise, jose

union pacific has to be more agile. have to allow technology to do the work that is necessary and to compete both in our freight railroad market and the outside world whether it is barge or geographic competition or truck. what i would do differently, focus more attention on the change management process. the leadership team and i did not do a particularly stellar job at that and given an opportunity to do it again, i spend more time and energy on it. >> captured a large bit of the imagination. what do you think of the hyper loop? is that realistic? >> we pay attention. >> are you going to build one? >> we were invited to participate but chose not to at this point. hyper loop right now largely is defined as moving passengers. there is a context for trying to move freight but the context is a small quantity and there are a lot of challenges. big mass accelerating rapidly and decelerating rapidly. there's a lot of physics to that. it is not real obvious that there is an immediate direct competitive threat. the application

i have mike rock for union pacif pacific. jay timmons, lisa matthews, assignment manager at the associated press and co-chair of the npc headliners team. john gallagher. bill cassidy. joseph morton. please give them a round of applause. [ applause ] i'd like to acknowledge the staff and additional members of the headliners team who made this possible today. betsy fisher martin, lisa matthews who is here with us. t tamera hinton and executive director bill mckaren. thank you very much. i'd also like to thank you our kitchen staff who blessed us with very good food and themed cookies that are topical. for our broadcast audiences watches on c-span and elsewhere by live stream. be aware in the audience are members of the general public. any applause or reaction you hear not necessarily from the working press today. this week nearly 155 years ago union pacific laid its first rails. union pacific has evolved into a polling giant. at the head is our guest today, lance fritz. while trade wars and automation were not a thing, it affec

joining us now is union pacific ceo lance fritz.ongratulations on the quarter, but there were a few things that could potentially be improved upon. how do you plan on getting rid of things like delays? you hit it just right. overall, we had a pretty good order. there are certainly things we can really hang our hat on. topline group, volume was up 4% in revenue, our cash generation from operations was good. it was a record in operating income and record eps, or income and eps. but the issue is we did not improve our operating ratio or our margins to the extent you would expect us to with such a nice top line. and that is about some excess recovery costs that are in the network, and as we are trying to get our service product back to the levels customers expect from us. so the costs are things like over time, maintaining a large fleet of locomotives, there is a bit of increased car hire there. there is some incremental fuel consumption because of some of the big fleet of locomotives. all of that is addressable, but the way we get it o

and they said no, there's no tariff what about union pacific you're going to be interviewed the ceo.ink the question is whether or not the eu autos, is that the key >> you can't be on board with everybody. it's an unpleasant development >> watch that, dow's down 125. stock trading with jim is in a moment ♪ it is such a good time to kiss ♪ ♪ it is such a good time to dance ♪ ♪ it is such a good time to [ laughing ] ♪ scoobidoo doobidoo ♪ scoobidoo doobidoo [ goose honking ] ♪ [ laughing ] a bad day on the road still beats a good one off it. ♪ progressive helps keep you out there. when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. are you ready to take your then you need xfinity xfi.? a more powerful way to stay connected. it gives you super fast speeds for all your devices, provides the most wifi coverage for your home, and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, eas

ratio disappointed as union pacific raised higher fuel costs and also had to p its workers overtimeir a collapsed tunnels that causing shipment delays and shares were fractionally lore than 40 and 4l and fargo has reportedly been refunding millions of dollars to customers who received add-on products sh as legal services or insurance that they didn't fully understand or know howse to "the wall street journal reports "that the consumer financial protection bureau looks into whether customers were and whether it was made clear to them how to cancel its service. >> the report added that the bank stop selling those types of products last shares fell a fraction to $56.33 today. after the bell, boy, skechers reported an earnings miss and disappointing guidance for the current quarter and the full year. the shoe company said that it believes it has the rht product to gain market share, but investors were just not having it today and they sent shares sharply lower. s tonight tck finished up nearly 2% to $33.25. meanwhile, cancer drugmaker constellation pharmaceuticals started trading to on

