cohn of -- with jay a big position in wayfair. he told us this isn't that because most internet retailers are already collecting taxes on the majority of their sales and the legislation is going to be applied uniformly on the web, so amazon won't be wayfair, vicesus versa. consumer behavior won't change. andrew, would you agree? >> i'm not so sure about that. i actually think that it's going difference for companies like wayfair and new they'reause they -- not, you know, used to collecting these taxes. we're talking about 12,000 different tax jurisdictions that they're going to have to comply with. doing that, sody they have an advantage over companies like wayfair. certainly brick and mortar companies will benefit. but i actually think amazon benefits here as well. >> let's talk about what this will mean for consumers. i mean, consumers love low prices, but in this day and -- in this day and age, they really love convenience. >> you're exactly right. as we surveyed this over the years, i was surprised -- i originally found this o

wayfair with $8.5 billion revenue every year. it said about 20% of its transactions don't involve sales tax right now in this murky range so that 20% will probably now have to pay sales tax depending on whether the other states follow with south dakota and do go after that extra revenue. >> something to follow there. >> yeah. if not here, the checkout page on the next transaction, right? >> you always tell us to look at the fine print. thank you for that. >>> this is the bombshell announcement by the intel. one of the most clicked on stories of midday, over at nbc bay area.com, ceo brian corzanik is out after the company said it learned he had past consensual relationship with an intel employee. this violated the company policy. chief financial officer robert sloan will take over for the time being. the company will launch an intensive search for a permanent replacement. >> all right. well, a world famous gorilla you may have heard of, cocoa, she died at the compound in santa cruz mountains. we have a live report on this story co

wayfair, we told you about that, the furniture discounter.hand craft seller, i apologize, ebay is down. there is a full list of them. groupon down. ftd down. wayfair, etsy, overstock. liz: rare market day when you see so many stocks hit by one ruling. the reason why the little guys are taking hits, they have the small online businesses and entrepreneurs. they are going to see their compliance costs go up because they have to deal with the costs and jurisdictions, i think of about 10,000 distinct, separate sales tax jurisdictions across the country. not only that they will have to deal with audits, potentially 46 states that have sales taxes like this, audits. stuart: that's right. liz: this is astonishing this ruling. stuart: the smaller the internet retailer you are, the worse it hits you because of compliance costs. liz: yes. stuart: you now have to figure out what the sales tax is over there in wherever. liz: yeah. i'll tell you something, we have national federation of independent businesses. they had a generational high in small business

wayfair is based in boston where the governor calls the decision a win for brick and mortar businesses which have been forced to charge sales tax while their competitors online have not. >> i would say this is a good day for states, and it's a good day for those in the retailing space who have been for many years disadvantaged. >> reporter: before the ruling online shoppers were supposed to pay the sales tax to their state themselves, but most did not. >> it wasn't that the tax wasn't due, it's a question of who remitted it to the state. either the seller did it, or the consumer did it. to be honest, if it was left to the consumer, it never got paid. it puts the onus back on the seller. >> reporter: large online retailers have already been collecting sales tax themselves but even their shoppers could be affected by this ruling if they buy from third party sellers on these sites. >> the majority of these sales today through amazon are these marketplace vendors actually. those sellers have not been charging the sales tax. >> so here's a little more on this. the ruling could have a big im

amazon is already doing that, so they have an advantage over companies like wayfair.inly brick-and-mortar companies will benefit, but i think amazon does, as well. emily: let's talk about what this really will mean for consumers. consumers love low prices, but in this day and age, they really love convenience. >> you are exactly right. we surveyed this over the years. i was surprised when i originally found this out. not a surprise today, but cost-price is the third reason why people shop online. usually, it is selection and then delivery, so those, you could wrap them up more broadly as convenient. but it is the third most important piece, so i think that is the why after a year, he will move on and come back to online, despite higher taxes, but yeah, to put this weekly into perspective, there is about 350 million unique items on amazon in the u.s. it is obviously difficult to drive to the store and get that kind of selection. consumeraramount in decisions. emily: ebay's statement in today's ruling is limited to large online retailers and confirms that small business