microsoft will report earnings along with the black stone group and union pacific.rnings from beleaguered general electric, and we'll be watching for news there. on the political front monday president trump is in helsinki, finland for a one-on-one meeting with president vladimir putin. we begin early pat 5:00 a.m. eastern. next week a big program here. a big tech showdown. microsoft ceo is my guest and bill mcdermott. so join me for sap ceo and microsoft ceo be saty a nardella. we'll talk about congressman ratcliffe who was one of the questioners of peter strzok. tune in on the business network for "mornings with maria." we have a big week ahead. have a great rest of the weekend and i'll see you next time. ♪ >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizon

doctor told him to take a sabbatical because the previous summer he just gained control of the union pacific railroad. he sat on the front of the cow catcher to expect -- inspect every inch of track and what fixed to be improved, the grading so if he was going to go on vacation for the summer he was going to make a big affair out of it. and said take this 250-foot long boat turning into a gigantic yacht with two dozen of the most interesting people in america to come home one -- come with us studying the glaciers to painting so paint picture of what life was like from these natural wonders of alaska. >> some of these people were the founding fathers of american exploration took the first trip down the colorado river and the first contact with native american tribes searching for water sources but this steamship was a little different it had a smoking saloon with a bar and what we believe to be the world's largest library in alaska. it had a milk cow. with all sorts of animals that were slaughtered and they would be seated at the end of the day and would have a choice of entrÉe. i could not d

and china starting talks up, union pacific, the railroad, and expediters, a logistics company, with a nice rally. investors positive that perhaps trade tensions will ease. the big story has been technology. today, we see a bounceback. if we go into the bloomberg that the first time, this is amazing. this is the pe, every shoe of the pe on the tech index of the s&p 500 to the s&p 500 broader pe. we see per almost the last decade, tech has been trading at a discount to the broader markets, which is extraordinary considering tech has been on a tear. last year, it traded at a premium. this year very much so as it took off. even after the recent tech wreck, technology is trading at a higher premium to the broader markets. it will be interesting to see after the bell once apple reports if that remains or if we go into a discount. some of the movers helping out the nasdaq today and the tech 10%, theuncing back, best day since 2015 after a solid quarter, qualcomm up after abandoning a bid. last week today, they started their buyback, $10 billion. and a genetics company also soaring up 10%, sh

harriman did things halfway he was told to take a sabbatical because the previous summer he acquired union pacific railroad and he set on the front cow catcher inspected every inch of track everything that needed to be improved and fixed. if he was going to go on vacation for the summer he just wouldn't play croquet but make a big affair out of it. this steamship was part of his fleet and said take this 250 longboat and turn into a gigantic yacht with room left over for two dozen of most american interesting people to come with us we make he got naturalist to study the glaciers or through writings and brought his family along so to paint a picture of what the boat contained in what their life was like seeing the natural wonders of alaska. >> some of these people on the trip were the founding fathers of american exclamation. going down the colorado river and made first contact with native american tribes and they got used to sleeping on the ground but the steamship favor on was a little different. it had a smoking saloon with a bar what is believed to be the world's largest library with 500 volumes

union pacific cites tariffs as agricultural weakness. free trade inpacks we are keeping an eye on.take tons of stuff from the west coast for the rest of the country and the stock went down 4 bucks instantly but it ended up at 80 cents i think it's a buy as long as we're worried about it people won't be as willing to pay up for companies that admit they have exposure to the tariffs, especially next week's talks with the ceo and national advisor larry kudlow said, don't go there from that google tweet, i don't know how well they're going to go we certainly won't pay up for those who have their numbers cut by tariffs like alcoa. the russell 2000 index has been strong with domestic companies now, it's pretty clear you can't be too sure anymore about many more stocks than we thought. complexity is not a good thing when you're picking stocks and leads everyone to become more cautious for now, let's put tariffs in the yellow flag camp the more tariffs we get the more alcoa like red flags we need to guard about. that may mean having to lighten up on vast parts of the market if the tariffs