wayfair sate in a statement. we collect and remit 80% of our online orders.e do not expect the ruling to have noticeable impact on our business. amazon already collects sales tax in 45 states but companies likettecy and over stock are bracing for impact and calling for congress to step in. etsy ceo says congress needs to create a fair, simple, federal solution that should go into effect in next few months. the first state holding online companies accountable for sales tax is south dakota. trish? trish: thanks very much. joining me "bullseye brief" author and publisher adam johnson. think about this as retail has clearly struggled in part because of the online thing. >> oh, yeah. trish: now you might not the attempt to buy something from a smaller retailer on amazon? you may actually go to the big guys. doesn't matter, you pay the tax either way? >> you will pay the tax either way, but i can't believe i'm saying this trish, it's a good thing. it levels the playing field. for so long the big guys on internet -- trish: i want the little guy to have advantage. th

wayfair. and this ruling says two things.d into other states, but they will be collecting sales tax. the stock is moving down almost 9%. wayfair is also to the downside, liz. back to you. liz: well, yeah. wayfair was the one, along with overstock, that originally got the smackdown from the supreme court. nicole, thank you very much. nicole's going to come back to us when she gets more from traders. again, we're going commercial-free here because of a what you see on your screen, a rather significant selloff on this monday. now so much of it having to do with trade. as soon as president trump fired that first missile in the tariffs war, specifically 20% on foreign steel, 10% on foreign aluminum, countries rushed to file formal complaints with the world trade organization, the wto. china and the european union are among those not only protesting president trump's steel and aluminum tariffs, but now demanding official wto intervention. but does the wto have teeth anymore when it comes to resolving these burgeoning trade battles?

south dakota can collect taxes from wayfair. reversing a 1992 decision which kept from pactaxes businesses without an online presence. retailers like amazon have a presence in each state which collects sales tax. now you will pay more for shopping on wayfair and overstock and etsy. sales tax under cuts the advantage they have over brick and mortar stores. internet sales tax means billions of relavenue for state >>> it is "roseanne" without roseanne. abc will launch "the conners." it will include the original cast, but not controversial star roseanne barr. she will have no financial or creative involvement. this is weeks after the stunning decision to cancel the number one series in the wake of her racist tweets. roseanne said she regrets the circumstances to cause the show to be canceled and wishes the best for everyone involved. >>> in pennsylvania, the police officer who gunned down the unarmed teenager has been identified. michael rosefeld has been placed on administrative leave. he had been sworn in the day of the shooting i

tracee: burt, so we saw major reaction, wayfair, ebay, talk us through, why do you think this was?s a temporary dropdown, tracee, that wayfair which was bragging in a session we had at cornell university where i teach, where they were honored as entrepreneurs of the year last month, they were bragging about not paying sales tax, they will continue to grow at normalized 45 to 50% rates. they will continue to grow, all online retailers will continue to prosper, the only thing that will slow them down is traffic density and shortage of truck drivers across america and bricks and mortar retailers as mitch said will win and the municipalities as mitch referenced, it's critical to save them in states that are in financial distress from connecticut to california be saved by sales tax collection as well. tracee: all righty, burt, mitch, we will have to leave it there, thank you for joining us today. gerri: i don't want to pay more tax, i don't like it. well, it's not all about me. more severe weather expected in texas after state was hit by worst flood than hurricane harvey, janice dean is

. >> so wayfair has a marketplace model.es because that's a platform built for small business sell issers so that's just an extra complication ta they are going to have to deal with what's interesting about this decision that most of us that study retail or understand how it works you should charge sales tax no matter where the final customer lives and if that differs from where the product actually came from, there was some that studthe law that said that might be something that the supreme court doesn't want to get involved with and they may want to get something that lawmakers handle i think we're going to have to see how this becomes precedent and how it's implemented and how everyone deals with it from here this is a monumental decision that i think should be a turning point here >> and to dig a little further into that idea of tax shelters, i would imagine this could potentially be for some of the states that don't have brick and mortar presence but are looking to now potentially collect some of that wind falls >> when

in south dakota versus wayfair the state asking the supreme court to require online merchants to collectes tax when selling to consumers even when the seller doesn't have a physical presence in the state or that buyer lives. justice kennedy writes the internet's prevalence and power have changed the dynamics of the economy. justice thomas said he was wrong when the original decision came down requiring physical presence some 26 years ago. chief justice john roberts and three other justices agree that the court did get it wrong then but they argue it's congress's job to fix it. when it comes to winners and losers implications will be the largest for smaller businesses many don't collect sales tax for online sales when the buyer is in a state where the business doesn't have a physical presence while amazon collects sales tax on items it sells many marketplace sellers don't because they are not required to more than half of all the items sold on amazon are sold by third-party sellers. e-bay, etsy have marketplace models these are potential losers best buy, williams sonoma, macy's are in fav

meaning you will pay more for wayfair and overstock and etsy. tax under cuts the advantage they have over brick and mortar stores. internet sales tax means billions of dollars in state revenue. states have been under pressure for slow economic growth. >>> and "roseanne" without roseanne. "the conners" will be the spinoff. it will have the original cast except roseanne barr. the network says she will have no financial or creative involvement. it comes weeks after the decision to cancel television's number one series in the wake of her racist tweets. roseanne says she regrets the circumstances to cause the show to be canceled and wishes the best ifor everyone involved. >>> in pennsylvania, the police officer who gunned down the 17-year-old has been placed on administrative leave. michael rosfeld opened fire after antwon rose and another passenger ran out of the car suspected in the earlier shooting on tuesday. you see overnight protesters which took over the highway demandedid demanding justice for the 17-year-old. >>> a twist on draft night in th

you know, amazon tends to often have to pay in-state taxes but you have groups like wayfair and a lotr companies that don't. this is something that justice gorsuch wrote on before he was on the court suggesting there were issues on the way we were analyzing. it'll be really interesting because it could have a huge impact. i think that's what the justices are scared of. they're hoping to decide a case a point of law but not to overhaul an entire industry. when you're in the supreme court, sometimes the decisions huge impacts -- decisions have huge impacts. >> shannon: my husband is hoping it'll slow down my internet shopping, regardless of the outcome of the case. what other ones are you watching? there's several. one is about police using cell tower information to get people without a warrant. >> the issue of privacy in the digital age. whether you need a warrant before using the cell phone tower data that could pinpoint your location. i think the two most important cases that i'm looking for are the partisan germanderring cases which are -- jerrymanering cases on whether or not you c

wayfair is not going away. amazon.com will not go away. overstock.com will not go away. they have to pay their fair share. melissa: i don't like to feed the beast of my state government. they are wasting money right and left. why should they get anybody's money, big small, whatsoever. stop with our money. >> not the supreme court should decide this. this is congress. david: the voters. voters. vote them out of office. melissa: we got to go. david: one bill defeated. another delayed. house lawmakers failing to round up enough votes to pass the conservative immigration bill and now the vote for the second compromise bill is being delayed until tomorrow. mike emanuel on "the hill" with the break down. a lot of moving parts, mike. reporter: no doubt about it, dramatic day on capitol hill. leaders giving time to study gop compromise bill, hoping more time may get a few more yes votes, push it across the finish line tomorrow. after a plan from house judiciary --. >> it will quash any opportunity for mom and dad to bring in extended family members, citizen mom and dad, to bring

they're going to start seeing it very soon, especially if you shohrough retailers like etsy or i think wayfair is probably a biggest loser. they advertise themselves as a place where you don't have to pay sales tax. amazon's probably going to see some impact, but they are big enough to be able t absorb any losses that comerom their sellers having to charge sales taxes, so that shifts the power in the online retailing space away from the smaller players and towards the bigger players. >>> arun,al a bit why brick and mortgage areasti traal retailers like macy's and best buy would be so vesuppor it will add to their administrative costs, isn't it? >>well, it's because a lot of the brick and mortar retailers n't have a significant online presence relative to their ce pres they have the systems in place to collect sales tax anyway, so they're probably seeing it as a small victory as they're facing the online retailing onslaught. whil it certainly works in the short run, it's not enoughge of cho save them from the tsunami that will watch over ther business models over next five years. >>> it occurs

the only major case i agree with is wayfair, the internet sales tax, physical property taxation case. we can talk about that if you want. i'm a fan of the dormant commerce clause, the only think in which i disagree with justice gorsuch, but regardless, on janus, i think to understand this case, we have to differentiate and understand the difference between workers and unions and the public versus the private sector. which is why i think we'll agree as advocates if this is exported to the private sector. first of all, this case was not brought by the chamber of commerce or a collection of companies or anyone standing in for those kind of interests. it was brought by a worker. a previous one years ago that deadlocked was brought by a teacher in the public sector. claiming two things. first, i don't like what this union is collective bargaining for me. forget free riding. i'm a forced rider. i'm forced to pay for merit to pay rather than seniority protections or vice versa. i don't want this. as justice alito correctly pointed out, we can't even compel private sector organizations. union