that happened where the union pacific tracks cross cedar boulevard. kpix5's katie nielsen has new information about what might have happened. >> reporter: we still don't have all of the information, but what we do know right now that is an amtrak train hit a minivan around 8:45 this neighborhood. it happened around 11 a.m. -- at [ technical difficulties ] >> reporter: he says he ran outside to try to help. >> when i look, i'm like oh, man, what the hell and i see the van squished in half. >> reporter: newark police say the driver was the only person in the van. >> she's bleeding really bad from her head. so, you know, i got the chills just seeing her forehead bleeding a lot. >> reporter: paramedics rushed the woman to santa clara valley medical center with serious injuries. there were 24 passengers and five crew members on the train at the time of the crash. none were seriously hurt. an eyewitness who did not want to speak with us on camera said he was working on his car earlier this morning when he heard the train coming. he looked up. he saw the red

. >>> a flammable chemical leaking from a union pacific railcar halted traffic through martinez for hours this afternoon. firefighters and hazmat specialists were called out to the tracks after workers smelled a strong odor around 11 a.m. no evacuations or "shelter in place" orders were issued while official investigated the source of the odor. the chemical causing the smell was later identified as picol picolene. it didn't affect the surrounding community. >>> mayor breed was important in yesterday as the 45th mayor. she met with first responders for a briefing on emergency preparedness today. she emphasized the need to be ready for any type of potential disaster whether it be a terrorist threat, a fire or an earthquake. the mayor pointed out that she grew up right across the street from where they stood and said she remembers the events that followed after the loma prieta earthquake back in 1989. >> i remember the lights being out and power not coming on for days and other issues that occurred during that time. we can learn from the past. >> the mayor also urged people to be familiar wi

union pacific is buying stock backhand over fist that one works too. and congratulations.e in texas. dale >> caller: hey, boo-yah! >> boo-yah >> caller: mistic of wall street. >> there you go. i'll take it >> caller: hey, we have erc. >> i cannot believe the omebac that that company has engineered i got to tell you i should have profiled once again, our viewers know so much that stock is an stock, and they're coming out i would have normally swapped out to cisco, but i like how they're doing. let's go to dave in kansas dave >> caller: boo-yah, jim, from the nation's heartland and our capital city. >> you are certainly there what's up? >> caller: what's up i would like some information on geopark limited. >> you know what they got oil and they're drilling they've got oil and they're drilling and i think it's a real good situation that said, it's one more profile. a lot of people do not talk about it and it is a very good company. and that, ladies and gentlemen, the conclusion of the "lightning round" [ buzzer ] >> the "lightning round" is sponsored by td ameritrade >>i don'

. >> well, look, i've got tell you, if i want that, i'm actually going to go buy union pacific which is in there buying back a ton of stock. i think it's a much better buy than trinity i look at railcar loegsd, up 4% last week. that's okay, but not great certainly better than expected this market is about being willing to go against the grain. it's about being opportunistic that will help you remain rational >>> on "mad money" tonight, from salt and pepper to more exotic flavors, you are likely to find mccormack in your kitchen cabinets but is its stock secret ingredient for your portfolio? >>> are the financials finally getting their due as i said at the top? i'm going to sit down with the ceo of bank of america after earnings to see if the move can continue to go higher. >>> and up over 20% from its lows what's ahead for the company i've got the ceo so stick with cramer >> don't miss a second of "mad money. follow @jimcramer on twitter have a question? tweet cramer, #madtweets send jim an e-mail to madmoney.cnbc.com. or give us a call at 1-800-743-cnbc miss something head to madmon

on july 12th, we have the president and ceo of union pacific. and july 16th, we have luncheon with the commissioner of major league baseball. there are lots of other great events happening at the national press club. please check out our website. take a look. you're all invited. please come back. and with that, we are out. >> thank you. >> thank you. [ applause ] >> [ inaudible conversations ]. >> join us later this morning for remarks by mexican ambassador. he'll be discussing relations with the u.s. two days after mexico elected a new president. live at 1:1:30 a.m. eastern on c-span. you can also watch c-span.org. and later more live coverage of president trump in west virginia. he'll be attending a salute to service dinner honoring members of the military. you can watch that live at 6:30 p.m. eastern, also on c-span. on c-span this week in eastern on prime time, tuesday the weekly standard hosts a conversation on the millennial generation. >> what's happening really is bad on campuses and high schools and not reading certain books. people mig