the only case i have problems with was the wayfair case. i disagree with justice gorsuch. but on janus, i think to understand this case we have to differentiate and understand the difference between the interest of workers and the interest of unions and the public versus the private sector. which is why i think we'll agree as advocates if this is exported to the private sector. first of all this case was not brought by the chamber of commerce or a collection of companies or anyone standing in for those kinds of interests. it was brought by a worker. the previous one four years ago, the previous case that deadlocked 4-4 was brought by a teacher in the public sector. claiming two things. first, i don't like what this union is collective bargaining for me. forget free ride, i'm a forced rider. i'm forced to pay for merit pay rather than seniority protections or vice versa. i don't want this. out we ce alito pointed can't compel private sector organizations, or member unions, not the government, even in the public sector, i know it's a legal fiction especially in places like c

supreme court today issued a five to four ruling in the case of south dakota versus wayfair that allows states to tax online retailers for purchases made in the state even if the retailer has no physical presence there justice kennedy writing for the majority said a previous supreme court ruling that prevented states from doing so quote puts both local businesses and many interstate businesses with physical presence at a present at a competitive disadvantage relative to remote sellers stocks for online vendors such as amazon and etsy took the market hit today as well as a losing defendant in the case where incorporated the ruling is an enormous relief for states that have seen their tax base erode as congress moves online the national conference of state legislatures called the ruling quote a. yury for main street america and the national retail federation also applauded the ruling was more on the impact of this decision in the coming days. and speaking of retail they're not dead yet even before today's news the u.s. retail sector was already showing surprising resiliency traditional br

etsb, wayfair, you can see shares under pressure. but winners are big retailers like best buy, macy's, they have been fighting for years what they say is a more level playing field. they collect the sales tax, they follow the rule. they want everyone else to have to do it too and let's be honest, things have really changed since 1992 when talking about how commerce is done >> absolutely. courtney, thank you. >>> so when the dust settles from today's ruling, will it level the playing field for brick and mortar retailer and internet giants? here with i think what is tellin the market is that the online bricks and mortar retailers aren't really catching a huge bid on the back of this. i don't think that there there is a notion that it will level the playing field. >> that is because the game is over had they made this decision 25 years ago, it would have certainly slowed downs incursion into online because it was about an eight percentage point benefit. you were 8% cheaper if you were selling online than brick or mortar you would sell y

wayfair was named in the case, down 1.5%. overstock down 7%, amazon down a personality.he opportunity to buy a giant platform that copes with the new landscape? i wonder if the selloff's overdone >> i think it is, particularly for companies like amazon where for a large portion of the business, they've been paying sales tax. this is going to hurt small sellers, sellers that, you know, third party sellers on amazon, people that sell on etsy or -- >> which i think, okay, if it hurts third party sellers, that's a big part of amazon's business or etsy does that make sense that's where they feel the most pain on this >> does not change fundamentals that consumers are shifting towards online, and so there were loopholes here, and i think a lot of consumers like to get very cute about where they shop to avoid sales tax, but it's a more convenient way to shop, and i think there are situations where people might drop their baskets because of tax >> yeah. >> similar to shipping ultimately, i think it does not change the story that more business is moving to on line. >> i don't kno

wayfair also weighing in saying in a statement, wayfair collects and submits sales tax on 80% of our order. that number continues to grow as we expand our logistic footprint. we do not expect today's decision have any noticeable impact on our business as it may on retailers who do not collect and remit sales tax. amazon not commenting on the ruling now. the decision won't hit them nearly as hard as other retailers because they pay sales tax in 45 other states. companies like etsy are figuring out how toandle this. they have individual sellers using their platform to connect with customers. they need to figure out if they push the responsibility to figure out state tax law to the vendors, or if they take on that responsibility to figure it out for themselves. this should go into effect, neil, likely over next several months. south dakota to be the first state to be charging. this is big victory for states. it is much easier for them now to expand their tax base. neil. neil: i think a lot of them are send ising money without getting on their hot hand. thank you very much, hillary vaugh

victory for traditional stores, which said they find it nsrd to compete against online behemoths like wayfairnd overstock.com because their tax- free products cost less, and said tax expert scott peterson, a win for states searching for new revenue. what does this mean for consumers? some purchases are going to cost more. >> yes. there's going to be consumers eut there that find there are twer places that they can shop and not be charged sales tax. >> reporter: the last time the court considered the issue in 1992, less than 2% of americans had access to the internet. today, nearly 90% do, and last year, e-commerce sales alone topped $450 billion. >> that's a big, big victory for vee governors in this room. >> reporter: president trump praised the ruling and had lashed out at companies like amazon, though it collects sales tax on most purchases. >> i don't think it was a surprising victory. it was the right thing to do. >> glor: jan, as you mentioned, it is a totally different world now, given the amount of online shopping. so when should consumers expect sh see these changes? >> reporter: wel

in case 17 494 south dakota versus wayfair.

supreme court today issued a five to four ruling in the case of south dakota versus wayfair that allows states to tax online retailers for purchases made in the state even if the retailer has no physical presence there justice kennedy writing for the majority said the previous supreme court ruling that prevented states from doing so quote puts both local businesses and many interstate businesses with physical presence at a present at a competitive disadvantage relative to remote sellers stocks for online vendors such as amazon and etsy took a market hit today as well as a losing defendant in the case where there are. incorporated the ruling is an enormous relief for states that have seen their tax base he wrote as congress moves online the national conference of state legislatures called the ruling quote a victory for main street america and the national retail federation also applauded the ruling was more on the impact of this decision in the coming days. and speaking of retail they're not dead yet even before today's news the u.s. retail sector was already showing surprising resilienc

victory for traditional stores which say they find it hard to compete against online behemoths like wayfair and overstock.com because their tax-free products cost less and said tax expert scot peterson, a win for states searching for new revenue. >>> what does this mean for consumers? >> some purchases are going to e. >> yes, there's going to be st o consumers out there that find there are fewer places that they sales op and not berg >> reporter: the last time the court considered the issue in 1992, less than 2% of americans had access to the internet. today nearly 90% do and last year e-commerce sales alone topped $450 billion. >> that's a big, big victory for the governors in this room. >> reporter: president trump praised the ruling and had lashed out at companies like amazon, though it collects sales tax on most purchases. >> i don't think it was a surprising victory. it was the right thing to do. >> jan, as you mention it is a totally different world now given the amount of online shopping. when should consumers expect to see these changes? >>, look, this is not going to happen repover

wayfair stock down 1% today. that's your latest bloomberg business flash. tuesday the u begins two days of debate on theresa may's flagship brexit legislation. i spoke with the london mayor at the launch of london's tech week. >> the government gets it wrong with the eu and has an extremely hard brexit, it's bad for the country, bad for the eu, it woulde for the government to do right by us, access to the single market, that means access to the customs union membership with the customs union, a guaranteed to the eu citizens in our country. that means making a proper way of arbitration differences companies may have. the political machinations of the conservative party may affect what happens with the national interest. she works onsure the cost -- countries interest -- country pop interest. caroline: what about the labour party, how are you lobbying them? member and to every in my view will you care about jobs, wealth and prosperity, you should be voting for membership in the single market, membership in the customs union, you should assure a final shape --

if you shop online at the amazon, the wayfairs because you were saving on sales tax?r me it was the experience, you could get stuff in two years, it was discreet. so that to me is the experience part which still the big box stores don't have. kennedy: maybe in 1997 it was the case that people were starting to discover e-commerce from that point on. but certainly now, it better be one hell of a shopping experience with champagne and foot rubs to get me into a store. otherwise i can sit in the comfort and luxury of my palatial penthouse and tap on my laptop. >> e-commerce is a small part of overall retail. the states are final getting their acts together saying we have to charge sales tax. as retail and online gets going and gets a bigger part of the retail share. the states are foaming at the mouth to get money. kennedy: that money won't end up in your pocket. you won't feel the tax savings. all it will do is whet their appetite. >> more fiscal infidelity from the states you know and love because of this ruling. it's a terrible idea. the states are going blow all this

talk to us about the transformation, the focus on bricks and mortar, you talked about amazon and wayfair the physical presence? retail so much about the apocalypse, you cannot have a retail presencee ne a goob of turning around their stores and expanding the current locations versus going into new locations. and utilizing their presence. vonnie: taylor riggs, thank you, much appreciated. coming up, martin gilbert joins us with insight into the developments on the ongoing battle over brexit. this is bloomberg. ♪ caroline: it's 11:00 a.m. in new and, 4:00 p.m. in london 11:00 p.m. in hong kong. i'm caroline hyde. vonnie: in new york, i'm vonnie quinn. this is the european close on bloomberg markets. ♪ caroline: here of the top stories we are covering from the bloomberg and around the world. president trump and kim jong-un pledged work towards complete denuclearization in a historic summit. most of the details are still undefined. dealll get reaction to the and more from the co-seo. tom farley joins us to discuss his new investment company. it is making its trading debut today. let's check