his doctor told to take a sabbatical is because review summer 1898 you just gain control of the union pacific railroad and it was thousands of miles of track. he sat on the front of the cow catcher and inspected every inch of track and made note of everything that need to be fixed come everything from improved curves to gratings to depots and such. if he is going to go on vacation for the sum he wasn't just going to go play croquet. is going to make a big affair out of it. he had this steamship, part of the fleet he owned. he said let's take this to 150-foot long boat, turn it into essentially a gigantic god and will have room left over for two dozen of the most interesting people in america to come along tremont for a couple of months he got to get as you say two dozen naturalists, people who could study everything from the glaciers to document the writing and to painting. they brought his family along. i want you to paint a a picturf what this book contains and with a life was like as they are seeing some of these natural wonders of alaska. >> guest: some of these people on the trip were th

and ceo of union pacific railroad, lance fritz, talk about free trade, nafta, and new technologies toimprove operations and increase efficiency. this is an hour. [inaudible conversations] >> good afternoon, welcome to the national press club, the place where news happens. i am

be vocal to different degrees t roll back policy or influence policy, companies like toyota and union pacificrect when speaking to the administration in public how does coke think you should address this in public >> you know, clearly metal import costs for us are a factor, but they're not as big of a factor as some of the companies you just mentioned our policy point of view is to say, look, we still believe in global trade, global trade can lift all boats it's better to mitigate the consequences than to unravel global trade so whilst none of these deals are perfect and they can all be made better, we advocate for moving forward to improve them so that's the position we take we're not a primary, direct impact from some of these tariffs, but of course it flows through supply chains in all sorts of different ways and ultimately that will have to pass through >> i mean what would happen -- you've got a pretty robust business in china. what would happen if we saw all $500 billion worth of import from china to the u.s. get taxed, is there any impact on coke and do you worry about anti-american bo

union pacific beating on earnings, as well as revenue, and their ratio at 63%, but we want to know aboutof going forward and what kind of demand will come through for the back half of the year as prices rise, as tariffs might kick in, that will be the broader question. in the market, equities rolling over just a touch. s&p futures are down by seven or eight points. dollar index, that is the mover of the week. up for tenths of 1%. ripple effects felt through the asset classes, and the two-ten spread. the two-year yield is sitting at a ties level since 2008. and all across the board, commodities are getting whacked . crude sitting on the 100 day moving average. jason: yesterday, we had the same conversation about markets humming along, but commodities, which you love, you have a whole show about a coming up, commodities edge -- tune in. commodities are getting whacked right now, as you say, so a lot to discuss. and starting to filter through the earnings. we will hear more commentary on that later on. alix: a lot coming up. jason: absolutely. let's turn to the morning brief. coming up at 8

beautiful brownstone building at the top is the flood mansion currently the headquarters from the pacific union club and flood had half and john mackay had three eighths of the partnership. and flood was the richest guy on the coast besides john mackay. the san francisco economy is teetering because the bank of california is the most important financial bank on the coast everybody wants his reassurance that coin can go into the economy to keep it flowing. and with those efforts to rehabilitate the efforts but those that ran the bank of california they were on the downturn then here comes john mackay and he came from nothing. people loved him in the 18th and 19th century. he earned it. he was an irish immigrant brought to new york as a 9-year-old boy by his family that settled in new york around 1840 through irish immigrant everything was going pretty well because john mackay was going to school and only half of the school age irish children in new york could attend at that time. however his father died two years later when he was 11. so now he had to quit pool so he had to sell newspapers as a