it means you pay more for wayfair and big online retailers collect taxes like amazon and walmart.he difference is they have physical presence in the state. >>> incredible opening weekend for "incredibles 2." >> oh, yeah. this one's -- >> oh, yeah is right. the most profitable opening of all time for animated film. bringing in $180 million. it knocks "finding dory" out of the top spot. get this, 31% of the opening weekend audience was adults. >> doesn't surprise me. i'm trying convince my kids to go with me. >> we may have to go to the show tomorrow. >>> that is a good idea. "early start" continues now with the latest on immigration. >>> they call it zero tolerance. but a better name for it is zero humanity. >> democrat lawmakers point the finger at the trump administration after the first hand look at immigration centers near the u.s./mexico border. >>> the trump administration fires back blaming democrats and media insisting there is no policy separating migrant families at the border. >>> breaking overnight. deadly earthquake in japan kills at least three people and injuries ove

amazon is already doing that, so they have an advantage over wayfair. like certainly brick-and-mortar companies will benefit, but i think amazon will benefit as well. emily: consumers love low prices, but in this day and age, they really love convenience. you are exactly right. foundsurprised when i this out -- cost/price is the third reason why people shop online. usually it is selection and then the delivery. wrap them up as more broadly convenience, but it is the third most important piece, so i think that is the reason why after a year, people kind of move on and come back to online despite higher taxes, but, yeah, to put this quickly in perspective, there's about 350 million unique items on amazon it's obviouslyd difficult to drive to a store and get that kind of selection. that is paramount in consumers' decisions. emily: ebay' statement in today's ruling -- ebay's statement in today's ruling -- talk to us about what this decision does not address and what will be left up to congress. has alverman: congress lot of areas to address. one is back tax

. >> know who did that i have to admit that wayfair the huge short position.hey said we're going to execute. and people talk about furniture, wayfair is always in the equation so, yes, that's the best way to deal with the shorts just to execute and keep your head down. >> i think it can be frustrating when you're a ceo if there are rumors out there and things you know are completely false. >> right. >> you know they're being done to damage the company. you want to fight back sometimes you're better off not showing everybody that you're to focussed on it. >> people come on-air and say they're about to run out of money. no he came out with narcos. >> he did. >> and it worked for him. >> all though i will say bezos responded very strongly about 18 years ago or whatever it was when that guy was completely wrong. >> right you're right. >> bezos now the billionaire list $142 billion buffett and gates in the dust. >> $142 billion? >> buffett and gates, think they're worried? jeez, guys. >> it's a number that is inconceivable. inconceivable! cramer's mad dash and coun

in case 17 494 south dakota versus wayfair. significant ivery will. finetates are losing mass that we need for education health care and infrastructure. our small businesses on main street are being harmed because of the on level length field quill. >> will -- by find a way to collect from it. >> we believe we have a right because we have a statutory scheme in place that is nondiscriminatory, it is a fair scheme, if it has safe harbors in place -- >> i'm not concerned about your story -- scheme. this will create a massive sount of life -- lawson lawsuits. retroactive, your adversaries point out that the state will have already made this correction retroactive. about what'sions the contract that you have to do , are we going to decide i [ inaudible conversations ] [ inaudible conversations ] to hundred sales what is the minimum? dakotaet at in north -echanism >> what is the mreum else? one of the briefs that it was a $250,000 cost to lament one of the salesman program? that itreflect out begins at $12 a month for 30 transactions. when you look at the c

at wayfair in boston, it's 11:00 a.m. on wall street and "squawk alley" is live. >>> good morning, i'm carl quintanilla along with morgan brennan and jon fortt. stocks are mixed with tech lagging today as the nasdaq son pace for its first weekly loss in five weeks. that, of course, as yesterday's scotus ruling continues to weigh down online retailers. suntrust, brent fills at jeffries on this friday morning. good morning, guy. >> good morning. >> good morning. >> investors looking for paths here because industrials, obviously, get iting buffeted by tariff worries and now you've got tech, oracle here, red hat there. are you seeing the number of options dwindle? >> look, i'll focus primarily on internet names i can tell you the trade worries are not as much of a problem for internet names regulation is more of a problem and, obviously, the supreme court decision yesterday could also be another concern that investors will have to deal with generally fundamentally this group continues to do extremely well channel checks would