pacific than the united states. in southeast asia, the u.s. is the single largest form of investment larger than china, japan and the european union. open amount of the indo-pacific today and it's dotted with u.s. and efforts to build self-reliant business institutions and promote private sector growth. the philippines, there was a business that helped the country return into a crucial part of the semiconductor semi chain. in malaysia general electric invested in a sales and service center, and today, 1300 employees in the country from kuala lumpur. i want them and their leaders to know that america stands ready as we always do for partners around the region, to deepen government, people to people ties based on our shared democratic values, i'll travel there in the week ahead. chevron was the first company ever branded oil expiration rights in thailand and in 1973, they discovered the first hydrocarbons in thai waters. this gave birth to a major local industry. today chevron is thailand's top natural gas and crude oil producer and investments support 200,000 jobs. it trains local teachers in science, technology, engineering and math

technology trump told fox news on sunday he did not want to focus pacifically on china the european union is possibly as bad as china just smaller ok it's terrible what they did to us european union take a look at the car situation they send the mercedes in we can send our cars and look what they do to our farmers they don't want to farm products you know in all fairness they have their farmers so they want to protect their farmers but we don't protect ours and they protect here's trump has rejected criticism of his tariffs but his trade dispute is already costing u.s. jobs and american manufacturers including harley-davidson motorcycles are exploring options to go off shore. and joins us now from singapore. how patriotic ah the chinese will they boycott american products. well that seems to be the general consensus ben a lot of american goods and services face the threat of things like customs delays and other restrictions that the chinese have put across in previous disputes with south korea and japan they could also lower the yuan the chinese currency which will then make the u.s. inte

to show that free trade is alive and kicking, it had the pen with the european union and now japan with the trans—pacificons are currently under way in discussing procedures for allowing new members to join this block. —— japan. the deal that succeeded the original trans—pacific partnership after the us withdrew injanuary of 2017, mexico was the first country to ratify this arrangement. i have to ratify this arrangement. i have to say the tdp will succeed without the united states, but others are quite sceptical, saying without the us it is unlikely the dpp will have the impact that the previous agreement possessed. —— analysts say. you also have the likes of australia, new zealand, singapore, she lay among the countries that are pa rt she lay among the countries that are part of the trade group. columbia, according to some trading analyst, has requested to be part of the dpp. korea has fundamentally joined has requested to be part of the dpp. korea has fundamentallyjoined the dpp but still has to apply. so free trade is still indeed alive and kicking in asia. thank you, good to see you. now let's brief

of 12 years of quality education for every girl and we have a flag, the union flag going up in nine new missions, in the pacific, caribbean, and africa and more to come so we have overtaken france to be the biggest diplomatic network of any european country. none of this would have been possible without the support of my humble friend the prime minister. everyone who has worked with her will recognize her courage and her resilience, and it was privilege to collaborate with her in promoting global britain, a vision for this country that she set out with great clarity at lancaster house on january 17th last year. a country eager as she said, not just to do a bold ambitious and comprehensive free trade agreement with the eu, out of the customs union, out of the single market, but also to do new free trade deals around the world. i thought it was the right vision then. i think so today. but in the 18 months that have followed, it's as though a fog of self-doubt has descended, and even though our friends and partners liked the vision, it was what they were expecting from an ambitious partner, what they understood ev

pacific than the united states . southeast asia, is the single largest source of foreign investment larger than china, japan and the european union. open up the indo-pacific today is with private efforts to foster self-reliance, build elections and promote private-sector growth . in the philippines, dallas-based texas instruments open a factory that helped the country turned into a crucial part of the global semi conductor supply chain. in malaysia, general electric first invested in a sales and service center in 1975 area today, ge has over 1300 employees from kuala lumpur to ottawa. when malaysians recently elected a new government want them and their leaders to america stands ready as we always do for others around the region . the commercial government, people to people i always on our sheer democratic values. all travel there. chevron was the first company oil expiration right in thailand and in 1973 december 1 hydrocarbon and high waters. >> this gave birth to a major local industry. today, chevron is a natural gas and crude oil producer and its investments support hundred thousand jobs. german energy science product chairs