when you look at the retailers, wayfair getting hit, i see that. third party people on amazon, while amazon gets hit initially. not everybody is a third party sell or amazon, only half their business, i don't think they'll stay down very long on this news. liz: again, everybody is addicted to amazon anyway, matt. i see ira's point. what are you looking at here? >> this certainly isn't going to affect retail, right? we're so used to ordering online, so easy to do. this really isn't going to change it. there's supposed to be sales tax. might make the item the same price as the brick and mortar, if i don't have to drive, there it's going to come to the house the next day. that's the major problem that brick and mortar has to deal with. the online retailer has that going for them. they've had 26 years to get this right. i think they've gotten it where the consumer is only buying from them. liz: those of us who have a tinge of shoppa holism, we'll see. scandal inside intel blown out to the public. intel among the biggest drags on the dow 30. after ceo b

in their own local courts and judges on case-by-case basis will have to look and say, consider the wayfairion and see if this is undue burden on interstate commerce or if the company doesn't have a substantial, this is going to be difficult for companies or businesses to prove, though. >> they let congress off the hook here. and congress had avoided fixing the problem, so to speak because they knew it was going to result in higher prices for consumers and they didn't want to have to eat that or explain to voters. the court left congress off the hook and it's congress' job to make sure the courts don't abuse this and put parameters. paul: dan, good luck with that members of congress, congressmen who represent high-taxing states are saying, oh, well, sorry, i don't have as much enthusiasm to solve this problem now that the supreme court has made open season of tax. >> yeah, the best thing about it is you're taxing people, customers who don't live in your state or your jurisdiction and your taxing companies who don't have any representation inside of your state, i mean, what could be better t

in their own local courts and judges on case-by-case basis will have to look and say, consider the wayfairion and see if this is undue burden on interstate commerce or if the company doesn't have a substantial, this is going to be difficult for companies or businesses to prove, though. >> they let congress off the hook here. and congress had avoided fixing the problem, so to speak because they knew it was going to result in higher prices for consumers and they didn't want to have to eat that or explain to voters. the court left congress off the hook and it's congress' job to make sure the courts don't abuse this and put parameters. paul: dan, good luck with that members of congress, congressmen who represent high-taxing states are saying, oh, well, sorry, i don't have as much enthusiasm to solve this problem now that the supreme court has made open season of tax. >> yeah, the best thing about it is you're taxing people, customers who don't live in your state or your jurisdiction and your taxing companies who don't have any representation inside of your state, i mean, what could be better t

online retialer wayfair lost the supreme court battle over whether they can be required to collect statesales taxes. president trumpa lot of states and cities now are going to be benefitting from whats going on.but not everyone agrees with president trump that this supreme court decisionis a good thingsteve del bianco / president & ceo, netchoicethis supreme court ruling is going to create chaos for small business all across america. steve del bianco president & ceo, netchoice an e commcerce trade association.. says small online businesses and startups will have the burden of complying with thousands of different tax codes around the countrysteve del biancothe supreme court has upended the apple cart and dumped the apples all over main street america.alexandra limon the supreme court justices sided with south dakota ruling the state should be able to require online retailers to collect state sales taxes even if the business doesnt have a physical presence in that state saying the previous rules were outdated in an e- commerce era.those previous rules were based on a previous supreme cour

fiv --ares and shop a wayfairs and companies people were not talking about six month ago shooting upmatter of 30 or 40 months, is this a sign that people are just dashing for anything? >> on a little torn on that. yes, we are seeing continued momentum in growth stocks, which , butto be more expensive at the same time in a rising rate environment, it is typically those stocks that do well. on the one hand, we are nervous extending.ions are on the other hand, historically, the light cycle, lower dividend paying higher growth stocks tend to work, so i am a little -- my bias would be to add selectively on the value side rather than on the growth side, but there's certainly rationale for why this behavior is happening. ifie: give us some names, you could. if you are looking at a balanced barbell, what is on either side? >> on the highest multiple stocks, you have google and amazon, which have not had multiple expansion year today. earnings have outgrown their valuations. on the value side of the equation, one of the things we like a lot and cover directly is hewlett-packard, a printer and