pacific partnership. nafta being renegotiated while the european union agreed to broker a new trade deal with america, fair and reciprocal trade. illegal immigration at our southern border at its lowest rate in 17 years. joining us now, ed rollins. it's extraordinary to watch that nonsense. not sustainable. >> those things you just listed there are extraordinary. he promised he would do a lot of those things. most of people didn't think he could, but he did. he came within one vote of getting total repeal of obamacare. but at the end of the day, if he went home today the country will have a lot more to be thankful for. i think at the end of the day the country will get more accepting of him and his approval numbers are getting higher and higher and will get better as we go along. lou: assess the chances. there is a lame duck speaker. we won't go into the ryan nonsense and the reason they stayed with this frankly incompetent speaker. but they are facing and i election which republicans have almost unprecedented vulnerability. it's already a cycle that is looming with great jeopardy for the republicans becau

our beef to these countries and others -- china, japan, south korea, canada, mexico, pacific rim countries, european union countries. these exports just didn't pop up overnight. they came to fruition after years of hard work and good faith and trust and negotiations, negotiations and trust that is being thrown out the window with these tariff fights. in some cases, japan, for example, it has taken multiple generations to establish these export markets. if we lose them, it will take many generations to get them back. countries like argentina and russia, they're circling the markets like sharks, wanting to strike the minute we lose a grip on them to fill those voids. take, for instance, mexico. mexico is the largest importer of montana barley in the world, and for years mexico bought montana's barley to be able to make beers like corona and others. these tariffs have put those markets at risk, to the point where one mexican barley buyer told one of the folks from the barley association in montana, i don't know that we can depend on america to supply our barley anymore because these tariffs put our markets a

doesn't believe there should be a european union it is with canada and mexico trump doesn't believe there should be a north american free trade area it is with the pacific no trans-pacific partnership in other words the united states is not america first here it is trumps america alone against everyone else and that is a rogue approach that can cause nothing but harm to america and other countries as well so what are the implications good of all of this for other institutions that came into being at the end of the second will bretton woods institutions need to. this is the greatest crisis since one thousand nine hundred five let's just say this point blank is greater than the crises we faced over the duration of the cold war it is certainly greater than the post cold war challenges that we faced because every institution political economic social is under threat you refer to nato for example in a few days' time donald trump will go to the nato summit having said that nato is obsolete having said it privately a couple of weeks ago to european leaders that he thinks nato should go the way of nafta the north american free trade agreement they should be dis

company tried to land the rocket's nose cone down on a crew boat in the pacific ocean but it missed its mark >>> and the european unionudges ruling that the four-fingered shape of that kitcat bar is not distinctive enough to be trademarked nestle has been trying repeatedly since 2002 to establish a trademark for the candy, but the european court of justice in lexembourg ruled against it oh, give me a break. that's it. back to you. >> kit-kat is a global brand you find it all over the world. >> absolutely. >> thanks, sue. >> you got it. >>> earnings are on the way tonight. not far from a record high that was set yesterday. we'll talk about what we might be hearing on later on the dow is down 76 but the s&p is up 5.2. from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. hello. let's go for a ride on a peloton. let's go grab a couple thousand friends and chase each other up a hill. let's go make a personal best, then beat it with your personal better than best.

european union amid strained relations with the united states the country is keen to strengthen economic ties with other countries. mexico mexico is not just the u.s.a.'s neighbor it's a member of the pacific alliance it's an economic bloc that's getting stronger and stronger in latin america mexico is in the tepee p. that's the transpacific partnership mexico has shores on two oceans and it's right near the panama canal it has possibilities and. despite mexico's many other trade ties the u.s. remains an important economic partner the mexicans will be watching trump's next move very closely. in the indian city of delhi getting from a to b. can be quite a challenge heavy traffic and poor signposting are a headache for any commuter but for those in the delivery business subpar infrastructure takes an economic toll to electricity access is also a major issue with millions of people in the country still without power perhaps it's no surprise then that indian prime minister narendra modi has appealed for a ten fold increase in financing from the asian infrastructure investment bank from four to forty billion dollars by twenty twenty i want my mommy or not. they're not right. and with. this. in.