they could rule on an important case, wayfair versus south dakota will determine whether a state cannline retailers to collect sales tax. the ruling won'ting a huge deal for amazon because they already do collect state sales tax but will affect smaller online stores and businesses and companies like etsy in new york. >> coming up, first lady melania trump weighing in on the immigration crisis taking place at america's borders. what she's saying about the practice of separating families under her husband's administration. (baby crying) (slow jazz music) ♪ fly me to the moon ♪ and let me play (bell ring) the new united explorer card makes things easy. traveling lighter. taking a shortcut. (woooo) taking a breather. rewarded! learn more at theexplorercard.com eyes like gritty... ...dry... ...or watery? it could be dry eye. xiidra is the only eye drop approved for both the signs and symptoms... ...of dry eye. one drop in each eye, twice a day. don't use if you are allergic to xiidra. e effects includech eye, eye irritation.... ...discomfort or blurred vision when applied to the eye... ..

taking a hit online retailers like wayfair, ebay, etsy over stock finishing in the red, department stores like target, nordstrom, jc penney, kohl's, dillard's are in the green, helps them. shopping center reits also trading higher the shopping mall guys let's bring in the panel, gary b. smith, look whose here, melissa armo. gary b., what's your reaction? >> well, i think people are getting way too excited that these brick-and-mortar retailers are going to come back and make a resurgence. i don't think that's ever been the problem or at least hasn't been the problem since basically the dawn of the internet. i think it's all about convenience on the flip side, this is obviously another big government land grab where they hope to increase their coffers. they don't care about consumers. they only care about increasing their budgets. president trump said oh, this is a win for consumers. still scratching my head trying to figure out how. liz: what do you think melissa? >> i think these states are really desperate to collect more money in their coffers. like i'm from pennsylvania live in new yor

online retialer wayfair lost the supreme court battle over whether they can be required to collect statees. president trumpa lot of states and cities now are going to be benefitting from whats going on.but not everyone agrees with president trump that this supreme court decisionis a good thingsteve del bianco / president & ceo, netchoicethis supreme court ruling is going to create chaos for small business all across america. steve del bianco president & ceo, netchoice an e commcerce trade association.. says small online businesses and startups will have the burden of complying with thousands of different tax codes around the countrysteve del biancothe supreme court has upended the apple cart and dumped the apples all over main street america.alexandra limon the supreme court justices sided with south dakota ruling the state should be able to require online retailers to collect state sales taxes even if the business doesnt have a physical presence in that state saying the previous rules were outdated in an e- commerce era.those previous rules were based on a previous supreme court case se

. >> the membership, he's going for earnings not like wayfair going for just rev. he's delivering numbers. constantly underestimating. i don't understand why >> we'll see you tonight >> great show, guys. >> mad money, 6:00 p.m. eastern. chaian genanrmresp is with us in a few minutes. dow is up 5. hi, i'm joan lunden with a place for mom every day we hear from families who partnered with a sior living advisor from a place for mom to help find the perfect place for their mom or dad thank you so much for your assistance in helping us find a place. mom feels safe and comfortable and has met many wonderful residence and staffers. thank you for helping our family find our father a new home. we especially appreciate the information about the va aid and attendance program. i feel i found the right place. a perfect fit. you were my angel and helped guide mery step of the way thank you. the senior living advisors at a place for mom partner with thousands of families every month, listening and offering local knowledge and advice to help find the best senior living communities

now, south dakota can force wayfair to collect a 4.5% sales tax meaning you will pay more for that couchs, that's a lot more. >> it means a lot to people. >> the brick and mortar stores, old-fashioned malls, they say this levels the playing field with the amazons out there. >> exactly. they're happy about this because now it's the same rules apply across the board. and states are happy because they'll be able to collect more money in taxes. about $13 billion last year was lost. and amazon, to your point, they already do charge sales taxes on anything that they sell directly. but about half their sales on amazon.com come from third party vendors and those third party vendors don't currently charge taxes as the states impose the new laws you will likely pay tax on them. >> there have been a lot of mom and pop stores that have said we have to charge our customers taxes, amazon should too. >> they want a fair game. >> all right, rebecca, thanks so much. >>> now to a desperate hunt for a dangerous bear in alaska. police say it killed a hiker and then hay believe it injured another person. kay

at wayfair in boston, it's 11:00 a.m. on wall street and "squawk alley" is live.